Theresa May's Brexit Deal Crushed in Parliament, UK PM to Face No Confidence Vote

Agencies
January 16, 2019

London, Jan 16: British lawmakers defeated Prime Minister Theresa May's Brexit divorce deal by a crushing margin on Tuesday, triggering political chaos that could lead to a disorderly exit from the EU or even to a reversal of the 2016 decision to leave.

After parliament voted 432-202 against her deal, the worst defeat in modern British history, opposition Labour Party leader Jeremy Corbyn promptly called a vote of no confidence in May's government, to be held at 1900 GMT on Wednesday.

With the clock ticking down to March 29, the date set in law for Brexit, the United Kingdom is now ensnared in the deepest political crisis in half a century as it grapples with how, or even whether, to exit the European project that it joined in 1973.

"It is clear that the House does not support this deal, but tonight's vote tells us nothing about what it does support," May told parliament, moments after the result was announced.

"... nothing about how - or even if - it intends to honour the decision the British people took in a referendum parliament decided to hold."

More than 100 of May's own Conservative lawmakers - both Brexit backers and supporters of EU membership - joined forces to vote down the deal. In doing so, they smashed the previous record defeat for a government, a 166-vote margin, set in 1924.

The humiliating loss, the first British parliamentary defeat of a treaty since 1864, appeared to catastrophically undermine May's two-year strategy of forging an amicable divorce with close ties to the EU after the March 29 exit.

With May vowing to stand by her deal and Labour trying to trigger a national election, parliament is still effectively deadlocked, with no alternative proposal.

May's spokesman told reporters that May's deal could still form the basis of an accord with the EU, but opponents disagreed.

"This deal is dead," said Boris Johnson, the Conservative Party's most prominent Brexiteer, who urged May to go back to Brussels to seek better terms.

May Appears Safe

If there was any consolation for May, it was that her internal adversaries appeared set to fight off the attempt to topple her.

The small Northern Irish DUP party, which props up May's minority government and refused to back the deal, said it would still stand behind May in the no-confidence vote. The pro-Brexit Conservatives who were the most vehement opponents of her deal also said they would support her.

Labour has said if it fails to trigger an election then it will look at the possibility of supporting another referendum.

The EU said the Brexit deal remained the best and only way to ensure an orderly withdrawal. Austrian Chancellor Sebastian Kurz said there would be no further renegotiation.

"The risk of a disorderly withdrawal of the United Kingdom has increased with this evening's vote," said EU Commission President Jean-Claude Juncker, adding that it would intensify preparations for a no-deal Brexit.

A Labour Party spokesman said it was becoming more likely that Britain would have to ask the EU to postpone the March 29 departure date required by the Article 50 withdrawal notice.

But Donald Tusk, the chairman of EU leaders, suggested Britain should now consider reversing Brexit altogether.

"If a deal is impossible, and no one wants no deal, then who will finally have the courage to say what the only positive solution is?" he tweeted.

Sterling rallied more than a cent against the dollar, on some expectations that the scale of the defeat might force lawmakers to pursue other options. [GBP/]

May said she would reach out to opposition parties to forge a way ahead. But Corbyn, who wants Labour to be given the chance to negotiate with Brussels, was dismissive.

"After two years of failed negotiations, the House of Commons has delivered its verdict on her Brexit deal, and that verdict is absolutely decisive," he said. "Her governing principle of delay and denial has reached the end of the line."

At a Crossroads

Ever since Britain voted by 52-48 percent to leave the EU in a referendum in June 2016, the political class has been debating how to leave the European project forged by France and Germany after the devastation of World War Two.

While the country is divided over EU membership, most agree that the world's fifth largest economy is at a crossroads and that its choices over Brexit will shape the prosperity of future generations.

"UK assets will continue to be vulnerable to the political volatility and we don't expect this will subside until a concrete conclusion emerges," UBS Wealth Management told clients.

Before the vote, May had told pro-Brexit lawmakers that if her plan was rejected, it was more likely that Britain would not leave the EU at all than that it would leave without a deal.

Supporters of EU membership cast Brexit as a gigantic mistake that will undermine the West, smash Britain's reputation as a stable destination for investment and slowly weaken London's position as a global capital.

Many opponents of Brexit hope May's defeat will ultimately lead to another referendum on EU membership, though Brexit backers say that thwarting the will of the 17.4 million who voted for Brexit could radicalise much of the electorate.

"I became prime minister immediately after that referendum," May said. "I believe it is my duty to deliver on their instruction, and I intend to do so."

Brexit supporters cast leaving as a way to break free from a Union they see as overly bureaucratic and fast falling behind the leading economic powers of the 21st century, the United States and China.

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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
June 30,2020

Beijing, June 30: China said on Tuesday it was concerned about India’s decision to ban Chinese mobile apps such as Bytedance’s TikTok and Tencent’s WeChat and was making checks to verify the situation.

Chinese foreign ministry spokesman Zhao Lijian told reporters during a daily briefing that (the Prime Minister Narendra Modi-led government of) India has a responsibility to uphold the rights of Chinese businesses.

India on Monday banned 59, mostly Chinese, mobile apps in its strongest move yet targeting China in the online space since a border crisis erupted between the two countries this month.

The apps are “prejudicial to the sovereignty and integrity of India, the defence of India, the security of state and public order", the ministry of information technology said in a statement, which came two weeks after 20 Indian Army personnel were killed in a violent clash on the India-China border in Ladakh.

The companies have been invited to offer clarifications before a government panel, which will decide whether the ban can be removed or will stay.

The move also came ahead of military and diplomatic talks between India and China scheduled this week.

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News Network
February 10,2020

Mumbai, Feb 10: Ankita Pisudde, a resident of Hinganghat town in Wardha, was critical after sustaining 40% burns on February 3 when she was set afire, allegedly by one Vikesh Nagrale (27) while she was on her way to college.

The 25-year-old woman lecturer who was set on fire by a stalker in Maharashtra’s Wardha district last week died at a hospital in Nagpur on Monday morning, a police official said.

Ankita Pisudde, resident of Hinganghat town in Wardha, had been critical after sustaining 35 to 40% “grade III” burns on February 3 when she was set afire allegedly by one Vikesh Nagrale (27) while she was on way to her college, they said.

She was undergoing treatment at the Orange City Hospital & Research Centre here, located around 75 km from Wardha.

“Doctors at the hospital declared her dead at 6.55 a.m. today,” Hinganghat’s police inspector Satyaveer Bandiwar said.

The woman sustained deep burn injuries on scalp, face, right upper limb, left hand, upper back, neck and eyes along with severe inhalational injuries, the hospital said in a medical bulletin on Monday.

She died of “septicemic shock” after suffering from deep dermal burns along with severe inhalational injuries, respiratory distress and related complications, it said.

Around 4 a.m. on Monday, her oxygen levels deteriorated inspite of ventilator support, coupled with decreasing urine output and reduction in blood pressure, the hospital said.

As part of immediate resuscitation measures, medicines were escalated to maintain the blood pressure and all feasible steps were taken to improve the oxygen levels in blood, but the patient remained “extremely critical”, it said.

“Around 6.30 a.m., she had bradycardia and inspite of prolonged cardiopulmonary resuscitation, the patient could not be revived and was declared dead at 6.55 a.m.,” it said.

The probable cause of death was “septicemic shock”, the bulletin added.

During her treatment, she underwent tracheostomy (creating an opening in neck to place a tube into the windpipe to allow air to enter the lungs), burn dressings, debridement and escharotomies, the hospital informed.

Debridement is a medical procedure to remove dead, damaged or infected tissue, while escharotomy is a surgical procedure used to treat full-thickness (third-degree) circumferential burns.

The woman’s parents and uncle were kept informed about her deteriorating health condition and death, the hospital said, adding that the body was later handed over to police for postmortem and other formalities.

After the woman’s condition deteriorated, the hospital informed about her critical status to Maharashtra Home Minister Anil Deshmukh, Wardha Guardian Minister Sunil Kedar, Nagpur Divisional Commissioner Sanjeev Kumar, Police Commissioner Bhushan Kumar Upadhyay, Wardha Collector Vivek Bhimanwar and Wardha Superintendent of Police Basavraj Teli.

Heavy security was deployed in Hinganghat to avoid any law and order problem following her death, the police said.

Several locals, mostly women and college students, took out a march in Wardha city last Thursday, demanding death penalty for the accused.

Home Minister Deshmukh visited the hospital on Tuesday and announced that the accused’s trial would be fast-tracked.

The State government last week flew Navi Mumbai-based National Burns Centre director Sunil Keswani to Nagpur to supervise the woman’s treatment.

It has also appointed well-known lawyer Ujjwal Nikam as special public prosecutor in the case.

According to the victim’s relatives, Nagrale, who was arrested within hours of the incident on February 3, had been harassing her for quite some time.

Nagrale and the woman were friends till two years ago when she severed ties with him due to his “irrational behaviour”, the police earlier said.

A special team led by Deputy Superintendent of Police Trupti Jadhav will probe the case, the Wardha Police said last week.

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