Page 71 - Brexit

Brexit aftermath: Rupee may escape currency bloodbath with minor injuries

Says hedging of forex exposures has gone up; central bank to provide liquidity if there is volatility in currency markets

Britain's dreams of a 'Swiss miracle' look more like a fantasy

To help explain why the British voted to leave the European Union, look to Switzerland.The famously neutral Swiss rejected membership in the European Union in a 1992 referendum, but Switzerland didn't formally withdraw its dormant application until last week, when the Swiss Parliament - caught up in a burst of nationalism fuelled in part by Britain's vote on Thursday on whether to leave the European Union - decided overwhelmingly to terminate it.Only "a few lunatics" still want to join the European Union, said the Swiss lawmaker Thomas Minder, a staunch proponent of "Swissism," after last week's action.That may be an overstatement, but it's easy to see why the Swiss would feel vindicated. With a per capita gross domestic product of $80,675 in 2015, according to the International Monetary Fund, Switzerland ranks second in the world (after Luxembourg), far ahead of Britain ($43,771) and the United States ($55,805.)Switzerland's unemployment rate was 3.3 per cent in May, lower than that o

Brexit aftermath: Central banks redouble cash offer to quell panic

Central banks across the world offered the financial system fresh funds and intervened in currency markets, in an effort to reassure investors sent into panic by the UK's vote to leave the European Union.After a majority of Britons voted to end their 43-year membership of the EU in a referendum, the Bank of England, the European Central Bank and the Bank of Japan issued statements stressing the availability of liquidity to keep the banking system running. The BOJ led the Swiss National Bank and the Danish central bank in displaying readiness to sell their local currencies to cap gains caused by investors seeking haven from the turmoil.The Group of Seven nations are said to plan to confer later on Friday, and officials from about 60 global monetary authorities will meet this weekend in Basel, Switzerland. Beyond the initial gyrations, central banks will face questions over how they can support growth and hit inflation targets at a time when policy instruments are already stretched, and

Brexit rattles markets as Cameron quits

UK votes by 52% to 48% to leave the European Union

Brexit aftermath: A seismic slap on the markets

If you thought markets were uncertain and volatile before the UK referendum on membership in the European Union, think again.The main driver: Markets got it dead wrong. The "Brexit" result, with Britain voting to leave, is in stark contrast to the optimism expressed in the run-up to the vote and even immediately after, as late-breaking polls suggested the UK would stay in the EU.The moves as the vote results emerged were enormous. Sterling went from a high for the year to its lowest level since 1985, falling some 16 cents from its overnight peak against the dollar to $1.34. Ten-year US Treasury yields dropped some 0.25 percentage point to 1.49 per cent. European and US stocks are in for a rough ride; the Nikkei is down some 7.8 per cent.The problem is that uncertainty has only increased. Moves in currencies, stocks and bonds up until now have been about a relatively well-defined risk: that of the outcome of the vote itself. They have tracked moves in the data that was available, such a

Students going to UK to get mixed benefits

UK currency pound falling in comparison to Indian rupee may mean cheaper education for Indian students

Beyond UK borders

This vote will obviously have a direct impact for the UK economy, as it negotiates an unprecedented departure from the EU

Brexit spells trouble for Tatas, IT giants

Tata Motors, Tata Steel Europe, Motherson Sumi, Tata Consultancy Services (TCS) and Infosys are expected to face the brunt of Brexit

US respects British decision to exit from EU: Barack Obama

Jack Lew said the US will work closely with both London and Brussels and international partners to ensure continued economic stability

Fed says ready to provide dollar liquidity after British vote

By saying this, it sought to calm global financial markets on Friday

Central banks move to calm jittery markets after Brexit shock

ECB Governing Council member Ewald Nowotny said markets were already stabilising after the initial surprise, and that panic was not justified

Brexit: Rajan for keeping world open, avoiding 'copycat' exits

Brexit has aggravated worries about growing protectionist tendencies and support for ultra-right and conservative politicians in Europe

WTO chief says ready to help UK and EU after Brexit vote

Now, Britain would have to renegotiate its relationship with the rest of the WTO

Brexit to dent Indian exports to Britain in short term

Long-term trends to be guided by Britain's future economic relation with EU

Scotland's future is in EU, minister says as Brexit looms

Alex Salmond explicitly said Scotland is now likely to push for a second independence referendum as 62% people voted to remain in EU

British expats in Dubai show mixed reactions over UK leave vote

Stock markets in Britain, Europe and Asia plummeted early Friday as markets were taken by surprise by the 51.9% of the Brexit camp

EU leaders say Britain must leave as soon as possible

Cameron announced he would step down to make way for a new leader by October

Govt, RBI seek to soothe wracked investor nerves after Brexit

Rajan said investments should return after initial investor worries over Brexit

EU chief Jean-Claude Juncker reassures British staff over their jobs

EU civil service jobs are restricted to EU citizens and Britons will lose that status once UK has completed its departure

5 questions for Britain and Europe after Brexit vote

Britons voted in a referendum on Thursday to leave the European Union