For Southeast Asia, the slowdown of China’s economy may have a bigger economic impact than the British vote to leave the European Union.China’s government reported the country’s economy expanded at 6.7 percent in the first three months of this year. That is high compared to many countries. However, it is the lowest increase of its Gross Domestic Product, or GDP, since early 2009. GDP is a measure of the monetary value of all goods and services produced in a country.Joseph Incalcaterra is an economist with the British bank HSBC.He has studied economic growth in Asia from 2000 to 2014. He says C...
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Banks have already begun to take action to shift operations out of the UK, with the governor of France’s central bank warning on Saturday that Britain’s financial services groups were at risk of losing their right to operate across the EU.Investment banks have reacted immediately to Britain’s referendum result, with some of the City’s largest institutions approaching regulators to secure licences and lining up executives to relocate.The big US banks — JPMorgan Chase, Goldman Sachs, Bank of America, Citigroup and Morgan Stanley — have large operations employing tens of thousands of people in th...
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Gold prices zoomed to 26-month high of Rs31,510 per ten gram Friday in the biggest single-day gain of Rs1,215 since August 2013 as Britain voted to exit the European Union leading to bloodbath in global equity and currency markets.It was gold’s highest closing level of Rs 30,730 after April 28, 2014 in the bullion market in New Delhi.The rupee too hit a four-month low of 68.21 against the US dollar, making the dollar-quoted gold expensive.Silver also registered a steep rise of Rs1,000 to Rs42,300 per kg, largely in tandem with global trend as money flew to safe-haven investments following trou...
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A petition calling for a second referendum on UK’s membership of the EU has gained more than one million signatures following the vote to leave.The petition will be considered by Parliament as it has passed the required 100,000 threshold.The UK voted to leave the EU by 52% to 48% in Thursday’s referendum but the majority of voters in London, Scotland and Northern Ireland backed Remain.David Cameron has previously said there would be no second referendum.On Friday he said he would stand down as prime minister by October following the leave result.’Accept that decision’The petition, set up by Wi...
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After initial gains, Japan’s benchmark Nikkei 225 closed 7.9% down at 14,952.02 points, the biggest one-day fall since the 2011 tsunami.The UK voted by 52% to 48% to leave the European Union after 43 years, in a historic referendum.Analysts said investor sentiment is rattled by the looming uncertainty on markets around the globe.The British pound at one point hit its lowest level since 1985.The Japanese yen has surged to 102.4 to the US dollar as investors now see the currency as a safe haven. Tokyo has for years been trying to keep the yen low as any surge in the currency hurts the country’s ...
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