UK Parliament approves Brexit bill, govt to begin exit process by Mar 31

March 14, 2017

Washington, Mar 14: Britain lurched closer to leaving the European Union Monday when Parliament stopped resisting and gave Prime Minister Theresa May the power to file for divorce from the bloc.

brexit

But in a blow to May's government, the prospect of Scotland's exit from the United Kingdom suddenly appeared nearer, too. Scottish First Minister Nicola Sturgeon called for a referendum on independence within two years to stop Scotland being dragged out of the EU against its will.

Amid Britain's divorce from EU, Scotland wants Independence

In an announcement that took many London politicians by surprise, Sturgeon vowed that Scotland would not be "taken down a path that we do not want to go down without a choice." Sturgeon spoke in Edinburgh hours before the European Union (Notification of Withdrawal) Bill passed its final hurdle in Parliament's upper chamber, the House of Lords.

The House of Commons approved the bill weeks ago, but the 800-strong Lords fought to amend it, inserting a promise that EU citizens living in the U.K. will be allowed to remain after Britain pulls out of the bloc.

They also added a demand that Parliament get a "meaningful" vote on the final deal between Britain and the remaining 27 EU nations.

Both amendments were rejected Monday by the Commons, where May's Conservatives have a majority. A handful of pro-EU Conservatives expressed their unhappiness, then abstained from the vote. The bill returned to the Lords, in a process known as parliamentary ping pong. Faced with the decision of the elected Commons, the Lords backed down and approved it without amendments.

Labour peer Dianne Hayter, who proposed the amendment on EU citizens, said the Lords had done their best, but "our view has been rejected in the elected House of Commons, and it is clear the government is not for turning."

Once the bill receives royal assent - a formality that should be accomplished within hours - May will be free to invoke Article 50 of the EU's key treaty, triggering two years of exit negotiations, by her self-imposed deadline of March 31.

May was forced to seek Parliament's approval for the move after a Supreme Court ruling in January torpedoed her attempt to start the process of leaving the bloc without a parliamentary vote.

Debate between House of Commons and House of Lords

The House of Commons and House of Lords battled over the bill's contents, with the status of EU nationals in Britain - and Britons in fellow EU member countries - drawing especially emotional debate. Both British and EU officials have said such residents should be guaranteed the right to stay where they are, but the two sides have so far failed to provide a concrete guarantee, leaving millions of people in limbo.

Scottish National Party lawmaker Joanna Cherry told the House of Commons that one constituent, a Lithuanian, had told her "the uncertainty caused by this government and this Parliament is making her feel worse about her personal situation in Britain than she did in Lithuania under the Soviets."

Brexit Secretary David Davis told lawmakers the government had a "moral responsibility" to the 3 million EU citizens living in Britain and the 1 million Britons in other member states, and intends to guarantee their rights as soon as possible after exit talks start.

"That is why we must pass this straightforward bill without further delay, so the prime minister can get to work on the negotiations and we can secure a quick deal that secures the status of both European Union citizens in the U.K. and also U.K. nationals living in the EU," he said.

Pro-EU lawmakers accused the government and Brexit-backing lawmakers of running roughshod over the concerns of the 48 percent of Britons who voted to stay in the EU.

Conservative legislator Dominic Grieve called the government's opposition of handing Parliament a final vote on Brexit "deranged," and the Green Party's Caroline Lucas said lawmakers should not just hand ministers a blank check.

"We were not elected to be lemmings," Lucas said.

Euroskeptics accused pro-EU legislators of trying to frustrate the will of voters who passed a June referendum to leave the EU.

"The simple truth is this - deal or no deal, vote or no vote, positive vote or negative vote, this process is irreversible," Conservative legislator Edward Leigh said. "We're leaving the EU, and that's what the people want."

May is now free to trigger Article 50 as early as Tuesday, but the government signaled the move would come much closer to the March 31 deadline. May spokesman James Slack repeated the government's position that it would happen by the end of March.

"I've said 'end' many times, but it would seem I didn't put it in capital letters strongly enough," he said.Political union under threat

The government's satisfaction at victory in Parliament was tempered by the prospect of an independence vote that threatens the 300-year old political union between England and Scotland.

Sturgeon said she would seek to hold a referendum between the fall of 2018 and the spring of 2019 so Scottish voters could make an "informed choice" about their future. While Britons overall voted to leave the EU, Scottish voters backed remaining by 62 to 38 percent, and Sturgeon said they should not be forced to follow the rest of the U.K. into a "hard Brexit" outside the EU single market.

In a 2014 referendum, Scottish voters rejected independence by a margin of 55 percent to 45 percent. But Sturgeon said the U.K.'s decision to leave the EU had brought about a "material change of circumstances."

May - whose government would have to approve a legally binding referendum - accused Sturgeon's Scottish National Party of political "tunnel vision" and called her announcement "deeply regrettable."

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News Network
April 21,2020

New York, Apr 21: Oil prices plunged below zero on Monday as demand for energy collapses amid the coronavirus pandemic and traders don't want to get stuck owning crude with nowhere to store it.

Stocks were also slipping on Wall Street in afternoon trading, with the S&P 500 down 0.9%, but the market's most dramatic action was by far in oil, where benchmark U.S. crude for May delivery plummeted to negative $3.70 per barrel, as of 2:15 pm. Eastern time.

Much of the drop into negative territory was chalked up to technical reasons — the May delivery contract is close to expiring so it was seeing less trading volume, which can exacerbate swings. But prices for deliveries even further into the future, which were seeing larger trading volumes, also plunged.

Demand for oil has collapsed so much due to the coronavirus pandemic that facilities for storing crude are nearly full.

Tanks could hit their limits within three weeks, according to Chris Midgley, head of analytics at S&P Global Platts.

Benchmark U.S. crude oil for June delivery, which shows a more ”normal” price, fell 14.8% to $21.32 per barrel, as factories and automobiles around the world remain idled. Big oil producers have announced cutbacks in production in hopes of better balancing supplies with demand, but many analysts say it's not enough.

“Basically, bears are out for blood,” analyst Naeem Aslam of Avatrade said in a report. “The steep fall in the price is because of the lack of sufficient demand and lack of storage place given the fact that the production cut has failed to address the supply glut.”

Halliburton swung between gains and sharp losses, even though it reported stronger results for the first three months of 2020 than analysts expected. The oilfield engineering company said that the pandemic has created so much turmoil in the industry that it “cannot reasonably estimate” how long the hit will last. It expects a further decline in revenue and profitability for the rest of 2020, particularly in North America.

Brent crude, the international standard, was down $1.78 to $26.30 per barrel. .

In the stock market, the mild drops ate into some of the big gains made since late March, driven lately by investors looking ahead to parts of the economy possibly reopening as infections level off in hard-hit areas.

Pessimists have called the rally overdone, pointing to the severe economic pain sweeping the world and continued uncertainty about how long it will last.

The Dow Jones Industrial Average was down 364 points, or 1.5%, to 23,887. The Nasdaq was down 0.1%..

More gains from companies that are winners in the new stay-at-home economy helped limit the market's losses Amazon rose 1.4%, and Netflix jumped 3.8% as people shut in at home buy staples and look to fill their time. Clorox likewise rose toward a new record and was up 1% as households and businesses that remain open look to stay clean.

In Tokyo the Nikkei 225 fell 1.1% after Japan reported that its exports fell nearly 12% in March from a year earlier as the pandemic hammered demand in its two biggest markets, the U.S. and China.

The Hang Seng index in Hong Kong lost 0.2%, and South Korea's Kospi fell 0.8%.

European markets were modestly higher The German DAX was up 0.5%, the French CAC 40 was up 0.7% and the FTSE 100 in London gained 0.7%.

In a sign of continued caution in the market, Treasury yields remained extremely low. The yield on the 10-year Treasury slipped to 0.64% from 0.65% late Friday. It started the year near 1.90%. Bond yields drop when their prices rise, and investors tend to buy Treasurys when they're worried about the economy.

Stocks have been on a generally upward swing recently, and the S&P 500 just closed out its first back-to-back weekly gain since the market began selling off in February. Promises of massive aid for the economy and markets by the Federal Reserve and U.S. government ignited the rally, which sent the S&P 500 up as much as 28.5% since a low on March 23.

More recently, countries around the world have tentatively eased up on business-shutdown restrictions put in place to slow the spread of the virus.

But health experts warn the pandemic is far from over and new flareups could ignite if governments rush to allow ”normal” life to return prematurely.

The S&P 500 remains about 15% below its record high in February as millions more U.S. workers file for unemployment every week amid the shutdowns.

Many analysts also warn that a significant part of the recent recovery in stocks is due to the expectation among some investors that the economy will rebound sharply once economic quarantines are lifted. They're essentially predicting that a line chart of the economy will ultimately resemble the letter “V,” with a wild ride down but then a quick pivot to a vigorous recovery.

That may be to optimistic. “We caution that a U-shaped recovery is also quite likely,” where the economy bottoms out and stays at that low level for a while before recovering, strategists at Barclays warned in a recent report.

Without strong testing programs for COVID-19, businesses likely won't feel comfortable bringing back their full workforces for a while.

”With risk assets now overbought, the chance for a correction has increased,” Morgan Stanley strategists wrote in a report.

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Agencies
August 7,2020

Moscow, Aug 7: Russia will register its first vaccine against the coronavirus on August 12, Deputy Health Minister Oleg Gridnev said on Friday.

The vaccine has been developed jointly by the Gamaleya Research Institute and the Russian Defence Ministry.

"The vaccine developed by the Gamaleya centre will be registered on August 12. At the moment, the last, third, stage is underway. The trials are extremely important. We have to understand that the vaccine must be safe. Medical professionals and senior citizens will be the first to get vaccinated," Gridnev told reporters at the opening of a cancer centre building in the city of Ufa.

According to the minister, the effectiveness of the vaccine will be judged when the population immunity has formed.

Clinical trials of the vaccine began on June 18 and included 38 volunteers. All of the participants developed immunity. 

The first group was discharged on July 15 and the second group on July 20.

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News Network
July 27,2020

Chengdu, China, Jul 27: The American flag was lowered at the United States consulate in Chengdu on Monday, days after Beijing ordered it to close in retaliation for the shuttering of the Chinese consulate in Houston.

Footage on state broadcaster CCTV from outside the consulate showed the flag being slowly lowered early Monday morning, after diplomatic tensions soared between the two powers with both alleging the other had endangered national security.

Relations deteriorated in recent weeks in a Cold War-style standoff, with the Chengdu mission Friday ordered to shut in retaliation for the forced closure of Beijing's consulate in Houston, Texas.

The deadline for the Americans to exit Chengdu has been unclear, but the Chinese consulate in Houston was given 72 hours to close after the original order was made.

On Saturday news agency reporters saw workers removing the US insignia from the front of the consulate.

Over the weekend, removals trucks entered the US consulate and cleaners were seen carting large black rubbish bags from the building.

Beijing says closing the Chengdu consulate was a "legitimate and necessary response to the unreasonable measures by the United States", and has alleged that staff at the diplomatic mission endangered China's security and interests.

Washington officials, meanwhile, said there had been unacceptable efforts by the Chinese consulate in Houston to steal US corporate secrets.

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