• Wednesday, June 29, 2016 - 09:54


    By Denny Gulino

    WASHINGTON (MNI) - Having forced GE Capital to shrink to a size that no longer can threaten the financial system in a crisis, the U.S. Financial Stability Oversight Board Wednesday lifted its designation of systemic importance that had brought with it a burden of expensive additional government regulation.

    The announcement came earlier than expected as GE Capital's selloff of financial assets took place sooner than had initially been anticipated.

    The non-bank SIFIs are now just two big insurance firms, AIG and Prudential.

  • Wednesday, June 29, 2016 - 09:46


    By Simon Marks and Silvia Amaro

    BRUSSELS (MNI) - European heads of states have said that there will be no access to the single market for the UK without full respect for the free movement of goods, capital, services and people.

    The position of the 27 member states, whose leaders met in Brussels Wednesday without UK Prime Minister David Cameron, could create huge obstacles for the new leader of the British government whose task it will be to negotiate how the UK exits the European Union.

    "Britain needs to outline how it wishes to shape its future relationship with the Union.

  • Tuesday, June 28, 2016 - 18:59


    --Adds comment from UK Prime Minister David Cameron

    BRUSSELS (MNI) - Germany's Chancellor Angela Merkel said Tuesday that she sees no possibility for the UK to avoid leaving the EU despite views circulating from some corners in Britain that a reversal of last week's referendum could be engineered.

    Addressing reporters in Brussels at the end of a Leaders' Summit, Merkel offered a small olive branch to Britain by saying that any new deal should be shaped "as a relationship of friendship."

    "But we will also be guided by our own interests," she said.

    Asked if she thought there was a possibility that the UK would never trigger Article 50 of the EU's Lisbon Treaty, which governs how a country leaves the Union, Merkel said that such hopes were "wishful thi

  • Tuesday, June 28, 2016 - 18:39


    By Angelika Papamiltiadou

    BRUSSELS (MNI) - European Council President Donald Tusk said Tuesday that the new Prime Minister of Britain will have to invoke Article 50 and while the EU leaders understand that time is needed for reflection "the message was very clear that the British government specify its intentions as soon as possible."

    While Tusk, responding to a question on whether the EU could wait until October, said that there should be no speculation about the actual timing, European Commission President Jean-Claude Juncker maintained his tough stance.

  • Tuesday, June 28, 2016 - 18:20


    By Simon Marks

    BRUSSELS (MNI) - Germany's Chancellor Angela Merkel said Tuesday that she possibility for the UK to avoid leaving the EU despite views circulating from some corners in Britain that a reversal of last week's referendum could be engineered.

    Addressing reporters in Brussels at the end of a Leaders' Summit, Merkel offered a small olive branch to Britain by saying that any new deal should be shaped "as a relationship of friendship."

    "But we will also be guided by our own interests," she said.

    Asked if she thought there was a possibility that the UK would never trigger Article 50 of the EU's Lisbon Treaty, which governs how a country leaves the Union, Merkel said that such hopes were "wishful thinking" and in her view not possible.

    "The outcome of th

  • Tuesday, June 28, 2016 - 12:24


    -Contenders For UK Conservative Leadership Have Varied, Opaque EU Views

    LONDON (MNI) - Nominations for the leadership of the UK's ruling Conservative Party open on Wednesday and close at noon on Thursday, with likely candidates' stances over the nation's future relationship with the European Union cloudy.

    Out of ten individuals cited in media reports as potential leaders, five voted for Remain in the June 23 referendum and five for Leave, with some of the 'Leavers' sketching out varying views on what the UK should aim for in future negotiations with the EU.

    Of the leading leadership candidates former London mayor Boris Johnson and Justice Minister Michael Gove spearheaded the Leave campaign, while Home Secretary Theresa May supported

  • Tuesday, June 28, 2016 - 12:18


    --See ECB Further Into Negative Rates This Year
    --See Eurozone Losing 0.5% GDP Next Year; UK Loses 1.2%
    --Fitch: Direct Brexit Impact on US Limited

    WASHINGTON (MNI) - Standard and Poor's chief economist for Europe said Tuesday the weakening of the pound has more to run before it stabilizes, but the UK escapes outright recession and no other country is now facing a ratings downgrade.

    Saying more than 400 questions were submitted to S&P experts after Monday's two-notch downgrade of the UK to "AA," the ratings firm provided some answers in an Internet presentation that saw a UK economic slowdown already underway getting worse, with the impact transmitted via currencies, consumer and business sentiment, trade and foreign direct investment.

    With the pound alre

  • Tuesday, June 28, 2016 - 05:47


    By Steven Arons

    FRANKFURT (MNI) - Germany's Chancellor Angela Merkel vowed Tuesday that there would not be any kind of negotiations with the UK government until it had submitted its formal application to withdraw from the European Union under Article 50 of the EU treaty.

    Speaking to the German Bundestag ahead of the EU Council meeting in Brussels later Tuesday, Merkel also urged the EU member states to display unity to prevent a further erosion of the European Union.

    "We note that the UK is not yet willing to make a notification under Article 50 and the UK must note that there cannot be any kind of negotiations or pre-negotiations for as long as the application under Article 50 has not been filed," the chancellor said.

    The comments are in line with Merkel's remarks

  • Monday, June 27, 2016 - 11:06


    --Warns 'Period of Change' Ahead, But Markets Remain Orderly
    --Officials Have Tools to Respond to Market Disruption

    WASHINGTON (MNI) - U.S. Treasury Secretary Jack Lew Monday downplayed the market reaction to the UK vote to leave the European Union, saying markets remain orderly even while volatile, and officials have been consulting and have the tools to respond.

    In two appearances Monday, Lew said authorities had coordinated in advance of Thursday's Brexit - or as some have dubbed, the "Great Quittin'" referendum - and in the wake of the "leave" victory, he made clear that markets would have sufficient liquidity to operate, in all currencies.

    "On Friday there was certainly a lot of volatility. It's a big change.

  • Monday, June 27, 2016 - 10:16


    By Steven Arons

    FRANKFURT (MNI) - The leading business associations of Germany and France Monday issued a joint declaration on Brexit urging EU governments to react to the referendum outcome by furthering integration in certain key areas while exercising "restraint" in others.

    "The German-French engine of European integration is more in demand than ever," the press release co-signed by the heads of Germany's BDI and BDA and France's Medef read.