Britain’s decision

What shaped global economic landscape in 2016?

London - Arab Today

2016 was the year when globalization, the path that the world economy has largely followed for decades, took some hefty blows. The election of Donald Trump as US president and Britain’s decision to leave the European Union have raised questions over the future of tariff-free trade and companies’ freedom to move production to lower-cost countries. Borders are back in vogue.Read more

German trade group slashes exports forecast

Berlin - Arab Today

Germany’s BGA trade association slashed its 2016 forecast for export growth, its head said, predicting sales abroad by Europe’s biggest economy would later stagnate as the delayed impact of Brexit hit home. Global demand for German goods has slowed significantly, with Britain’s decision to leave the European Union among several factors increasing uncertainties and complicating investment decisions, Anton Boerner said.Read more

Brexit minister: Some EU migrants may have to leave UK

London - Arab Today

Exposing the uncertainties unleashed by Britain’s decision to leave the European Union, the UK minister in charge of negotiating the divorce said Sunday that most EU citizens in Britain when it leaves the bloc will be able to stay — but some might have to leave. Brexit Secretary David Davis dismissed suggestions that the estimated 3 million EU nationals nowRead more

Planemakers upbeat as travel demand grows

Farnborough - Arab Today

Airbus and Boeing raised their long-term forecasts for new aircraft demand on Monday, betting that rising wealth in Asia would continue to boost air travel and offset any short-term hits to the global economy. The world’s two biggest planemakers also announced a flurry of multi-billion dollar jet deals at the biennial Farnborough Airshow, which opened on Monday 72 km southwestRead more

Oil prices edge lower on concerns about demand

London - Arab Today

Oil edged lower on Wednesday, extending losses to a third straight session, as investors grew concerned over consumption due to weaker demand from refineries and potentially slower economic growth after Britain’s decision to leave the EU. Despite record demand from drivers across the US, an excess of gasoline worldwide has weighed on refineries’ profitability, leading some to cut runs andRead more

2 UK commercial property funds suspend trading

London - Arab Today

Two British commercial property funds suspended trading within 24 hours, and the financial regulator pointed on Tuesday to the danger to the sector from a sudden swoon caused by Britain’s decision to leave the European Union. Aviva Investors, the fund arm of insurer Aviva, suspended trading in its 1.8 billion pound UK Property Trust on Tuesday. Late on Monday, StandardRead more

Obama: US respects UK's decision on Brexit

Washington - Arab Today

US President Barack Obama said the U.S. respects Britain’s decision to leave the European Union, an outcome he had personally campaigned against during a trip to London in April, The Wall Street Journal reported on Friday. Mr. Obama, in a written statement released early Friday morning, sought to calm rattled financial markets and blunt any economic anxiety by saying theRead more