Brexit and trade tensions having an impact on Irish growth, finance minister says

Brexit and trade tensions having an impact on Irish growth, finance minister says5 Hours AgoPresident Donald Trump’s comments about the transatlantic relationship between the EU and U.S. are ‘a concern’ for Ireland, whose small and open economy is already being impacted by global trade tensions and Brexit, Finance Minister Paschal Donohoe told CNBC’s Joumanna Bercetche during the IMF Spring Meetings in Washington, D.C.


Brexit and trade tensions having an impact on Irish growth, finance minister says5 Hours AgoPresident Donald Trump’s comments about the transatlantic relationship between the EU and U.S. are ‘a concern’ for Ireland, whose small and open economy is already being impacted by global trade tensions and Brexit, Finance Minister Paschal Donohoe told CNBC’s Joumanna Bercetche during the IMF Spring Meetings in Washington, D.C.
Brexit and trade tensions having an impact on Irish growth, finance minister says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-14  Authors: paul faith, afp, getty images
Keywords: news, cnbc, companies, brexit, minister, tensions, growth, washington, impact, trumps, transatlantic, told, spring, trade, having, finance, irish


Brexit and trade tensions having an impact on Irish growth, finance minister says

Brexit and trade tensions having an impact on Irish growth, finance minister says

5 Hours Ago

President Donald Trump’s comments about the transatlantic relationship between the EU and U.S. are ‘a concern’ for Ireland, whose small and open economy is already being impacted by global trade tensions and Brexit, Finance Minister Paschal Donohoe told CNBC’s Joumanna Bercetche during the IMF Spring Meetings in Washington, D.C.


Company: cnbc, Activity: cnbc, Date: 2019-04-14  Authors: paul faith, afp, getty images
Keywords: news, cnbc, companies, brexit, minister, tensions, growth, washington, impact, trumps, transatlantic, told, spring, trade, having, finance, irish


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Sterling swings before parliament’s Brexit amendment votes

Parliament will debate and vote on Prime Minister Theresa May’s response to the overwhelming rejection of her Brexit plan earlier this month. In particular, markets are focusing on Amendment B, proposed by opposition Labour lawmaker Yvette Cooper, which seeks to shift control of Brexit from May’s government to parliament. If successful, this could give lawmakers who want to block, delay or renegotiate Brexit a legal route to do so. “I suppose given those amendments have been chosen markets may h


Parliament will debate and vote on Prime Minister Theresa May’s response to the overwhelming rejection of her Brexit plan earlier this month. In particular, markets are focusing on Amendment B, proposed by opposition Labour lawmaker Yvette Cooper, which seeks to shift control of Brexit from May’s government to parliament. If successful, this could give lawmakers who want to block, delay or renegotiate Brexit a legal route to do so. “I suppose given those amendments have been chosen markets may h
Sterling swings before parliament’s Brexit amendment votes Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-29  Authors: reuters with cnbc, jason alden, bloomberg via getty images, paul faith, afp, getty images
Keywords: news, cnbc, companies, brexit, swings, lawmakers, parliament, amendment, chosen, vote, votes, amendments, markets, voted, sterling, delay, parliaments


Sterling swings before parliament's Brexit amendment votes

Sterling zipped higher on Tuesday, reversing early losses after the speaker of the British parliament chose amendments to be voted on by lawmakers, including one that would effectively take a no-deal Brexit off the table.

The currency remains well off recent multi-month peaks however, and volatility in derivatives market was elevated, reflecting markets’ nervousness about the likely outcome of the votes.

Parliament will debate and vote on Prime Minister Theresa May’s response to the overwhelming rejection of her Brexit plan earlier this month.

But markets’ main focus is on amendments proposed by lawmakers. The Speaker of the House of Commons, John Bercow, has chosen seven to be voted on.

In particular, markets are focusing on Amendment B, proposed by opposition Labour lawmaker Yvette Cooper, which seeks to shift control of Brexit from May’s government to parliament. If successful, this could give lawmakers who want to block, delay or renegotiate Brexit a legal route to do so.

Amendment G by Dominic Grieve, a pro-EU Conservative, which would give lawmakers a chance to propose their own Brexit debates in parliament in February and March, will also be voted on.

“I suppose given those amendments have been chosen markets may have discerned that a delay is a step closer,” said Neil Mellor, FX strategist at BNY Mellon.

“The prominent amendments that have been chosen are too close to call (the outcome) but if the Cooper and Grieve amendments are carried, that is sterling positive.”

Cooper’s amendment, which could delay Brexit, is considered likely to pass, especially after a source told Reuters the opposition Labour Party would back it.

Speaker Bercow’s announcement sent sterling to a session high of $1.32 having traded earlier in a $1.3160-$1.3170 range — up 0.2 percent on the day. But it remains well off 2-1/2 month highs of $1.3218 and later in the day had fallen to $1.3154.

Unicredit noted the pound had been this year’s best-performing major currency so far, rising around 4 percent to the dollar and euro. On a trade-weighted basis, it is at a 2 1/2-month high.

“The risk that we get a disappointment in tonight’s vote is clearly there,” Unicredit FX strategist Kathrin Goretzki said, though she noted the vote would not significantly dent optimism that parliament had taken control of the Brexit process to avoid a no-deal scenario.

“We don’t expect this to be affected in a negative way in tonight’s vote. Any correction will be temporary,” she said.


Company: cnbc, Activity: cnbc, Date: 2019-01-29  Authors: reuters with cnbc, jason alden, bloomberg via getty images, paul faith, afp, getty images
Keywords: news, cnbc, companies, brexit, swings, lawmakers, parliament, amendment, chosen, vote, votes, amendments, markets, voted, sterling, delay, parliaments


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Sterling jumps as the UK’s Brexit minister offers a ‘thumbs-up’ after a key meeting of lawmakers

Sterling had fallen sharply against the U.S. dollar earlier in the day after a politician, crucial to Theresa May’s grip on power, suggested the country is heading for a no-deal Brexit. “Looks like we are heading for no deal,” the lawmaker said, before adding: “Such an outcome will have serious consequences for economy of (the) Irish Republic. In addition, U.K. won’t have to pay a penny more to EU, which means big increase for Dublin. The pound has rallied in the last few days on the back of opt


Sterling had fallen sharply against the U.S. dollar earlier in the day after a politician, crucial to Theresa May’s grip on power, suggested the country is heading for a no-deal Brexit. “Looks like we are heading for no deal,” the lawmaker said, before adding: “Such an outcome will have serious consequences for economy of (the) Irish Republic. In addition, U.K. won’t have to pay a penny more to EU, which means big increase for Dublin. The pound has rallied in the last few days on the back of opt
Sterling jumps as the UK’s Brexit minister offers a ‘thumbs-up’ after a key meeting of lawmakers Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-06  Authors: david reid, henry nicholls, paul faith, afp, getty images
Keywords: news, cnbc, companies, republic, jumps, uks, party, pound, thumbsup, key, deal, northern, lawmakers, meeting, brexit, offers, irish, sterling, power, minister, crucial


Sterling jumps as the UK's Brexit minister offers a 'thumbs-up' after a key meeting of lawmakers

Sterling had fallen sharply against the U.S. dollar earlier in the day after a politician, crucial to Theresa May’s grip on power, suggested the country is heading for a no-deal Brexit.

Shortly after 10.a.m. London time, the pound fell from its session high of $1.308 to $1.302 as investors digested the remarks on Twitter from the Chief Whip of Northern Ireland’s Democratic Unionist Party (DUP) Jeffrey Donaldson.

“Looks like we are heading for no deal,” the lawmaker said, before adding: “Such an outcome will have serious consequences for economy of (the) Irish Republic. In addition, U.K. won’t have to pay a penny more to EU, which means big increase for Dublin. Can’t understand why Irish government seems so intent on this course.”

The DUP is crucial to the U.K.’s ruling Conservative Party as it provides May with the crucial votes that allow her to hold the balance of power in the British Parliament.

Its hand in matters relating to Brexit is crucial as the border between Northern Ireland, which is part of the United Kingdom, and the Republic of Ireland, which is set to stay in the European Union, has become the major sticking point in negotiations with Brussels.

The pound has rallied in the last few days on the back of optimism surrounding a Brexit deal. However, analysts have warned that the currency could continue to see some volatility. “Whether Brexit is hard or soft, Britain is in for a demand shock, a reduction in the rate of potential output growth and a sterling crash,” High Frequency Economics said in a research note on Monday.

“We expect sterling to extend its fall regardless of any Brexit deal.”


Company: cnbc, Activity: cnbc, Date: 2018-11-06  Authors: david reid, henry nicholls, paul faith, afp, getty images
Keywords: news, cnbc, companies, republic, jumps, uks, party, pound, thumbsup, key, deal, northern, lawmakers, meeting, brexit, offers, irish, sterling, power, minister, crucial


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Britain could be seeking ‘an all-UK customs union with the EU’ — and Ireland backs the idea

U.K. Prime Minister Theresa May is reportedly working on a proposal that could see her seek an all-U.K. customs union with the European Union (EU) and has received the tacit backing of Ireland for such a post-Brexit deal, the Financial Times said Thursday. The U.K. could stay within a customs union until a U.K./EU trade deal is finalized, the paper said. The border between Ireland and Northern Ireland (a part of the U.K.) is one of the biggest stumbling blocks in Brexit talks. The border between


U.K. Prime Minister Theresa May is reportedly working on a proposal that could see her seek an all-U.K. customs union with the European Union (EU) and has received the tacit backing of Ireland for such a post-Brexit deal, the Financial Times said Thursday. The U.K. could stay within a customs union until a U.K./EU trade deal is finalized, the paper said. The border between Ireland and Northern Ireland (a part of the U.K.) is one of the biggest stumbling blocks in Brexit talks. The border between
Britain could be seeking ‘an all-UK customs union with the EU’ — and Ireland backs the idea Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-04  Authors: holly ellyatt, paul faith, afp, getty images
Keywords: news, cnbc, companies, country, eu, ireland, union, alluk, border, britain, backs, customs, paper, seeking, deal, idea, northern, uk


Britain could be seeking 'an all-UK customs union with the EU' — and Ireland backs the idea

U.K. Prime Minister Theresa May is reportedly working on a proposal that could see her seek an all-U.K. customs union with the European Union (EU) and has received the tacit backing of Ireland for such a post-Brexit deal, the Financial Times said Thursday.

The British newspaper reported that one of the proposals May is working on “is for the whole U.K. to participate in a customs union with the EU,” a scenario that could take effect if no other solution to the Irish border issue is found. The U.K. could stay within a customs union until a U.K./EU trade deal is finalized, the paper said.

Officials in Dublin, not named by the paper, “privately argue it could settle the border question and open the way to a deal” but the EU’s chief negotiator Michel Barnier has rejected the idea. A senior Irish official involved in Brexit talks was cited by the paper as saying, “whether Europe accepts it or not is another conversation.”

Irish Prime Minister Leo Varadkar and Barnier are meeting later Thursday.

The border between Ireland and Northern Ireland (a part of the U.K.) is one of the biggest stumbling blocks in Brexit talks. The border between the two countries will become the U.K.’s only land border with the EU after Brexit, which is due to take place in March 2019.

Arguments have centered on how to maintain trade and the free movement of goods and people between the north and south of the country – crucial to the island’s economy, society and the hard-won peace process – while maintaining EU customs rules and checks.

There were suggestions that Northern Ireland could remain part of the EU single market or some kind of customs union but the U.K. (and pro-U.K. politicians in Northern Ireland) refused to allow the country to be treated differently to the rest of the U.K.

Keeping the whole of the U.K. in a customs union with the EU – which mean there would be no tariffs on goods transported between the U.K. and EU (but common external tariffs) – could therefore prevent the need for a hard border, and costly and complicated customs checks.

The “temporary” extension of the customs union would prevent Northern Ireland being carved off from the rest of the U.K. into a separate EU customs territory, the Financial Times report noted. Some British ministers predict the arrangement might in practice extend well into the next decade.

May delivered a keynote speech at the final day of the Conservative Party conference on Wednesday at which she told delegates that Britain’s post-Brexit future is “full of promise” and that the country “has everything we need to succeed.”

Read the original story in the FT here.


Company: cnbc, Activity: cnbc, Date: 2018-10-04  Authors: holly ellyatt, paul faith, afp, getty images
Keywords: news, cnbc, companies, country, eu, ireland, union, alluk, border, britain, backs, customs, paper, seeking, deal, idea, northern, uk


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Brexit’s big irony: The EU looks like it’s trying to rescue the UK’s embattled prime minister

Ahead of Thursday’s informal EU summit, the EU’s chief negotiator in Brexit talks, Michel Barnier, said Tuesday that the bloc was ready to improve its proposals on how to resolve the Irish border issue. But he said border checks, for goods and citizens, needed to be “de-dramatized” and that the meeting in October would be “the moment of truth.” The U.K. prime minister’s key allies in Northern Ireland, the Democratic Unionist Party (DUP), have already poured water on Barnier’s comments, however.


Ahead of Thursday’s informal EU summit, the EU’s chief negotiator in Brexit talks, Michel Barnier, said Tuesday that the bloc was ready to improve its proposals on how to resolve the Irish border issue. But he said border checks, for goods and citizens, needed to be “de-dramatized” and that the meeting in October would be “the moment of truth.” The U.K. prime minister’s key allies in Northern Ireland, the Democratic Unionist Party (DUP), have already poured water on Barnier’s comments, however.
Brexit’s big irony: The EU looks like it’s trying to rescue the UK’s embattled prime minister Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-20  Authors: holly ellyatt, thierry monasse, getty images news, getty images, dario pignatelli, bloomberg via getty images, paul faith, afp
Keywords: news, cnbc, companies, prime, border, minister, looks, embattled, trying, plan, northern, uk, ireland, party, uks, checks, eu, irony, irish, rescue, eus, brexits, barniers


Brexit's big irony: The EU looks like it's trying to rescue the UK's embattled prime minister

Ahead of Thursday’s informal EU summit, the EU’s chief negotiator in Brexit talks, Michel Barnier, said Tuesday that the bloc was ready to improve its proposals on how to resolve the Irish border issue.

The EU’s “backstop” plan (a plan that’s applicable as a last resort, as a result of ‘no deal’) has suggested that Northern Ireland could stay within the EU’s customs union, allowing people and goods to continue to move freely, but the U.K. has vetoed that proposal.

Opposition to such a move lies in the fact that the EU’s external border would effectively then be drawn down the middle of the Irish Sea, at least symbolically challenging the unity of the U.K.

Any plan that sees Northern Ireland “separated,” in terms of regulation, from the U.K. is unpopular in both Westminster and among Northern Irish unionists.

“What we cannot accept is seeing Northern Ireland carved away from the United Kingdom’s customs territory because, regardless of where the checks would be, what that would mean is that it would be a challenge to our constitutional and economic integrity,” May told reporters on Wednesday evening.

Speaking after a meeting with EU foreign ministers, Barnier told reporters that a legally operational “backstop” that respects Britain’s sovereignty was required. But he said border checks, for goods and citizens, needed to be “de-dramatized” and that the meeting in October would be “the moment of truth.”

As Barnier signaled that EU leaders could pave the way for a deal to resolve the Northern Ireland issue, sterling rallied to an eight-week high against the euro, making the euro worth 88.64 pence, although inflation data also boosted the pound. Thursday’s summit is seen as a make-or-break event for the pound. One foreign exchange strategist, Jane Foley, remarked in early September that sterling is so volatile it could slump or surge in the next few months.

The U.K. prime minister’s key allies in Northern Ireland, the Democratic Unionist Party (DUP), have already poured water on Barnier’s comments, however.

Nigel Dodds, the deputy leader of the DUP – a party staunchly defensive of Northern Ireland’s position as part of the U.K. – said Wednesday that Barnier’s comments “still means a border down the Irish Sea, although with different kinds of checks.”

“The fact is that both Theresa May and the Labour Party have said no British Prime Minister could accept such a concept. It is not just unionists who object,” he added. The DUP, and most politicians in London, refuse to countenance any trade or border proposals that would mean Northern Ireland is separated from the U.K. or more aligned to Ireland.

Mujtaba Rahman, Eurasia Group’s managing director of Europe research, said Wednesday in a note that the Irish border “remains the biggest stumbling block” to the Brexit process.

“Although widely interpreted as a new development, Michel Barnier’s intervention yesterday is consistent with the EU27’s longstanding view — that there is flexibility on the design and location of customs checks, as long as checks take place.

“While Barnier’s warmer words are welcome in London, Whitehall officials concede that the two sides are still ‘miles apart.'”


Company: cnbc, Activity: cnbc, Date: 2018-09-20  Authors: holly ellyatt, thierry monasse, getty images news, getty images, dario pignatelli, bloomberg via getty images, paul faith, afp
Keywords: news, cnbc, companies, prime, border, minister, looks, embattled, trying, plan, northern, uk, ireland, party, uks, checks, eu, irony, irish, rescue, eus, brexits, barniers


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Brexit: What is the customs union and why does it matter?

A customs union is an agreement that allows partaking countries to set common external tariffs, allowing goods to travel freely between those countries. The customs union which covers Europe was created in 1958 as part of the European Economic Community (EEC), which then evolved into the EU. All members of the EU are also members of the customs union. Conversely, goods that travel from outside such an agreement are generally subject to additional levies and checks that cost both time and money.


A customs union is an agreement that allows partaking countries to set common external tariffs, allowing goods to travel freely between those countries. The customs union which covers Europe was created in 1958 as part of the European Economic Community (EEC), which then evolved into the EU. All members of the EU are also members of the customs union. Conversely, goods that travel from outside such an agreement are generally subject to additional levies and checks that cost both time and money.
Brexit: What is the customs union and why does it matter? Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-04-26  Authors: david reid, dario pignatelli, bloomberg, getty images, paul faith, afp, francois lenoir
Keywords: news, cnbc, companies, eu, external, customs, goods, travel, does, matter, cost, union, tariff, common, members, brexit


Brexit: What is the customs union and why does it matter?

A customs union is an agreement that allows partaking countries to set common external tariffs, allowing goods to travel freely between those countries.

The customs union which covers Europe was created in 1958 as part of the European Economic Community (EEC), which then evolved into the EU. All members of the EU are also members of the customs union.

The arrangement allows manufacturers to move goods and parts around the continent — which currently includes Britain and Northern Ireland — without cost or delay.

Conversely, goods that travel from outside such an agreement are generally subject to additional levies and checks that cost both time and money.

The customs union sets what is known as a common external tariff, so that any goods coming into the EU are charged the same amount, no matter which country they arrive in.

This means that once that tariff is paid, no further proof on where in the world the goods came from is necessary.


Company: cnbc, Activity: cnbc, Date: 2018-04-26  Authors: david reid, dario pignatelli, bloomberg, getty images, paul faith, afp, francois lenoir
Keywords: news, cnbc, companies, eu, external, customs, goods, travel, does, matter, cost, union, tariff, common, members, brexit


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Apple agrees to pay Ireland $15.4 billion in back taxes to appease EU

Apple today reached an agreement with the European Union to begin depositing the €13 billion ($15.4 billion) in back taxes it was ordered to pay Ireland last year, following the landmark decision to crackdown on tax shelter policies and profit offshoring, according to The Wall Street Journal. The country strategically uses low tax rates to spur domestic investment from foreign corporations. Apple has long challenged this characterization of its tax schemes, with CEO Tim Cook calling the EU Commi


Apple today reached an agreement with the European Union to begin depositing the €13 billion ($15.4 billion) in back taxes it was ordered to pay Ireland last year, following the landmark decision to crackdown on tax shelter policies and profit offshoring, according to The Wall Street Journal. The country strategically uses low tax rates to spur domestic investment from foreign corporations. Apple has long challenged this characterization of its tax schemes, with CEO Tim Cook calling the EU Commi
Apple agrees to pay Ireland $15.4 billion in back taxes to appease EU Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-12-05  Authors: nick statt, paul faith, afp, getty images
Keywords: news, games, cnbc, companies, today, agrees, ruling, ireland, 154, appease, rates, pay, apple, tax, shelter, eu, billion, court, european, taxes


Apple agrees to pay Ireland $15.4 billion in back taxes to appease EU

Apple today reached an agreement with the European Union to begin depositing the €13 billion ($15.4 billion) in back taxes it was ordered to pay Ireland last year, following the landmark decision to crackdown on tax shelter policies and profit offshoring, according to The Wall Street Journal.

Despite the ruling having been issued more than a year ago, in August of 2016, Ireland has resisted collecting the money.

The country strategically uses low tax rates to spur domestic investment from foreign corporations. But the practice has resulted in companies like Apple effectively using Ireland as a tax shelter, paying rates of as little as 0.005 percent on all European profits between the years 2003 and 2014 thanks to subsidiaries and shell companies designed solely to collect and maintain offshore revenue.

Read more from The Verge:

Google is fixing its disastrous burger and beer emoji today with Android 8.1 release

Artificial intelligence isn’t as clever as we think, but that doesn’t stop it being a threat

Should you force close your apps?

Apple has long challenged this characterization of its tax schemes, with CEO Tim Cook calling the EU Commissioner’s ruling “total political crap.”

Because of Ireland’s inaction, the EU referred the country’s government to the European Court of Justice, the highest court of the bloc’s governing body, to compel it collect the back taxes.

Irish Finance Minister Paschal Donohoe then announced today that Ireland expected money from Apple to start flowing into an escrow account starting in the first quarter of 2018.

Both Apple and the government of Ireland are appealing the ruling, and it appears Apple executives expect to recoup the money if successful. “We have a dedicated team working diligently and expeditiously with Ireland on the process the European Commission has mandated,” Apple said in a statement given to the WSJ.

“We remain confident the General Court of the EU will overturn the Commission’s decision once it has reviewed all the evidence.”


Company: cnbc, Activity: cnbc, Date: 2017-12-05  Authors: nick statt, paul faith, afp, getty images
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