06262016Sun
Last update: Sun, 26 Jun 2016 04pm

Stocks and Bonds

Archive: 

European powers demanded a quick divorce Saturday as Britain's seismic vote to abandon the EU sparked bitter break-up rows at home and abroad. Britons had cast aside warnings of isolation and economic disaster to vote 52 percent-48 percent in favour of quitting the European Union in the June 23 referendum. The historic vote, fought on the battlefronts of the economy and immigration, toppled Prime Minister David Cameron, pounded sterling and led Moody's to downgrade Britain's credit rating outlook to "negative".

Britain's shock vote to pull out of the European Union wiped $2.1 trillion from global equity markets Friday as traders panicked in the face of a new threat to the global economy. Investors fled to the safety of gold, the yen and bluechip bonds as the seismic shift in the structure of Europe left many huge questions hanging, including who will lead Britain following the resignation of Prime Minister David Cameron.
More than two million people have signed a petition calling for a second referendum, after a shock vote to pull Britain out of the EU, an official website showed Saturday. The website of the parliamentary petition at one point crashed due to the surge of people adding their names to the call for another nationwide poll following Thursday's historic vote.
Britain's European Commissioner Jonathan Hill announced Saturday that he will stand down following his country's decision to leave the EU, saying he was "very disappointed" but "what is done cannot be undone." EU Commission chief Jean-Claude Juncker said Hill's position as financial services chief would be taken by Valdis Dombrovskis, the commission vice president for the euro, but that he was open to taking a new British commissioner.
The EU said Saturday it had appointed Belgian Didier Seeuws, a longtime aide to former EU president Herman Van Rompuy, to head the bloc's special task force to negotiate Britain's exit. "I can confirm that... there is a task force which will handle all negotiations," Preben Aamann, a spokesman for current EU president Donald Tusk, told AFP, confirming Seeuws had been appointed to lead it.
Financial authorities in Saudi Arabia and the United Arab Emirates on Saturday downplayed the impact of Britain's vote to leave the European Union on their banks. Authorities in both countries, whose currencies are pegged to the US dollar, said they were keeping an eye on the impact of the Brexit vote, but that their banks' exposure is limited.
The small and medium enterprises (SMEs) owners and representatives of business chambers, consultants and other key stakeholders have supported the Securities and Exchange Commission of Pakistan's (SECP) initiative to issue a voluntary set of corporate governance guidelines for non-listed companies.