The cost of making a car in the UK could increase by £2,370 ($2,930) in the event of a hard Brexit, according to research published by PA Consulting Group. The tariffs would apply to both imported and exported cars with the report stating carmakers would be likely to pass any price increases to buyers. The report explained that the increased cost of manufacturing could be the case if the UK falls back on World Trade Organisation (WTO) rules post Brexit. It warned that the 10% WTO tariffs on exporting and importing with the European Union (EU), could force some manufacturers in the UK to relocate outside the country.
HSBC, the Royal Bank of Scotland, Lloyds, Barclays and Coutts are among 17 banks based in the UK, or with branches here, believed to have processed almost $740 million on behalf of Russian money launderers with ties to gangsters and intelligence services, according a major investigation carried out by the Organized Crime and Corruption Reporting Project (OCCRP) and Novaya Gazeta, and reported by the Guardian. The figure was gathered by documents covering the years 2010-2014 showing at least $80 billion was moved out of Russia by an organisation called the Global Laundromat. Investigators are still trying to identify who is behind the nickname, but the task is difficult as the owners of offshore entities that moved money through the banks often kept their identities secret, the report noted, adding the documents include details of about 70,000 banking transactions, including 1,920 that went through UK banks and 373 via US banks.
British prime minister Theresa May will trigger article 50 of the Lisbon Treaty, the formal notification of the United Kingdom’s intention to leave the European Union, on March 29th, a spokesman for the British leader said on Monday. More than 40 years after the UK joined the EU and nine months since it voted to quit it, Britain’s envoy to the bloc, Tim Barrow, informed EU President Donald Tusk on Monday of her plan to invoke Article 50 of the Lisbon Treaty, the mechanism for quitting that has never been used.
The UK's unemployment rate has fallen to its lowest since the summer of 1975, with a record number of people in work: the Office for National Statistics (ONS) said the unemployment rate fell to 4.7% . Other figures published on Wednesday showed that unemployment fell by 31,000 in the three months to January, to 1.58 million, the lowest for a decade, giving a jobless rate of 4.7%, the lowest since the summer of 1975.
Some 28% of EU citizens who have applied for permanent residency in the U.K. since Brexit had their applications rejected or declared invalid, the Guardian reported Monday. In the last half of 2016, more than 12,800 EU citizens had their permanent residency requests rejected and a further 5,500 were declared invalid, analysis by the Liberal Democrats found. However, the Home Office said “applications can be rejected for a whole range of administrative reasons including where an application form has not being signed or failure to pay a fee.”
Four in 10 European doctors are considering leaving Britain following the Brexit vote, new research suggests. A British Medical Association (BMA) survey found that 42% are thinking of quitting the UK, with a further 23% still unsure if they will stay. The BMA warned it could spell “disaster” as the National Health Service (NHS) was already facing “crippling staff shortages”. Among NHS staff in England, 59,796 are from the European Union, according to NHS Digital, including 10,267 doctors – around 6.6% of the UK medical workforce. “Diseases know no country borders, and medicine is an international profession, with global co-operation in research, drug development, standards of patient care, and free movement of doctors around the world.”
The GBP/USD pair erased most of Friday's losses yesterday, successfully climbing over the 1.2450 level, thus, breaching the immediate resistance area. Now the British currency is being supported by a strong demand area around the 1.24 major level, with the weekly PP just being a minor nuisance located at 1.2449. Technically, the Cable should remain above the 1.24 mark today and pave its way towards retaking the 1.25 handle. However, technical indicators are still unable to confirm the possibility of the positive outcome, leaving the door open for another leg down.
The Campaign for Real Ale (Camra) is stepping up its push to keep the price of a pint down for millions of UK pub-goers, calling on the Treasury to reduce beer duty by 1p. With inflation expected to rise in the next year, the cut will help to cap the price of beer, keeping more money in consumers’ pockets and helping the pubs and brewing sector to grow. Beer drinkers are already being hit in the pocket, with Heineken and Carlsberg last month becoming the latest brewers to raise prices, following MolsonCoors – maker of the UK’s most popular beer, Carling – and ABInBev. The weak pound has also driven up the cost of imported raw materials such as hops, which could threaten Britain’s craft beer industry.
Staff at Lloyd’s of London, the insurance market in the City, have enjoyed a tipple during the day ever since it opened in 1688, but now a 9-to-5 alcohol ban has been drafted in – after roughly half of employee disciplining cases were found linked to alcohol in the last two years, Reuters reported Wednesday. Newly updated employee guidelines provide “clarification on the rules around alcohol consumption, which is prohibited during business hours. The guidance removes any ambiguity on the policy,” a Lloyd’s of London spokesman said in a statement. According to The Financial Times, its 800 workers have been told the hours between 9am and 5pm must be strictly dry. It is traditional for traders working in that area to gather around Leadenhall Market to make contacts and probe deals over a pint.
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