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Merkel Upends United Kingdom Skeptics and Comes to May’s Aid on Brexit

LONDON (Capital Markets in Africa) – German Chancellor Angela Merkel offered Theresa May the political cover she’s been asking for to take further steps in Brexit talks, calling on both sides to move so that a deal can be reached by year-end. The U.K. prime minister, who was upbeat about the prospect of reaching a good deal, offered a shade more clarity on the divorce bill and said negotiating teams would continue to hash out the details. “We’re going…

United Kingdom Lawmakers Bemoan BOE’s Lack of Diversity in Top Roles

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – A lack of diversity at the top levels of the Bank of England has drawn the ire of U.K. lawmakers. Nicky Morgan said the Treasury Committee that she chairs is concerned about imbalances at the BOE’s most senior levels. Silvana Tenreyro, who appeared before the legislators on Tuesday for her appointment hearing, is the only woman on the nine-member Monetary Policy Committee that sets interest rates. The Financial Policy Committee, responsible for financial stability,…

BT Chairman Pushes for Brexit Transition Deal of Up to a Decade

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – Prime Minister Theresa May is struggling to make headway in Brussels securing a two-year trade transition after Brexit. Now, she faces a call to push for as much as a decade. Two years isn’t enough to transpose legislation and regulation from the European Union and negotiate new treaties, BT Group Plc Chairman Mike Rake said Friday in an interview on Bloomberg TV. Businesses need five to 10 years access to the single market and customs union,…

BOE’s November Rate Hike Isn’t Set in Stone After Crunch Week

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – After a crucial week for the Bank of England, a November interest-rate increase no longer looks like a sure thing. Inflation may have hit 3 percent, but for some policymakers at the central bank, the domestic price pressures that justify raising now aren’t there. That view was backed up by data Wednesday that showed wage growth slowing. Dave Ramsden, the Monetary Policy Committee’s newest member, had said a day earlier that…

HSBC, Standard Chartered Face U.K. Probe Over Gupta Ties

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – United Kingdom regulators are looking into whether HSBC Holdings Plc and Standard Chartered Plc facilitated money-laundering as a result of possible ties to South Africa’s politically powerful Gupta family. The Financial Conduct Authority probe comes after Peter Hain, a member of the unelected House of Lords, wrote a letter raising concerns about the banks’ possible exposure to the Guptas. In the letter, Hain said allegedly illicit funds may have passed through the…

EU Is Said to Seek a Road Map for Future U.K. Deal by December

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – European Union countries are seeking to complete preparatory work on a future relationship with the U.K. before the end of the year, in a move intended to keep hope alive for Theresa May’s government as Brexit negotiations stall. The European Council, which represents member states, will start working with the European Commission as soon as this month on the key points, according to an EU government official familiar with the matter. The plan…

Franco-German Brexit Stance Is Said to Have Broad EU Support

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – Germany and France insist they’re not alone in refusing British pleas to move ahead with Brexit talks, as they lay the blame for the impasse with Prime Minister Theresa May’s government. Officials in Berlin and Paris said their stance in negotiations is no tougher than that of other member states. Even though the bloc’s positions have been unanimously agreed, there is a concern in the German government that some countries…

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