Friday, September 20, 2019

Tag "Brexit"

    Scottish appeal court declares suspension of UK parliament unlawful

Scottish appeal court declares suspension of UK parliament unlawful

The appeal court in Scotland has declared the decision of British Prime Minister Boris Johnson to suspend the UK parliament as unlawful.The prime minister had asked Queen Elizabeth II for permission to suspend parliament for five weeks in the run-up to the October Brexit deadline.According to him, the current parliamentary session had been running for too long “and needs to [...]

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    Boris Johnson’s brother resigns from cabinet

Boris Johnson’s brother resigns from cabinet

Jo Johnson, brother to Prime Minister Boris Johnson, has quit the British parliament and resigned as minister.Announcing his resignation via a tweet on Thursday, Jo Johnson said he had been torn between "family loyalty and national interest"."It’s been an honour to represent Orpington for 9 years & to serve as a minister under three PMs," Jo Johnson wrote."In recent weeks [...]

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    Queen approves suspension of British parliament ahead of Brexit debate

Queen approves suspension of British parliament ahead of Brexit debate

Queen Elizabeth II has given approval for the suspension of the British Parliament. Prime Minister Boris Johnson, British had earlier announced the request that the parliament be suspended for five weeks.According to him, the current parliamentary session had been running for too long “and needs to be brought to a close”.Members of Parliament (MPs), who are currently on summer break, are [...]

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    EU and UK agree to extend Brexit deadline to October 31

EU and UK agree to extend Brexit deadline to October 31

The European Union leaders and the UK government have agreed to a six-month extension to Brexit, with a review in June.The agreement, which was reached after an emergency summit in Brussels on Wednesday night, wards off the prospect of the UK leaving the EU without a deal on Friday.https://twitter.com/eucopresident/status/1116128110557134848Donald Tusk, president of the European council, met with Theresa May, British PM, [...]

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    UK lawmakers discuss halting Brexit as petition hits 6 million

UK lawmakers discuss halting Brexit as petition hits 6 million

Members of the British parliament on Monday debated halting the Brexit deal after a petition seeking its reversal received a record six million signatures.The petition is calling for the government to revoke Article 50, the mechanism that governs Britain's departure from the European Union (EU).In 2016, Britons voted to leave the EU with a majority vote of 52% as against [...]

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    Brexit suffers another setback as MPs reject May’s withdrawal agreement

Brexit suffers another setback as MPs reject May’s withdrawal agreement

Members of Parliament (MPs) have rejected Prime Minister Theresa May's agreement on the date UK should leave EU.The UK had originally planned to leave the EU on Friday but divisions within the country and May's own party made her delay the planned departure date.British lawmakers had voted on the agreement date but the government lost by 58 votes after a 344 to 286 [...]

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    Theresa May suffers biggest defeat in UK history as MPs reject Brexit deal

Theresa May suffers biggest defeat in UK history as MPs reject Brexit deal

UK Prime Minister Theresa May has suffered the biggest loss in the country's history as members of parliament reject her Brexit deal by an overwhelming 230 votes.The parliamentarians who voted on Tuesday evening made it clear that they were not in support of May's deal, despite having just 72 days till Britain's Exit from the EU is triggered.According to BBC, the [...]

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    Beyond Brexit – Nigeria wants a new trade deal with Britain

Beyond Brexit – Nigeria wants a new trade deal with Britain

In August this year, Prime Minister Theresa May visited Nigeria. She spoke about increasing investment opportunities, a new trade deal and economic partnership, tackling human trafficking, and assistance to bolster the rule of law and the fight against organized crime.All of this is extremely welcome, and indeed necessary. Unfortunately for Mrs May, the government that she met with led by President [...]

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    Theresa May seeks support as she faces vote of no confidence

Theresa May seeks support as she faces vote of no confidence

UK Prime Minister Theresa May will face a vote of confidence in her leadership on Wednesday evening.Forty-eight conservative parliamentarians had requested for the vote.The result of the voting exercise which is expected to be between 6pm and 8pm would determine if May would still hold her position as the leader of the conservative party or not.It will be hard to [...]

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    We’re nervously monitoring Brexit, Buhari tells May as Nigeria, UK sign new agreements

We’re nervously monitoring Brexit, Buhari tells May as Nigeria, UK sign new agreements

President Muhammadu Buhari says the country is 'nervously monitoring' the proceedings of Brexit.The president made this statement on Wednesday when Theresa May, British prime minister, paid him a visit in the Presidential Villa in Aso Rock, Abuja.Both countries also signed two agreements on defence and security partnership as well as Economic Development Forum.In his remarks, Buhari said Nigeria and [...]

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    Sterling dragged back into the spotlight

Sterling dragged back into the spotlight

The potential threat of complications and confrontations during Brexit negotiations could rekindle hard Brexit fears and expose Sterling to downside risks this quarter.Some difficulties have already materialized in the early stages of Brexit talks with European Commission President, Jean-Claude Juncker recently commenting that Theresa May is “living in another galaxy”, leaving investors anxious. Theresa May repeating her threats of [...]

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    Disappointing retail sales pressures Sterling

Disappointing retail sales pressures Sterling

Sterling attracted a school of sellers during early trading on Friday, following the disappointing 1.8% decline in UK retail sales in March that rekindled fears of Brexit impacting the UK economy.UK retail sales posted their largest quarterly fall in seven years in the first quarter of 2017, as accelerating prices and a Brexit-fueled Sterling selloff pressured consumers. With wage growth [...]

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    Markets enter Q2 on a mellow note

Markets enter Q2 on a mellow note

Global stocks traded mildly higher on Monday as investors re-accessed both the health of the global economy and major market themes for the second quarter of 2017.Although a sense of caution lingered across the board ahead of a data-packed week, Asian shares remained resilient with most stocks strolling into the green territory. While the moderate appetite for risk has [...]

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    The post-Brexit pound, Bears vs Bulls

The post-Brexit pound, Bears vs Bulls

Wednesday marked the official countdown of UK’s divorce from the EU, ending a 44-year relationship with its neighbors.The end of this relationship is of course painful, but many agree that this marriage was not a case of love at first sight after all. Investors decided not to take any significant action on Wednesday, the GBPUSD traded within 70 pips [...]

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    Finally, UK triggers article 50 to activate EU divorce

Finally, UK triggers article 50 to activate EU divorce

Theresa May, prime minister of the United Kingdom, has finally triggered article 50, which would activate UK's departure from the European Union (EU).While speaking at the UK parliament after the country's ambassador formally handed over the activation letter to the EU in Brussels, May said it was a "unique opportunity to shape a brighter future" for the UK."The Article 50 [...]

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    Enelamah: We’re correcting policies that hurt manufacturers

Enelamah: We’re correcting policies that hurt manufacturers

Okechukwu Enelamah, minister of industry, trade and investment, says the federal government is correcting policies that affected manufacturers in 2016.Enelamah said this in an interview with CNN at the inaugural Commonwealth trade minister's meeting in London."Some policies we passed affected manufacturers in terms of their raw materials and we are correcting those policies now," he said."We want to discourage dumping and [...]

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Exchange Rates

September 16, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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