News with tag Brexit  RSS
Boris Johnson rejects EU compromise and pushes Britain towards the no-deal Brexit cliff edge

17.07.2019 9:28

The likely next prime minister said he would not accept a time-limit or exit mechanism on the contentious backstop for Northern Ireland.


Trade war, Brexit stoke debt and dollar, hit stocks and sterling

17.07.2019 8:17

Resurgent trade tensions, concern over the outlook for corporate America and the growing risk of a chaotic Brexit in the United Kingdom curtailed appetite for equities on Wednesday and stoked demand for "safe" government bonds.


No-deal Brexit looms as race for new British PM wraps up

17.07.2019 7:44

The battle to be Britain's next prime minister enters its final straight on Wednesday with both candidates hardening their positions on Brexit, putting the future government on a collision course with Brussels. Ex-London Mayor Boris Johnson, the favourite to replace Theresa May, and foreign secretary Jeremy Hunt, are now both referring to Britain's departure with no overall deal in place as a realistic prospect. The business community and many lawmakers fear dire economic consequences from a no-deal Brexit which would lead to immediate trade tariffs for certain sectors including the automotive industry.

China issues 17,000 smart watches to pupils to track movements

17.07.2019 7:08

A local government in southern China has handed out smart watches to nearly 17,000 primary school pupils, capable of pinging their real-time locations and emergency alerts to their parents. The watches, distributed to students in 60 schools, are equipped with chips powered by BeiDou, China’s own version of GPS, according to the Guangzhou Daily, a Chinese state media outlet. GPS is a system developed and owned by the US government. “With this watch, Mom and Dad can know where I am, and I can call and voice message them immediately after class,” one enthusiastic fourth-grader told state media. The smart watch-tracking government program is entirely voluntary and about half of the devices distributed have already come online. Plans are in place to issue another 13,000 smart watches to students, and the authorities will soon begin handing them out to elderly people. User information will be uploaded to a database maintained by China’s ministry of public security and the ministry of industry and information technology, according to state media. Cities in China have been getting creative in finding new ways to monitor students and curb truancy with the latest technologies. In December, more than ten schools in Guizhou and Guangxi provinces began requiring students to wear “intelligent uniforms” embedded with computer chips to track their movements and trigger an alarm if they skip class, according to state media. China sent a satellite of the BeiDou Navigation Satellite System into space in June Credit: Xinhua / Barcroft Media Two chips, sown into the shoulders of school jackets, can sustain around 500 wash cycles and temperatures of 150 degrees Celsius. Facial recognition scanners at school gates match the chips with the correct students, meaning anyone who tries to swap jackets in order to play truant will be caught. Alarms will also sound if a pupil falls asleep in class. Last May, a high school in Hangzhou installed facial recognition technology to check how attentive pupils were in class. Movements of students are watched by three cameras positioned above the blackboard, and can pick up seven different emotions, including neutral, happy, sad, disappointed, angry, scared and surprised. If the technology concludes a student is distracted in class, it will send a notification to the teacher to take action. BeiDou was originally developed by the Chinese military to reduce reliance on the US-owned GPS system, but its positioning accuracy is to within 10 metres while GPS can track down to 30 centimetres. In efforts to speed up adoption of the system, Chinese authorities have ordered taxis, buses and other vehicles to install BeiDou, and many domestic phone brands including Huawei and Xiaomi are now also compatible with the system. There are only a handful of other global satellite navigation systems, including Russia’s Glonass and Europe’s Galileo, which has suffered an outage over the last two weeks. The UK has been involved in developing Galileo, sinking £1.2 billion in the project, but now intends to build its own as part of Brexit fallout.

UK's Hammond attacks "terrifying" views of Brexiteer Rees-Mogg

17.07.2019 6:23

British finance minister Philip Hammond said on Wednesday it was "terrifying" that leading Brexit advocate Jacob Rees-Mogg, who could have a role in the next government, thought Britain could be better off by leaving the EU without an exit deal. Hammond, who does not intend to continue as finance minister when a new prime minister is named next week, was responding to criticism from Rees-Mogg - the latest turn in a long-running row that typifies Brexit divisions in the ruling Conservative Party. Rees-Mogg, who has been linked with a role in government if fellow Brexiteer Boris Johnson becomes prime minister, argues Britain could be better off.

UK Brexit minister Barclay says chances of a 'no deal' EU exit are underpriced

17.07.2019 6:18

The chances of Britain leaving the European Union without a deal at the end of October are underpriced, Britain's Brexit minister Stephen Barclay said on Wednesday. Asked about the likelihood of a no-deal Brexit, Barclay pointed to the fact that parliament is only due to sit for a relatively short period of time in September and October and that legislation required to pass a deal would be significant.

Tags: UK, EU, Brexit

Debt, dollar in demand amid trade woes

17.07.2019 5:39

Resurgent trade tensions, concern over the outlook for corporate America and the growing risk of a chaotic Brexit have dampened appetite for equities while keeping alive interest in the dollar and bonds.


UK Brexit minister Barclay: I told Barnier could not see unchanged Brexit deal being approved

17.07.2019 5:03

British Brexit minister Stephen Barclay said on Wednesday he told the European Union's Brexit negotiator Michel Barnier that he did not envisage an unchanged exit deal being approved by Britain's parliament. Barclay ruffled feathers last week in Brussels, telling EU negotiators the deal agreed with Prime Minister Theresa May was "dead". May is due to step down next week and the frontrunner to succeed her, Boris Johnson, plans to seek changes to the deal.


More than 60 British lords criticise Labour's Corbyn over anti-Semitism

17.07.2019 4:13

More than 60 opposition Labour members of Britain's upper house of parliament signed a statement in a newspaper on Wednesday accusing leader Jeremy Corbyn of failing "the test of leadership" over anti-Semitism in the party. Corbyn, a veteran campaigner for Palestinian rights and critic of the Israeli government, has long been dogged by charges he has allowed a culture of anti-Semitism to thrive in Britain's main opposition party - something he denies. Eight lawmakers left the party earlier this year over anti-Semitism and Corbyn's position on Brexit, which has also angered many members who want Labour to adopt an unequivocal pro-European Union position.


Asia shares subdued, dollar supported as sterling suffers

17.07.2019 1:55

Asian shares drifted off on Wednesday as anxious investors awaited more earnings reports from corporate America, while the dollar held firm in the wake of robust U.S. retail data and a Brexit-driven dive in the pound.

Tags: Brexit

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