UK pound falls to fresh 2.5-year low against Singdollar as 'Brexit' fears persist

[BlueKelah]

Chinese tourist flocking into London to buy luxury goods and take pictures with the soldiers that can't move... currency drop is good for tourism.

Burberry time...



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[CityFarmer]

It's uncanningly like DPP giving a speech in Great Hall of the People that China is insignificant to them and China need Taiwan more

I concur. Mr. Farage has claimed victory, upon the start of a venture, with high uncertainty by any yardstick. It might be the beginning of the end.

[sgd]

ha ha ha 

It's uncanningly like DPP giving a speech in Great Hall of the People that China is insignificant to them and China need Taiwan more

it's more than that I think he's subtly applying a maneuver here. Becos he's always been vocal he cannot change his tune and by insulting and spiting their european pride he's using them to apply preassure on UK gov to commit to a brexit so a pretty smart guy I think. 


However the referendum may be over but I see the campaign is not over until article 50 has been invoked. 

because of David Cameron British Prime minister sudden resignation - 
1) he doesn't want to be remembered as the PM who took england out  
2) and also possibly losing scotland in the process. 


So dumped this on to the next incoming government. 


And the next government is anybody's guess if it's a Pro-remain tries to block it or a Pro-exit tries to restart or both change their position according the conditions and opportunities this could carry on for long time. The british public could change their mind and a second referendum is called or even a regional/global event taking place then exiting EU becomes a secondary issue.

more colorful drama akan datang I think meanwhile stock markets will be rocking all the way whichever side investors are on.

and farage could be sitting in EU for a long time still. 

[CityFarmer]

One more repercussion from Brexit...

China weighs up Brexit losses and opportunities

BEIJING — Just eight months ago, Chinese President Xi Jinping was snapping selfies with soccer stars in Manchester, dining at Buckingham Palace and drinking beer in an English pub as he and Prime Minister David Cameron heralded in a “golden era” of relations, establishing the United Kingdom as China’s “best partner in the West”.

Mr Xi quoted Shakespeare and stressed Britain’s “positive role” in deepening China’s ties with the European Union.

Now, Mr Cameron is on the way out, Britain has voted to exit the EU and Mr Xi is being forced to reassess his strategy for the 28-member bloc, China’s second-biggest trading partner. The UK has been a key advocate for China in Europe, from building trade-and-financial links to supporting initiatives such as the Asian Infrastructure Investment Bank. Beijing’s leaders were counting on the UK’s backing later this year when the bloc decides whether to grant China market-economy status.

“One major reason why China attaches great importance to its relations with the UK is to leverage EU policy via the UK,” said Mr Xie Tao, a professor of political science at Beijing Foreign Studies University. London’s value as a “bridgehead” to Europe has been lost with Brexit, said Prof Xie, leaving China to turn to Germany.
...
http://www.todayonline.com/chinaindia/ch...ortunities

[BlueKelah]

[Image: 82091ac7fb7cfaa339a87b6a8796d2c9.jpg]

IMO market now short covering after the massive falls and hoping for a reversal of brexit.

We should not be far from an article 50 announcement.

After the murder of the minister, I dun think the gov wanna aggravate those common people who voted out.

I remember watching the Irish Republican army always on the news for bombings when I was younger days. Pretty sure the rich in London will complain for a while,but at least it will be just petition and peaceful protests. The alternative would be worse imho. It could become rioting and looting as happened five years ago over the police shooting. Anti immigrant tension should be pretty high at the moment and get higher if there is any suggestion of a re referendum .

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[HitandRun]

Many folks are not aware or cannot appreciate the raison d'être behind the EU. Do allow me to quote Tommy Koh (today's ST):

Many critics of the EU have forgotten or do not know history. The nations of Europe had been at war with one another for centuries. After two devastating world wars, the leaders of post-World War II Europe decided to put an end to half a century of conflict and to plant the seeds of peace.

Six European countries, namely, France, Germany, Italy, the Netherlands, Belgium and Luxembourg, took the lead in 1952 to form the European Coal and Steel Community. In 1958, they signed the Treaty of Rome. As mutual trust and confidence grew, they advanced incrementally to a customs union, a single market and, finally, the EU.

The greatest achievement of the EU in the past 60 years is that it has kept the peace in Europe. During this long period, no two members of the EU have gone to war with each other. People forget that the most important objective of the European integration project is to institutionalise peace and to prevent war. This is why the Nobel Peace Prize was conferred on the EU in 2012.

In other words, if the success of the EU is measured in terms of human lives (loss avoidance), it would have been wildly successful. Whenever I watch European soccer (especially now during UEFA Euro 2016), I am always amazed that not so long ago, the intense rivalry in Europe was expressed in terms of swords or bullets and bombs rather than over a peaceful (relatively) ball game.

[specuvestor]

^^My sentiments exactly. That's why I am flabbergasted that people who made the decisions, from referendum to Brexit Camp to the British people, do not try to figure out what was the purpose of EU and the cover that it has provided

Again to be politically incorrect, strategic decisions cannot be made by referendum, nor strategic directions of a company by shareholders; who do not have insight nor depth of understanding to make the informed decisions. Romantic notions of direct democracy or decision making is just that: romantic notions

Just thought I'll chime in a bit on my 2cts:

1) Britain is in the EU but not the Eurozone. Unlike Eurozone there is provision for leaving EU:
https://en.wikipedia.org/wiki/Withdrawal...pean_Union

Nonetheless Mr market usually fails on details and it will again open up the Pandora box of domino theory.

Actually UK is one of the founding partners of EEC and indeed one of the reason is to contain the "bully"- Germany, the main actor in both world wars.

2) NATO is effectively dead under Obama. If you follow current affairs including middle east, the entities at the stage is US and EU, not NATO.

3) Unless UK is intending to change their economic structure from EU centric to say China or US centric, I fail to see the logic of BREXIT, just like the logic of East Timor. In fact if Scotland were to leave UK they will be in trouble now when North Sea production plunged with oil at $50. With oil was at $100 they see themselves as being marginalized but they can't see the strategic value

That is why LKY was pro uniting with Malaya. It was a big strategic issue when we left in 1965 but people who don't understand the context with benefit of hindside thinks it's so simple.
https://www.theguardian.com/us-news/2016...land-visit

I really hope UK don't make a mistake just like Scotland avoided a mistake. Otherwise I think this will mark the end of UK as a major power on the global political stage. They will not have the clout against China or even Russia without EU. The world will move on

And US to remain sane end this year

To be politically incorrect that's why such complex decisions have to be made by leaders and functional committees. It is not about elitism but about capacity and competency to decide. They are elected for such representative decision making and have to account to the electorate.

[sgd]

Many folks are not aware or cannot appreciate the raison d'être behind the EU. Do allow me to quote Tommy Koh (today's ST):

Many critics of the EU have forgotten or do not know history. The nations of Europe had been at war with one another for centuries. After two devastating world wars, the leaders of post-World War II Europe decided to put an end to half a century of conflict and to plant the seeds of peace.

Six European countries, namely, France, Germany, Italy, the Netherlands, Belgium and Luxembourg, took the lead in 1952 to form the European Coal and Steel Community. In 1958, they signed the Treaty of Rome. As mutual trust and confidence grew, they advanced incrementally to a customs union, a single market and, finally, the EU.

The greatest achievement of the EU in the past 60 years is that it has kept the peace in Europe. During this long period, no two members of the EU have gone to war with each other. People forget that the most important objective of the European integration project is to institutionalise peace and to prevent war. This is why the Nobel Peace Prize was conferred on the EU in 2012.

In other words, if the success of the EU is measured in terms of human lives (loss avoidance), it would have been wildly successful. Whenever I watch European soccer (especially now during UEFA Euro 2016), I am always amazed that not so long ago, the intense rivalry in Europe was expressed in terms of swords or bullets and bombs rather than over a peaceful (relatively) ball game.

Fine and noble was the original goal and intent but the thing is you see they cross the line when they shove it down people's throats, forced people of netherlands and france to remain in the union when people didn't want - that shouldn't have happen.

[corydorus]

UK/Euro in economic and military is far from Taiwan/China comparison.

Just population alone the difference is enormous.

UK: 65M, Euro(exclude UK) : 677M. 1/10 ratio.
Taiwan: 23M, China: 1.36B. 1/59 ratio.

by GDP, UK is world number 6 economy after split. Taiwan is number 21.

by military firepower, china is 3. Taiwan is 19.
UK is 6. Fr is 5, Germany is 9.

[specuvestor]

Actually I was referring more in terms of attitude to the hinterland which one is much. There is little negotiating room for such attitude and it becomes much harder to "get off the stage" Think Tsipras. It's political suicide. Politics is a win-win game where both national interests are "optimised"... once it is a win-lose game it becomes ugly.

If we want to talk economic numbers then UK is about $3t GDP vs $15.5t for EU (excluding UK) which is about 20%. Taiwan is $355.5b vs China $10.35t which is 3.4%. This is a better comparison I think.