Brexit | - Part 3

European Car Sales Drop as Brexit Concerns Hurt U.K. Demand

LAGOS (Capital Markets in Africa) – European car sales fell in September for only the second monthly drop this year as concerns about Brexit among United Kingdom. consumers more than offset gains in France, Italy and Spain. Registrations declined 2 percent from a year earlier to 1.47 million vehicles, the Brussels-based European Automobile Manufacturers’ Association, or ACEA, said Tuesday in a statement. Figures were dragged down by a 9.3 slide in the U.K., the region’s second-biggest…

Theresa May’s Dinner With Juncker Yields No Signs of Brexit Progress

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – United Kingdom Prime Minister Theresa May’s attempt to unblock stalled Brexit talks by traveling to Brussels to see European Commission President Jean-Claude Juncker yielded little, with both sides issuing a statement that entrenched their previous stances. May made the journey, after calls to German Chancellor Angela Merkel and France’s Emmanuel Macron, to try to break a deadlock that has some senior ministers in her team doubtful that the rest of the European Union even wants a deal. European…

Frankfurt, Germany Doesn’t Want London’s Bankers

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LAGOS (Capital Markets in Africa) – In the scramble to lure financial jobs from London in the wake of Brexit, Frankfurt is leading the pack—at least nine banks have said they’ll move positions there. That could ultimately mean 10,000 new jobs and well over $100 million annually in new tax revenue for the German financial capital, auguring an economic and cultural rebirth. Micha Hintz hates the idea. “Brexit will be very bad for people with a…

U.K. Is Said to See Brexit Breakdown Without EU Compromise

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LAGOS (Capital Markets in Africa) – Brexit negotiations are heading for a catastrophic breakdown unless the European Union signals this week that it will allow talks to move on to trade, according to a person familiar with the U.K. government’s position. Without a clear sign, that negotiations will progress to trade and transition arrangements by December at this week’s summit of EU leaders, the entire Brexit process will be in danger of collapse — and senior…

Burger Brexit Hit Sends Famous Brands Tumbling Most in 14 Years

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JOHANNESBURG (Capital Markets in Africa) – Famous Brands Limited slumped the most in 14 years after the South African fast-food chain owner said its U.K. Gourmet Burger Kitchen business, acquired months after Britain voted to leave the European Union, may only return to profit in the next financial year. The stock dropped as much as 17 percent in Johannesburg, the biggest intraday decline since June 11, 2003. First-half earnings per share fell as much as 60 percent in…

Why Africa Is Set to Backstop Britain’s Post-Brexit Health Care?

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JOHANNESBURG (Capital Markets in Africa) – The South African companies that dominate the U.K.’s growing private hospital industry are counting on more people like Katie Corrie. A children’s party entertainer, Corrie opted to use 13,000 pounds ($17,000) of her savings and inheritance to get a hip replacement rather than spend months on a National Health Service waiting list. Britons like her are forking out almost 1 billion pounds a year to cover their own medical…

Bank of England Governor’s Brexit Worries Mean BOE Chief in No Rush to Tighten

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LONDON (Capital Markets in Africa) – Mark Carney is still worried about the impact of Brexit on the economy and signalled he won’t be rushing to raise interest rates anytime soon. In his first major comments in six weeks, the Bank of England governor addressed weaknesses in the economy, saying that domestic inflation pressures remain subdued and wage growth is anemic. He also highlighted the level of uncertainty surrounding the U.K.’s talks to exit the European Union, saying he…

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