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Weekend Roundup 05/12/16

Weekend Roundup 05/12/16

Here are the headlines from over the weekend:

Boris Johnson dismisses paying large sums of money to the EU

Boris Johnson has dismissed the idea of paying large amounts of money to the EU after Brexit in order to gain access to the single market. This comes as a surprise as last week David Davis, the Brexit Secretary revealed that the government is potentially willing to pay EU large sums to maintain their market access. Phillip Hammond also mentioned that Mr Davis “is absolutely right not to rule out the possibility that we might want to contribute in some way to some form of mechanism”, However, when Mr Johnson was asked about this he stated that “That is a speculation”.  Read more in The Independent, the BBC or The Guardian.

BHS enters liquidation

BHS has been put into liquidation due to pressure from the Pension Protection fund, which stated that closing down the business would produce the best outcome for the failed retailer’s pensioners. BHS’ pension scheme had an immense deficit of as much as £571m at the time of the retailer’s collapse in April this year. “We believe the liquidation is the right way to secure the best possible recovery for the pension schemes and other creditors of the insolvent company,” said Malcolm Weir, head of restructuring and insolvency at the PPF. “The liquidator will now be able to progress all remaining issues, including the leases and the ongoing investigatory work.” Read more in The Guardian, The Telegraph or Sky News.

Italy Referendum

Italian Prime Minister, Matteo Renzi has resigned after the Italian people voted “No” to bring about constitutional reform.  The referendum that took place on 4th December went against his favour. The Prime Minister vowed to resign if he lost the vote. Around 51 million people were eligible to vote on the plan to reduce the powers of the upper house Senate and take back powers from regional authorities. Analysts warned that if the “No” vote won and Renzi left office, this will weaken the EU and possibly trigger a fresh EU banking crisis due to the market uncertainty. Both Italian and Central banks have vowed to do “whatever it takes” to stabilise markets if the “No” vote causes immense market shock. This decision marks the ongoing populist wave and anti establishment feeling. Sourced from LexisNexis.  Read more here.

Further Reading:

  1. Malaysian PM: ‘enough is enough’ on Muslim killings in Myanmar as he calls the crisis a ‘genocide’ (The Telegraph)
  2. BoE’s Andrew Haldane warns of regional growth inequality (BBC News)
  3. Syrian rebels weakened in Aleppo battle by their own divisions (Reuters)
  4. U.S. jobless rate falls to nine-year low, payrolls rise (Reuters)
  5. Rouhani Urges Obama to Block Iran Sanctions Law Extension (Bloomberg)
  6. Apple reveals it is investing ‘heavily’ in driverless cars (Sky News)
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