Seven UK lawmakers resign from Labour party citing ‘Brexit,’ ‘bullying’ and ‘anti-Semitism’

Seven U.K. lawmakers announced their resignation from the U.K.’s main opposition Labour party on Monday. “I have become embarrassed and ashamed to remain in the Labour Party,” the Liverpool Wavertree MP said. Fellow lawmaker Chris Leslie lambasted the Labour party for forgetting its earlier Brexit commitments and said the party had been hijacked by the “machine politics of the hard left.” While Labour’s leadership has opposed the U.K. Conservative Party’s Brexit plan, there has been signs in rec


Seven U.K. lawmakers announced their resignation from the U.K.’s main opposition Labour party on Monday. “I have become embarrassed and ashamed to remain in the Labour Party,” the Liverpool Wavertree MP said. Fellow lawmaker Chris Leslie lambasted the Labour party for forgetting its earlier Brexit commitments and said the party had been hijacked by the “machine politics of the hard left.” While Labour’s leadership has opposed the U.K. Conservative Party’s Brexit plan, there has been signs in rec
Seven UK lawmakers resign from Labour party citing ‘Brexit,’ ‘bullying’ and ‘anti-Semitism’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-18  Authors: david reid, leon neal, getty images news, getty images, dan kitwood
Keywords: news, cnbc, companies, lawmakers, antisemitism, lawmaker, seven, opposition, bullying, brexit, resign, party, citing, prime, main, leslie, labour, uk, minister


Seven UK lawmakers resign from Labour party citing 'Brexit,' 'bullying' and 'anti-Semitism'

Seven U.K. lawmakers announced their resignation from the U.K.’s main opposition Labour party on Monday.

Speaking first, lawmaker Luciana Berger said that from today the group would sit in the U.K. Parliament as a new batch of MPs, known as “The Independent Group.”

Berger cited the party leadership’s failure to address racism against Jewish people as her main reason for leaving as well as an ongoing culture of “bullying.”

“I have become embarrassed and ashamed to remain in the Labour Party,” the Liverpool Wavertree MP said. “I have come to the sickening conclusion that it is institutionally anti-Semitic.”

Fellow lawmaker Chris Leslie lambasted the Labour party for forgetting its earlier Brexit commitments and said the party had been hijacked by the “machine politics of the hard left.”

While Labour’s leadership has opposed the U.K. Conservative Party’s Brexit plan, there has been signs in recent weeks that it could offer support to U.K. Prime Minister Theresa May. Leslie called Labour’s position on Brexit a “betrayal on Europe”.

The lawmaker then took a direct shot at the leader of the Labour party Jeremy Corbyn accusing him and his senior party allies of abuse, anti-Semitism, and closing down debate with a “narrow, outdated vision.”

“The past three years have shown how irresponsible it would be to allow this leader of the opposition to take the office of prime minister of the United Kingdom,” he said.

Angela Smith, Gavin Shuker, Chuka Umunna, Ann Coffey And Mike Gapes are the remaining five lawmakers that make up the breakaway group.


Company: cnbc, Activity: cnbc, Date: 2019-02-18  Authors: david reid, leon neal, getty images news, getty images, dan kitwood
Keywords: news, cnbc, companies, lawmakers, antisemitism, lawmaker, seven, opposition, bullying, brexit, resign, party, citing, prime, main, leslie, labour, uk, minister


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Dollar near six-week highs as trade, growth worries ramp up

The dollar rose against most other currencies on Monday, holding near a six-week high as fresh worries about U.S.-Sino trade tensions and global growth drove appetite for safe-haven assets. “The Aussie dollar and the euro are at vulnerable levels right now and further dampening in risk sentiment can lead to further downside in these currencies.” Trade tensions between the world’s two largest economies have been a major driver of global investor sentiment over the past year. The strength in the d


The dollar rose against most other currencies on Monday, holding near a six-week high as fresh worries about U.S.-Sino trade tensions and global growth drove appetite for safe-haven assets. “The Aussie dollar and the euro are at vulnerable levels right now and further dampening in risk sentiment can lead to further downside in these currencies.” Trade tensions between the world’s two largest economies have been a major driver of global investor sentiment over the past year. The strength in the d
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Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: dan kitwood, getty images
Keywords: news, cnbc, companies, trade, highs, sentiment, sixweek, near, global, versus, tensions, chinese, ramp, euro, worries, dollar, growth, yields, week


Dollar near six-week highs as trade, growth worries ramp up

The dollar rose against most other currencies on Monday, holding near a six-week high as fresh worries about U.S.-Sino trade tensions and global growth drove appetite for safe-haven assets.

“U.S.-China talks are the big focus for the week and the dollar strength is indicative of the cautious market sentiment right now owing to its safe-haven status,” said Nick Twidale, chief operating officer at Rakuten Securities.

“The Aussie dollar and the euro are at vulnerable levels right now and further dampening in risk sentiment can lead to further downside in these currencies.”

U.S. negotiators will this week press China on longstanding demands that it reform how it treats U.S. companies’ intellectual property in order to seal a trade deal that could prevent tariffs from rising on Chinese imports.

The dollar gained 0.1 percent versus the yen to 109.82. However, traders expect moves in dollar/yen to be small on Monday as Japanese markets remain shut for a public holiday.

The dollar index, a gauge of its value versus six major peers, was marginally higher at 96.64, on track for its eighth straight day of gains.

Trade tensions between the world’s two largest economies have been a major driver of global investor sentiment over the past year. Market confidence took a hit last week when U.S. President Donald Trump said he did not plan to meet with Chinese President Xi Jinping before a March 1 deadline set by the two countries to achieve a trade deal.

Trump has vowed to increase U.S. tariffs on $200 billion worth of Chinese imports to 25 percent from 10 percent currently if the two sides cannot reach a deal by March 2.

The euro was marginally lower versus the greenback at $1.1322 in early Asian trade while the Aussie was 0.15 percent higher at $0.7099, after a disastrous week in which it lost 2.2 percent.

The strength in the dollar has come despite the Federal Reserve taking a dovish stance at its last policy meeting in January. For now, investors are piling into the safety of the greenback due to fears of a sharp global economic slowdown.

The euro came under pressure as core European government debt yields touched their lowest in over two years. The single currency has lost 2.5 percent so far this month.

Benchmark German yields were just 10 basis points away from zero percent.

The European Commission sharply cut on Thursday its forecasts for euro zone economic growth for this year and next with the bloc’s largest economies expected to be held back by global trade tensions and domestic challenges.

Last month, the International Monetary Fund also downgraded its forecasts for global growth.

Elsewhere, sterling was down 0.1 percent at $1.2935. Traders expect the pound to remain volatile amid heightened political uncertainty over the Brexit process.


Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: dan kitwood, getty images
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Dollar hampered by global growth, trade war worries; Aussie slips

The dollar was hamstrung versus its rivals on Thursday, restrained by concerns over global growth, the U.S. government shutdown and a yet-unresolved U.S.-Sino trade dispute. “Trade tensions are the most dominant factor for investor sentiment right now and will drive market flows,” said Nick Twidale, chief operating officer at Rakuten Securities. Twidale added that investor risk appetite will only improve once concerns over the partial U.S. government shutdown and trade tensions fade. Global grow


The dollar was hamstrung versus its rivals on Thursday, restrained by concerns over global growth, the U.S. government shutdown and a yet-unresolved U.S.-Sino trade dispute. “Trade tensions are the most dominant factor for investor sentiment right now and will drive market flows,” said Nick Twidale, chief operating officer at Rakuten Securities. Twidale added that investor risk appetite will only improve once concerns over the partial U.S. government shutdown and trade tensions fade. Global grow
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Company: cnbc, Activity: cnbc, Date: 2019-01-24  Authors: dan kitwood, getty images
Keywords: news, cnbc, companies, war, traders, trade, global, hampered, aussie, investor, worries, growth, versus, slips, dollar, tensions, policy, sterling


Dollar hampered by global growth, trade war worries; Aussie slips

The dollar was hamstrung versus its rivals on Thursday, restrained by concerns over global growth, the U.S. government shutdown and a yet-unresolved U.S.-Sino trade dispute.

“Trade tensions are the most dominant factor for investor sentiment right now and will drive market flows,” said Nick Twidale, chief operating officer at Rakuten Securities.

Twidale added that investor risk appetite will only improve once concerns over the partial U.S. government shutdown and trade tensions fade.

The Aussie dollar was a big mover in the Asian session, trading 0.22 percent lower at $0.7126 after National Australia Bank said it would raise mortgage rates by 12 to 16 basis points. Earlier, the Aussie was in positive terrain on the back of solid jobs data.

The partial U.S. government shutdown, now in its 34th day has hurt investor sentiment. U.S. Republican Senate Majority Leader Mitch McConnell said he planned to hold a vote on Thursday on a Democratic proposal that would fund the government for three weeks.

Global growth concerns have also rattled investor appetite for risk. On Monday, the International Monetary Fund (IMF) cut its 2019 and 2020 global growth forecasts, citing a bigger-than-expected slowdown in China and the eurozone, and said failure to resolve trade tensions could further destabilize a slowing global economy.

In Asian trading, the yen was marginally higher at 109.51, after weakening 0.2 percent versus the greenback in the previous session.

On Wednesday, the Bank of Japan kept its policy unchanged. The BOJ cut its inflation forecasts and warned of growing risks to the economy from trade protectionism and slowing global demand.

The dollar index, a gauge of its value versus six major peers, was steady at 96.06.

Markets are bearish on the outlook for the dollar this year. Traders in interest rate futures are wagering that the Federal Reserve will stand pat on rates in 2019 in the face of growth risks both at home and globally.

All eyes will be on the euro as investors await the European Central Bank’s monetary policy announcement later on Thursday where it is all but certain to keep policy unchanged.

The single currency was marginally higher at $1.1383. The euro has lost around 1.6 percent of its value over the last two weeks as traders expect the ECB to remain dovish and keep monetary policy accommodative for an extended period of time. Low inflation as well as weaker-than-expected economic activity in Germany and France, however, may lead ECB President Mario Draghi to point towards a potentially longer lasting slowdown.

“If the central bank lowers its growth or inflation forecasts and Draghi focuses on weaker growth, we could see EUR/USD fall to $1.12 easily,” said Kathy Lien, managing director of currency strategy at BK Asset Management.

Elsewhere, sterling traded marginally higher at $1.3075, hovering near highs last seen in mid-November in a sign traders expect Britain to avoid a chaotic exit from the European Union.

Since Prime Minister Theresa May’s divorce deal with the EU was rejected by lawmakers last week in the biggest defeat in modern British history, lawmakers have been trying to plot a course out of the crisis, yet no option has the majority support of parliament.

Some analysts expect limited upside for sterling. Philip Wee, currency strategist at DBS says that most of the gains in the pound are due to the unwinding of short positions. He sees sterling capped in the range of $1.3170-1.3240.


Company: cnbc, Activity: cnbc, Date: 2019-01-24  Authors: dan kitwood, getty images
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Barclays CEO: We’ll likely be uncertain about Brexit right down to the wire

With British lawmakers still not agreeing on how the U.K. will leave the European Union, the chief executive of Barclays predicted there will not be much clarity on the outcome until right before the March deadline for leaving the EU. U.K. Prime Minister Theresa May’s initial Brexit deal was rejected by a majority of the British parliament last week. But, the different divisions within the British parliament have remained at loggerheads. So, uncertainties remain and Barclays is getting prepared


With British lawmakers still not agreeing on how the U.K. will leave the European Union, the chief executive of Barclays predicted there will not be much clarity on the outcome until right before the March deadline for leaving the EU. U.K. Prime Minister Theresa May’s initial Brexit deal was rejected by a majority of the British parliament last week. But, the different divisions within the British parliament have remained at loggerheads. So, uncertainties remain and Barclays is getting prepared
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Company: cnbc, Activity: cnbc, Date: 2019-01-24  Authors: yen nee lee, justin solomon, dan kitwood, getty images
Keywords: news, cnbc, companies, right, uk, staley, likely, british, uncertain, agreed, parliament, barclays, wire, leave, deadline, deal, brexit, different, ceo


Barclays CEO: We'll likely be uncertain about Brexit right down to the wire

With British lawmakers still not agreeing on how the U.K. will leave the European Union, the chief executive of Barclays predicted there will not be much clarity on the outcome until right before the March deadline for leaving the EU.

U.K. Prime Minister Theresa May’s initial Brexit deal was rejected by a majority of the British parliament last week. An alternate plan — which some say is not sufficiently different from the original deal — is expected to be put up for a vote in parliament on Jan. 29.

But, the different divisions within the British parliament have remained at loggerheads. So, uncertainties remain and Barclays is getting prepared for all possible outcomes, the bank’s CEO Jes Staley told CNBC’s “Squawk Box” on Thursday.

“The nature of politics is this will not resolve until the very end. Nothing is agreed until everything is agreed and that means we’re going to the 28th or the 29th,” Staley said at the World Economic Forum in Davos, Switzerland. He was referring to the March 29 deadline for the U.K. to leave the EU.


Company: cnbc, Activity: cnbc, Date: 2019-01-24  Authors: yen nee lee, justin solomon, dan kitwood, getty images
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Former Finnish prime minister says he would put Brexit to a second vote

The U.K.’s withdrawal from the EU should be put to a second public vote to overcome the current impasse, the former prime minister of Finland told CNBC Monday. The Brexit deadlock continues after Prime Minister Theresa May presented some changes to her plan to leave the European Union on Monday afternoon. “(If I was) the prime minister of the United Kingdom, I would go back to the people, because the decision of having a new deal is as big as leaving the European Union,” he added. Some U.K. lawm


The U.K.’s withdrawal from the EU should be put to a second public vote to overcome the current impasse, the former prime minister of Finland told CNBC Monday. The Brexit deadlock continues after Prime Minister Theresa May presented some changes to her plan to leave the European Union on Monday afternoon. “(If I was) the prime minister of the United Kingdom, I would go back to the people, because the decision of having a new deal is as big as leaving the European Union,” he added. Some U.K. lawm
Former Finnish prime minister says he would put Brexit to a second vote Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-21  Authors: silvia amaro, dan kitwood, getty images news, getty images
Keywords: news, cnbc, companies, union, second, uk, brexit, vote, finnish, european, number, minister, prime, referendum, leaving


Former Finnish prime minister says he would put Brexit to a second vote

The U.K.’s withdrawal from the EU should be put to a second public vote to overcome the current impasse, the former prime minister of Finland told CNBC Monday.

The Brexit deadlock continues after Prime Minister Theresa May presented some changes to her plan to leave the European Union on Monday afternoon. This comes after U.K. lawmakers overwhelmingly defeated her proposals last week.

“I still think there are only three options on the table: Number one is the deal as it stands, number two is the hard Brexit … and number three, basically, is a new referendum,” Alexander Stubb, who is currently the vice president of the European Investment Bank, said at the World Economic Forum in Davos, Switzerland.

“(If I was) the prime minister of the United Kingdom, I would go back to the people, because the decision of having a new deal is as big as leaving the European Union,” he added.

Some U.K. lawmakers have been pushing for another referendum on Brexit, arguing that people now have a better idea of what leaving the European Union really means.

Speaking in front of the U.K. Parliament, May said that it’s the government’s duty to implement the decision of the first vote.

“I fear a second referendum would set a difficult precedent that could have significant implications for how we handle referendums in this country,” May said.


Company: cnbc, Activity: cnbc, Date: 2019-01-21  Authors: silvia amaro, dan kitwood, getty images news, getty images
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Yen weakens but moves capped by global growth worries

The safe-haven yen weakened versus the dollar on Friday on hopes upcoming U.S.-China trade talks would make some progress, but broader market confidence remained weak amid worries over slowing global growth. Market sentiment perked up after China confirmed that trade talks with the United States will be held at the vice ministerial level in Beijing on Jan. 7-8. The yen weakened 0.5 percent to 108.18 while riskier currencies such as the Australian dollar gained 0.2 percent to $0.7020. The Fed rai


The safe-haven yen weakened versus the dollar on Friday on hopes upcoming U.S.-China trade talks would make some progress, but broader market confidence remained weak amid worries over slowing global growth. Market sentiment perked up after China confirmed that trade talks with the United States will be held at the vice ministerial level in Beijing on Jan. 7-8. The yen weakened 0.5 percent to 108.18 while riskier currencies such as the Australian dollar gained 0.2 percent to $0.7020. The Fed rai
Yen weakens but moves capped by global growth worries Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-04  Authors: dan kitwood, getty images
Keywords: news, cnbc, companies, rates, dollar, global, capped, growth, rate, talks, fed, worries, market, weakens, yen, markets, trade, moves


Yen weakens but moves capped by global growth worries

The safe-haven yen weakened versus the dollar on Friday on hopes upcoming U.S.-China trade talks would make some progress, but broader market confidence remained weak amid worries over slowing global growth.

Market sentiment perked up after China confirmed that trade talks with the United States will be held at the vice ministerial level in Beijing on Jan. 7-8. Trade tensions between the world’s two largest economies had rattled financial markets for most of 2018.

The yen weakened 0.5 percent to 108.18 while riskier currencies such as the Australian dollar gained 0.2 percent to $0.7020.

“Sentiment has shifted slightly towards the positive side, which is why we are seeing the yen weaken while Aussie dollar is rising,” said Margaret Yang, markets analyst at CMC Markets.

However, fears of a sharp slowdown in economic growth and a failure of the trade talks are likely to keep investors from diving back into riskier assets in a big way in the coming weeks.

Weaker-than-expected U.S. factory activity has heightened investor expectations the Federal Reserve will not raise rates in 2019, and possibly even cut them in 2020. Data has also been weak out of China and Europe.

Spooked by signs of fresh troubles in the world’s largest economy, investors rushed to the safety of bonds. The U.S. two-year Treasury note yield dropped below 2.4 percent on Thursday, reaching parity with the federal funds effective rate for the first time since 2008.

The Fed raised rates four times in 2018 on the back of strong growth and a robust labour market. However, with financial conditions tightening, most analysts now do not expect the Fed to raise rates in 2019.

Indeed, interest rate futures markets are now fully pricing in a rate cut by April next year.

In an interview with Bloomberg on Thursday, Dallas Fed President Robert Kaplan acknowledged issues such as the deceleration of global growth, tightening of financial conditions and widening credit spreads.

“My own view is we shouldn’t take any further action on interest rates until these issues are resolved for better or for worse…,” Kaplan said.

“So I would be an advocate of taking no action during the first couple of quarters of this year…we should be patient and give some time for this economy and watch how this situation unfolds.”

A dovish Fed would likely keep the greenback under pressure in the coming months, giving central banks in emerging markets room to cut rates if economic conditions sharply deteriorate.

“A weaker dollar should benefit emerging market currencies, but for now they are hamstrung by all the uncertainty around China,” said Ray Attrill, head of currency strategy at NAB.

The dollar index was relatively unchanged at 96.3. The index fell 0.56 percent in the previous session.

The euro and sterling were unchanged from Thursday’s close at $1.1393 and $1.2636, respectively.


Company: cnbc, Activity: cnbc, Date: 2019-01-04  Authors: dan kitwood, getty images
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Gatwick airport says working to allow limited flights

Britain’s Gatwick Airport reopened on Friday after a rogue drone saboteur wrought travel chaos for hundreds of thousands of Christmas travellers by playing cat-and-mouse with police snipers and the army. After the biggest disruption at Gatwick, Britain’s second busiest, since a volcanic ash cloud in 2010, Gatwick said its runway was open and that a limited number of aircraft were scheduled for departure and arrival. “Gatwick’s runway is currently available and a limited number of aircraft are sc


Britain’s Gatwick Airport reopened on Friday after a rogue drone saboteur wrought travel chaos for hundreds of thousands of Christmas travellers by playing cat-and-mouse with police snipers and the army. After the biggest disruption at Gatwick, Britain’s second busiest, since a volcanic ash cloud in 2010, Gatwick said its runway was open and that a limited number of aircraft were scheduled for departure and arrival. “Gatwick’s runway is currently available and a limited number of aircraft are sc
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Company: cnbc, Activity: cnbc, Date: 2018-12-21  Authors: dan kitwood, getty images, source
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Gatwick airport says working to allow limited flights

Britain’s Gatwick Airport reopened on Friday after a rogue drone saboteur wrought travel chaos for hundreds of thousands of Christmas travellers by playing cat-and-mouse with police snipers and the army.

After the biggest disruption at Gatwick, Britain’s second busiest, since a volcanic ash cloud in 2010, Gatwick said its runway was open and that a limited number of aircraft were scheduled for departure and arrival.

“Gatwick’s runway is currently available and a limited number of aircraft are scheduled for departure and arrival,” the airport said.

“Gatwick continues to advise passengers to check the status of their flight with their airline before travelling to the airport as departures and arrivals will be subject to delays and cancellations.”


Company: cnbc, Activity: cnbc, Date: 2018-12-21  Authors: dan kitwood, getty images, source
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‘Deliberate’ drone flights shut down London Gatwick airport, stranding thousands of travelers

Drone sightings kept London Gatwick Airport closed for a second day , disrupting travel for tens of thousands of passengers, while the military stepped in to assist what local law enforcement called a “deliberate act.” The incident stranded thousands of people during the busy Christmas travel period, as flights were grounded, while others were diverted to other airports. Gatwick serves more than 100,000 passengers a day, making it the second-busiest in the country after London Heathrow. The dron


Drone sightings kept London Gatwick Airport closed for a second day , disrupting travel for tens of thousands of passengers, while the military stepped in to assist what local law enforcement called a “deliberate act.” The incident stranded thousands of people during the busy Christmas travel period, as flights were grounded, while others were diverted to other airports. Gatwick serves more than 100,000 passengers a day, making it the second-busiest in the country after London Heathrow. The dron
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Company: cnbc, Activity: cnbc, Date: 2018-12-20  Authors: leslie josephs, dan kitwood, getty images
Keywords: news, cnbc, companies, shut, near, safety, deliberate, london, flights, airport, gatwick, drone, sightings, thousands, local, travelers, passengers, stranding, travel


'Deliberate' drone flights shut down London Gatwick airport, stranding thousands of travelers

Drone sightings kept London Gatwick Airport closed for a second day , disrupting travel for tens of thousands of passengers, while the military stepped in to assist what local law enforcement called a “deliberate act.”

The incident stranded thousands of people during the busy Christmas travel period, as flights were grounded, while others were diverted to other airports. Gatwick serves more than 100,000 passengers a day, making it the second-busiest in the country after London Heathrow.

The drone flights near Gatwick’s airfield appeared to be “deliberate” but not an act of terror, according to Sussex Police. The armed forces were called in to help local law enforcement with “specialist equipment,” Britain’s Ministry of Defense said Thursday.

Two drones were sighted near Gatwick’s airfield on Wednesday night around 9 p.m. GMT, but the airport is “still receiving drone sightings” in the area, the airport’s CEO Stewart Wingate said in a statement.

“Therefore, until we are confident that the issue has been resolved it would clearly not be in the interests of passengers to do so as we could be jeopardizing their safety,” he said.

The incident highlights concerns among air safety regulators about preventing drones from flying close to aircraft and airfields, as the devices become more popular and easily obtainable.

Airlines offered passengers free flight changes due to the disruption. Budget carrier easyJet cancelled all of its flights scheduled for Thursday and said it would reimburse the “reasonable expenses” of travelers who arrange for alternative transportation.


Company: cnbc, Activity: cnbc, Date: 2018-12-20  Authors: leslie josephs, dan kitwood, getty images
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EU refuses to help British PM over Brexit, says ‘it is not open for renegotiation’

The EU-27 also said it stands ready to start negotiations on future trade arrangements as soon as the U.K. leaves in March. The EU added that if the Irish backstop policy needed to be triggered, it would only apply “temporarily” until there’s an agreement in place. Meanwhile, Luxembourg Prime Minister Xavier Bettel told CNBC in Brussels that it is time for U.K. lawmakers “to be responsible.” Sterling was down 0.6 percent against the dollar at $1.2591, with Reuters citing May’s unsuccessful Brexi


The EU-27 also said it stands ready to start negotiations on future trade arrangements as soon as the U.K. leaves in March. The EU added that if the Irish backstop policy needed to be triggered, it would only apply “temporarily” until there’s an agreement in place. Meanwhile, Luxembourg Prime Minister Xavier Bettel told CNBC in Brussels that it is time for U.K. lawmakers “to be responsible.” Sterling was down 0.6 percent against the dollar at $1.2591, with Reuters citing May’s unsuccessful Brexi
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Company: cnbc, Activity: cnbc, Date: 2018-12-14  Authors: silvia amaro, dan kitwood, getty images news, getty images
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EU refuses to help British PM over Brexit, says 'it is not open for renegotiation'

The EU-27 also said it stands ready to start negotiations on future trade arrangements as soon as the U.K. leaves in March. They also repeated the Irish backstop is only an insurance policy.

“It is the Union’s firm determination to work speedily on a subsequent agreement that establishes by 31 December 2020 alternative arrangements, so that the backstop will not need to be triggered,” the 27 countries said.

The EU added that if the Irish backstop policy needed to be triggered, it would only apply “temporarily” until there’s an agreement in place.

The idea of the backstop is to prevent a hard border between Northern Ireland and Ireland — a critical issue for both the EU and the U.K.

Brexiteers and other U.K. lawmakers believe this plan forces Northern Ireland to follow EU rules. However, both Westminster and the EU have said this would not be their aim and if it were to happen, it would only apply until they implement new trade arrangements.

“There will be no new legally binding obligations imposed on the European Union. That’s crystal clear,” European Commission President Jean-Claude Juncker told reporters in Brussels Thursday night.

The U.K. Parliament is legally scheduled to vote on the withdrawal agreement before January 21.

Meanwhile, Luxembourg Prime Minister Xavier Bettel told CNBC in Brussels that it is time for U.K. lawmakers “to be responsible.”

“Theresa May did the best possible deal and now MPs in London should be responsible and to know if they want to have the best possible deal or want to go in the direction where they don’t know what will come out,” he said.

“It’s in the interest of their citizens,” he added.

Sterling was down 0.6 percent against the dollar at $1.2591, with Reuters citing May’s unsuccessful Brexit trip to Brussels. The British currency also dropped 0.3 percent versus the euro to 90.025 pence.


Company: cnbc, Activity: cnbc, Date: 2018-12-14  Authors: silvia amaro, dan kitwood, getty images news, getty images
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Dollar buoyed by Fed expectations, trade tensions support safe haven bids

The dollar held near two-week highs on Wednesday, as concerns about Sino-U.S. trade tensions propped up safe haven currencies and as investors awaited cues from the U.S. Federal Reserve on the path of future interest rate increases. The dollar has been under pressure in recent weeks on signs the Fed might slow the pace of future rate increases due to slowing global growth, peak corporate earnings and escalating trade tensions. Our base case remains for the Fed to raise rates 4 times in 2019,” sa


The dollar held near two-week highs on Wednesday, as concerns about Sino-U.S. trade tensions propped up safe haven currencies and as investors awaited cues from the U.S. Federal Reserve on the path of future interest rate increases. The dollar has been under pressure in recent weeks on signs the Fed might slow the pace of future rate increases due to slowing global growth, peak corporate earnings and escalating trade tensions. Our base case remains for the Fed to raise rates 4 times in 2019,” sa
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Company: cnbc, Activity: cnbc, Date: 2018-11-28  Authors: dan kitwood, getty images
Keywords: news, cnbc, companies, trade, powell, rate, haven, rates, feds, tensions, fed, bids, support, expectations, buoyed, dollar, signs, safe, trump


Dollar buoyed by Fed expectations, trade tensions support safe haven bids

The dollar held near two-week highs on Wednesday, as concerns about Sino-U.S. trade tensions propped up safe haven currencies and as investors awaited cues from the U.S. Federal Reserve on the path of future interest rate increases.

The dollar has been under pressure in recent weeks on signs the Fed might slow the pace of future rate increases due to slowing global growth, peak corporate earnings and escalating trade tensions.

Attention has now turned to a speech by Fed Chairman Jerome Powell later on Wednesday and the minutes from the Fed’s Nov. 7-8 meeting on Thursday. Markets hope to gain fresh insights into the Fed’s thinking on the speed and number of rate hikes in the current cycle.

“We don’t think Powell will diverge too much from the Fed’s data dependent approach. Our base case remains for the Fed to raise rates 4 times in 2019,” said Terence Wu, currency strategist at OCBC Bank.

The U.S. central bank is widely expected to raise rates by 25 basis points next month.

In an interview to the Washington Post on Tuesday, U.S. President Donald Trump said he is unhappy with the Fed’s policy stance and Powell, whom he picked last year to lead the bank.

Trump has repeatedly criticized the Fed and Powell on the U.S. central bank’s monetary policy stance, saying rising U.S. rates were harming the economy.

But analysts think it is unlikely that political interference can alter the Fed’s approach to formulating monetary policy.

“The Fed relishes its independence and their approach is very mathematical and systematic. Under no circumstances do we expect the U.S. central bank to be pressured by Trump,” said Stephen Innes, head of trading, APAC at Oanda.

In comments made on Tuesday, Federal Reserve Vice Chair Richard Clarida backed further rate hikes though he said the tightening path would be data dependent. He said monitoring of economic data has become even more critical as the Fed edged ever closer to a neutral stance.

“Clarida went back to the usual script and his comments did not contain the dovish overtone as some had expected,” said Wu.

The dollar index, a gauge of its value versus six major peers, traded at 97.38 having risen for three sessions in a row. It is just below this year’s high of 97.69.

Dollar strength also reflected risks around the upcoming G-20 summit in Buenos Aires between Nov. 30-Dec. 1 where Trump and his Chinese counterpart, Xi Jinping, are scheduled to discuss contentious trade matters.

Trump’s comments this week that it was “highly unlikely” he would accept China’s request to hold off a planned increase in tariffs drove investors to safe-haven currencies such as the dollar and the yen.

The yen hit a two-week low of 113.85 on Wednesday.

“Interest rate differentials between U.S. and Japan are likely to support dollar/yen going ahead,” added Wu.

The euro gained 0.07 percent versus the dollar to $1.1295. The single currency has lost 1.5 percent of its value in recent sessions due to signs of weakening eurozone economic momentum and ongoing tensions between the European Union and Italy over Rome’s free spending budget.

Elsewhere, sterling was a touch lower at $1.2742. The pound is likely to remain under pressure as traders bet that British Prime Minister Theresa May would fail to get the nod for her Brexit agreement in a fractious parliament.

The Australian dollar, often considered a gauge for global risk appetite, gained 0.15 percent to $0.7231 as Asian equities pushed higher.

However, analysts expect the Aussie dollar to remain vulnerable to further declines amid sharp losses in the price of iron ore, a key export earner for the country, and as U.S.-Sino trade tensions showed no signs of abating.


Company: cnbc, Activity: cnbc, Date: 2018-11-28  Authors: dan kitwood, getty images
Keywords: news, cnbc, companies, trade, powell, rate, haven, rates, feds, tensions, fed, bids, support, expectations, buoyed, dollar, signs, safe, trump


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