Economy

Economy
Tuesday, June 28th 2016 - 06:16 UTC

Gibraltar talking with Scotland about how to remain in the European Union

“I can imagine a situation where some parts of what is today the member state United Kingdom are stripped out and others remain,” Picardo told Newsnight.

Gibraltar is in talks with Scotland about a plan to keep parts of the UK in the EU, according to BBC Newsnight. Fabian Picardo, the territory's chief minister, told the BBC he was speaking to Scotland's First Minister, Nicola Sturgeon, about various options. One possibility under discussion is for Gibraltar and Scotland, which both voted to remain in the EU, to maintain the UK's membership of the bloc.

Monday, June 27th 2016 - 08:07 UTC

Berlin and Paris in “full agreement”; Merkel aide says politicians in London should take time to reconsider Brexit

Merkel and Hollande will hold talks later in Berlin amid a flurry of diplomatic activity in the wake of so-called “Brexit”.

German Chancellor Angela Merkel and French President Francois Hollande said on Sunday they are in “full agreement” on how to handle the fallout from the UK's decision to leave the European Union. Hollande warned that “separated, we run the risk of divisions, dissension and quarrels”.

Monday, June 27th 2016 - 07:15 UTC

Brazil's recession greater risk than Brexit for Argentina: could chip 1.5 percentage points from GDP

“Brazil is the difference between growing and not growing for the first year of our administration. It’s really critical,” said Minister Prat Gay

Argentina’s annual rate of inflation was likely to have reached an annualized 42% through May, but should begin to slow in June with a return to growth also on the horizon, Finance Minister Alfonso Prat-Gay said in an address to investors in New York. The minister also said that for Argentina, Brazil's recession had a greater impact than Brexit.

Monday, June 27th 2016 - 06:53 UTC

Panama opens long-delayed US$ 4.5bn canal expansion: massive litigations looming

At 1250 GMT, Chinese container ship “Cosco Shipping Panama” entered the Agua Clara lock on the Atlantic to begin the first crossing of the 80.45-km-long waterway

Panama opened the long-delayed US$5.4 billion expansion of its shipping canal amid cheering crowds on Sunday, despite looming economic uncertainty in the shipping industry and a heated battle over billions in cost overruns.

Saturday, June 25th 2016 - 20:30 UTC

Beijing sinking because of excessive pumping of groundwater: 11cms per year

Beijing sits in a dry plain where groundwater has accumulated over millennia. As wells are drilled and the water table drops, the underlying soil compacts

China’s capital is known for its horrendous smog and occasional sandstorms. Yet one of its major environmental threats lies underground: Beijing is sinking. Excessive pumping of groundwater is causing the geology under the city to collapse, according to a new study using satellite imagery that reveals parts of Beijing – particularly its central business district – are subsiding each year by as much as 11 centimeters.

Friday, June 24th 2016 - 22:10 UTC

Oi telecommunications US$ 19bn bankruptcy, the largest in Brazil's history

Oi sought protection from creditors on 65 billion reais (US$19 billion) in debt after failing to reach a restructuring agreement following a long saga of mergers

Brazilian telecoms giant Oi has filed the largest bankruptcy request in the country’s history, after failing to reach an agreement with creditors.

Friday, June 24th 2016 - 20:51 UTC

Scotland's Sturgeon admits second independence referendum “highly likely”

In Edinburgh, Ms Sturgeon said: “It is, therefore, a statement of the obvious that a second referendum must be on the table, and it is on the table.”

Scotland's first minister has said a second independence referendum is “highly likely” after the UK voted to leave the EU. Nicola Sturgeon said it was “democratically unacceptable” that Scotland faced the prospect of being taken out of the EU against its will.

Friday, June 24th 2016 - 18:43 UTC

Falklands will continue to engage with UK and negotiate to retain trade access benefits

“Once complete, and alongside other Overseas Territories, we will continue to engage with the UK Government regarding the exit process” said Gilbert House.

The Falkland Islands Government said on Friday it will be working with the public and private sector to further investigate the impact of Brexit on the Islands.

Friday, June 24th 2016 - 18:26 UTC

Boris Johnson softens Brexit speech: “We are part of Europe; we're not pulling up a drawbridge”

The former Conservative mayor of London has been installed as favorite to take over as Conservative leader after Mr. Cameron announced he would step down

Boris Johnson has insisted the UK is not “turning its back” on Europe after its decision to vote to leave the EU. The decision would not make the UK any less tolerant nor outward looking and would not reduce opportunities for young people, the ex-London mayor said.

Friday, June 24th 2016 - 08:07 UTC

Vote Leave Chief and ex London mayor expected to go for PM Cameron post

“I will be advocating Vote Leave - or whatever the team is called, I understand there are a lot of them - because I want a better deal for the people of this country”

When Boris Johnson announced in February that he would back the UK campaign to Leave the European Union, it transformed the debate. Johnson is popular with the public and within his party. By becoming the official head of Vote Leave, he gave the weight of the establishment to a campaign previously spear-headed by fringe political figures such as Nigel Farage and George Galloway.

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