UK set to publish Brexit plan that sparked rebellion

Agencies
July 12, 2018

London, Jul 12: British Prime Minister Theresa May will publish details of her long-awaited Brexit plan to restart talks with the EU on Thursday, after facing down a revolt by eurosceptic ministers that could still unseat her.

In a policy paper, the government will outline proposals to allow Britain to maintain close economic and security ties with the European Union even after it leaves the bloc in March.

"It is a vision that respects the result of the referendum (vote to leave), and delivers a principled and practical Brexit," Brexit Secretary Dominic Raab said in the foreword.

But the plan has caused outrage among eurosceptic members of May's Conservative party, and Raab's predecessor David Davis and foreign minister Boris Johnson dramatically quit this week in protest.

Their departures, followed by a clutch of junior aides, destabilised May's government and revived talk of a leadership challenge against her.

The prime minister is also likely to face some opposition in Brussels, where officials have repeatedly warned Britain to lower its expectations about how close ties can be.

May has briefed leaders including EU president Donald Tusk and German Chancellor Angela Merkel on her plan and reported a positive response, although they are awaiting the detail.

Britain does not have long to argue its case -- both sides are aiming for a deal by October, to allow time for its ratification by the British and European parliaments.

Failure to agree would see Britain leave the EU without a deal, with the risk of huge economic disruption on both sides of the Channel.

Britain voted for Brexit in June 2016, but May has so far been unable to present a common position to Brussels on what she wants because of deep divisions in her government.

Amid warnings from businesses that continued uncertainty is risking investment and jobs, and fears time is running out, her cabinet finally agreed on a plan last week.

Britain would leave the EU's single market and customs union as planned, to end free movement of people and sign its own non-EU trade deals.

But it would keep EU rules on goods to protect complex manufacturing supply chains, using technology to levy its own duties on UK-bound products from outside the bloc, while diverging on services.

"We need to rise to the challenge and grasp the opportunities" of Brexit, said Raab, adding that the policy represented a "balance".

But Johnson, a leading Brexit campaigner, said following EU rules without being able to alter them risked consigning Britain to the "status of colony", and said it looked like a "semi-Brexit".

Other eurosceptics who want a clean break with the bloc are also livid, prompting speculation they may launch a confidence vote against May.

Brexit-backing MPs, including leading eurosceptic Conservative Jacob Rees-Mogg, will also seek to force her hand by tabling amendments to a trade bill being debated in the House of Commons next week.

One would require a new law to join a new customs union, and another would demand the EU collect any tariffs set by Britain on UK-bound goods coming in from outside.

This last would likely be unacceptable to Brussels, thus killing May's plan, but Rees-Mogg told AFP his aim was only "to help the government stick to some of its earlier promises".

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News Network
July 27,2020

Tokyo, Jul 27: Gold hit an all-time high on Monday as tit-for-tat consulate closures in China and the United States rattled investors, boosting the allure of safe-haven assets, although sentiment was mixed with tech gains supporting some Asian stocks.

MSCI's ex-Japan Asia-Pacific index rose 1.3 percent as Taiwan's TSMC, Asia's third-largest company by market capitalisation, rose almost 10 percent.

The chipmaker's gains boosted other tech stocks in the region and came after rival Intel signalled it may give up manufacturing its own components due to delays in new 7-nanometer chip technology.

Also soothing sentiment, Chinese shares eked out gains after big falls late last week, with CSI300 index rising 0.5 percent.

S&P500 futures were last up 0.4 percent in choppy trade while Japan's Nikkei fell 0.5 percent, resuming trade after a long weekend and catching up with falls in global shares late last week.

Global shares had lost steam last week after Washington ordered China's consulate in Houston to close, prompting Beijing to react in kind by closing the US consulate in Chengdu.

US Secretary of State Mike Pompeo took fresh aim at China last week, saying Washington and its allies must use "more creative and assertive ways" to press the Chinese Communist Party to change its ways.

"US President (Donald) Trump used to say China's President Xi Jinping is a great leader. But now Pompeo's wording is becoming so aggressive that markets are starting to worry about further escalation," said Norihiro Fujito, chief investment strategist at Mitsubishi Securities.

Gold rose 1.0 percent to a record high of $1,920.9 per ounce, surpassing a peak touched in September 2011, as Sino-US tensions boosted the allure of safe-haven assets, especially those not tied to any specific country.

The yellow metal is also helped by aggressive monetary easing adopted by many central banks around the world since the pandemic plunged the global economy into a recession.

Some investors fret such an unprecedented level of money-printing could eventually lead to inflation.

MORE STIMULUS

Hopes of a quick US economic recovery are fading as coronavirus infections showed few signs of slowing.

That means the economy could capitulate without fresh support from the government, with some of earlier steps such as enhanced jobless benefits due to expire this month.

Investors hope US Congress will agree on a deal before its summer recess but there are some sticking points including the size of the stimulus and enhanced unemployment benefits.

US Treasury Secretary Steve Mnuchin said the package will contain extended unemployment benefits with 70 percent "wage replacement".

Democrats, who control the House of Representatives, want enhanced benefits of $600 per week to be extended and look to much bigger stimulus compared with the Republicans' $1 trillion plan.

Investors are looking to corporate earnings from around the world for hints on the pace of recovery in the global economy.

"It looks like rising coronavirus cases are starting to slow down recovery in many countries," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.

Concerns about the US economic outlook started to weigh on the dollar, reversing its inverse correlation with the economic well-being over the past few months.

The dollar index dropped 0.3 percent to its lowest level in nearly two years.

The euro gained 0.3 percent to $1.1693, hitting a 22-month high of $1.16590 as sentiment on the common currency improved after European leaders reached a deal on a recovery fund in a major step towards more fiscal co-operation.

Against the yen, the dollar slipped 0.5 percent to 105.605 yen, a four-month low while the British pound hit a 4 1/2-month high of $1.2832.

Oil prices dipped on worries about the worsening Sino-US relations.

Brent futures fell 0.46 percent to $43.14 per barrel while US crude futures lost 0.44 percent to $41.11.

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News Network
April 27,2020

London, Apr 27: British Prime Minister Boris Johnson returns to work on Monday more than three weeks after being hospitalised for the coronavirus and spending three days in intensive care.

Johnson, one of the highest-profile people to have contracted the virus, returned to 10 Downing Street on Sunday evening and will chair a meeting on Monday morning of the coronavirus "war cabinet", his colleagues confirmed.

Dominic Raab, the foreign secretary who has deputised in Johnson's absence, told the BBC on Sunday that his return would be a "boost for the government and a boost for the country".

Raab also claimed the prime minister was "raring to go".

Johnson, 55, was admitted to hospital on April 5 suffering from "persistent symptoms" of the deadly disease.

His condition worsened and he later admitted after being put in intensive care that "things could have gone either way".

He was discharged on April 12 and has been recuperating at his official residence, west of London.

In a video message after leaving hospital, Johnson thanked "Jenny from New Zealand and Luis from Portugal" for helping him recover.

On medical advice, he has not been doing official government work during his convalescence but has spoken to Queen Elizabeth and US President Donald Trump on the phone.

The British leader was diagnosed with the virus late last month but initially stayed at Downing Street and was filmed taking part in a round of applause for health workers in the days before he went to hospital.

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News Network
June 24,2020

Washington, Jun 24: An Indian restaurant in the Sante Fe City of New Mexico, owned by a Sikh, was broken into and vandalised with hate messages scrawled on its walls, a media report said Tuesday.

The damage caused to India Palace restaurant is estimated to be worth USD 100,000, local Santa Fe Reporter said adding that the vandalisation is being investigated by local police and the FBI.

Sikh American Legal Defense and Education Fund (SALDEF) has condemned the incident.

"This kind of hate and violence is unacceptable and swift action must be taken to ensure the safety and security of all Americans," said Kiran Kaur Gill SALDEF executive director.

According to the local daily, tables were overturned, glassware was smashed into piles on the floor, wine racks were emptied, a statue of a goddess was beheaded and computers were stolen.

The vandals also turned over and destroyed food warmers while the front desk area was devastated, plates smashed and the kitchen rendered completely unusable, it said.

"I walked into the kitchen, I saw everything and I was like, hold on, what? What is going on here?" owner Baljit Singh told Santa Fe Reporter. "White power," "Trump 2020," "go home," and far worse were spray-painted on walls, doors, counters and any other available surface.

"Some phrases contained threats of violence and derogatory racial slurs," the daily said.

"Santa Fe is a peaceful town, and the Sikh community has lived here, beautifully integrated, since the 60s," said SALDEF board member Simran Singh, who lives minutes away from the restaurant.

"Tensions have flared recently with the reinvigoration of the Black Lives Matter movement and the removal of statues associated with Spanish colonisers of this area, who committed a number of atrocities," he said.

"Nevertheless, we are seeing an outpouring of love and support around the city and in my experience, our neighbors love and appreciate us, as we love and appreciate them," he added.

SALDEF said that it has seen an unprecedented rise in hate crimes including the April 29 incident wherein a Sikh American Lakhwant Singh was brutally attacked by a man identified as Eric Breeman in Lakewood, Colorado.

Lakhwant Singh was told to "go back to your country," while being attacked. No formal hate crime charges have been brought against the attacker.

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