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Old 23rd June 2016, 16:07   #16
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Default re: Britain exiting the European Union

I thought Britain was a spent force. But the way the whole world is reacting to Brexit and waiting with a bated breath, I guess I am wrong.

Coming to Brexit, a sizeable section of British society is of the opnion that Britain brings more to the EU table than it takes away from. Hence, the resentment. And not to speak of the refugee deluge which is flooding Europe and which most Brits do not want to partake in letting them in, like continental Europe has. By the look of things, Leave section is set to win by good margin. But it still is up to parliament to take a call on it. I think EU will be effected more because a strong country's exit will put their refugee baggage weight on existing biggies like France and Germany. Euro may dip and lean and baggage-free UK and pound may gain.
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Old 23rd June 2016, 16:27   #17
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John Oliver's take on Brexit. Worth a watch

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Old 23rd June 2016, 16:54   #18
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Quote:
Originally Posted by sgiitk View Post
@E63; A lot of the Fords sold in the UK are made in Germany, multiply to others, and the 80% figure does not look that preposterous. I remember our Chief Technician bought a Ford Escort Ghia, to support British Industry, and found that it was made in Germany.

Who owns RR & Bentley. One of them is BMW owned!

In any case the referendum is tomorrow.
I beg to differ from this view.

A quick look at the stats reveal that close to 6 million vehicles were manufactured in Germany and only 3 million sold in UK.

If OP's post is true look like even politicos in UK do not get the facts right. Surprised that they make such statements about a well documented market.
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Old 23rd June 2016, 17:30   #19
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Originally Posted by prashanthyr View Post
Long and short of it - there will be some near term impact in terms of sentiment and the sterling will drop against the $/Euro, but expect it to recover at least in the medium term and no real change for the next 1-2 years.
!
I completely agree with you. Yes, there will be some short term knee-jerk reactions if they do decide to exit. But in the long run I sense that saner heads will prevail no matter what the outcome and the economics will find its equilibrium.

But, all this is dependant on Britain actually deciding to exit the EU. And that is a big, fat IF.
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Old 23rd June 2016, 17:41   #20
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My take from pure Indian point of view. It feels best for us Indians if Britain exits EU. Short term pains would be there regarding money outflows and a short term stock market scare. In the long term, it will put the heating up commodity market into a tailspin and the prices of raw commodities which are on an upswing should slow down and decrease. It will lower out inflation index and help stabilize the ever increasing petrol and diesel prices. There is also a potential of bigger free trade between India and UK and India and other EU countries in the future, not adhering to a single common EU block as such.
Regarding the car market, the only pain point is for Tata JLR who have substantial investments in the UK. They may face trade sanctions from the rest of the EU, especially made in Britain products.
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Old 24th June 2016, 09:29   #21
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All in all, with results almost in favor of "Leave" , I am thinking about the operating costs for majority of Formula 1 teams (REDBULL, ForceINDIA, Williams, TorroRosso, Mclaren, Mercedes AMG), based in Milton Keyes and other British cities.

Secondly it will definitely open up a lot of job opportunities for Indians in Europe, especially for EU car companies.
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Old 24th June 2016, 09:42   #22
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Quite surprised by Britain's exit.

In 30 minutes of trade -

- Japanese Yen has gone up 6% against Indian Rupee (imports from Japan will be costlier for Suzuki/Honda/Toyota).

- Euro has fallen 2% against Indian Rupee (imports from Germany will be cheaper for the Big Three)

Note that 2 - 6% movement in currency is equivalent to 10 - 30% movement of stock market index. These are huge moves. Also, if the trajectory of Yen/Euro continues over the next few days, then the effect on car companies could be higher.
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Old 24th June 2016, 11:03   #23
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UK votes to leave EU in historic referendum.

The UK has voted by 52% to 48% to leave the European Union after 43 years in an historic referendum.
The referendum turnout was 71.8% - with more than 30 million people voting - the highest turnout at a UK election since 1992.

The pound fell to its lowest level against the dollar since 1985 as the markets reacted to the results.

People hails these results as -UK's "independence day".
London has voted to stay in the EU by around 60% to 40%.However, no other region of England has voted in favour of remaining.

What next?
- a leave vote will not immediately mean Britain ceases to be a member of the 28-nation bloc.
-That process could take a minimum of two years, with Leave campaigners suggesting during the referendum campaign that it should not be completed until 2020 - the date of the next scheduled general election
-The prime minister will have to decide when to trigger Article 50 of the Lisbon Treaty, which would give the UK two years to negotiate its withdrawal
-Once Article 50 has been triggered a country can not rejoin without the consent of all member states.
-The government will also have to negotiate its future trading relationship with the EU and fix trade deals with non-EU countries.

Source- BBC

Last edited by volkman10 : 24th June 2016 at 11:10.
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Old 24th June 2016, 11:41   #24
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Just woke up to hear about Brexit. I just cannot believe that they did this. Some observations from my side:

1. Cameron is finished.

2. This election shows what apathy can do. A lot of people who were on the 'Remain' side did not turn up to vote. They never thought that the 'Leave' side would have a chance. Boy, they were in for a surprise. More importantly, the same thing could happen with Trump/Hillary.

3. I am not sure, but this could probably mean the end of the UK as well. Scotland and Wales could go for a independent referendum. Majority of Scotland and Wales voted remain, since they are the biggest subsidy receivers from EU.

4. As far as the markets around the world are concerned, they are simply reacting to an unexpected situation. The long term economic impact on the world markets depends on the deal Britain is given .

5. For Britain, this vote is going to be very bad economically. The EU wil make UK pay very dearly for this. They will make an example out of Brexit so that this does not happen again.

Either way, this is a historic day in our lives. A day that could very well be a turning point in world history.

PS: If you're a US citizen eligible to vote in Nov this year, please go out and do so. Now you've seen that not doing anything has its consequences too.

Last edited by searchingheaven : 24th June 2016 at 11:43.
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Old 24th June 2016, 13:10   #25
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As expected, David Cameron has resigned.
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Old 24th June 2016, 13:31   #26
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Originally Posted by searchingheaven View Post
As expected, David Cameron has resigned.
effective October - post the Tory annual conference. It seems that it was the labour working class vote which the #Brexit people garnered.
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Old 24th June 2016, 13:36   #27
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All about Brexit

What is Brexit?

Brexit word is derived from “Britain” and “exit“. After the World War II in 1975 there was a voting in Britain (United Kingdom) to enter the European Union or not. 67% of people voted “Yes”, means they wanted to join the European Union. After that we all know that Britain has gone through a lot of development and changes. So a lot of political parties and people there want to leave the European Union.

Why?

Because*Britain has to pay £350 million – that is about $440 million – per week*to the European Union. A lot of money about 50% of it comes back in the form of aid, but the problem is European Union decides where that money needs to be spend in UK. People are not happy with this as they think their government can use this money for better purposes like education and health care.

What about Big Business Owners?

Strangely most big business owners are in favor of Britain staying in the EU.*Why? Because it makes it easier for them to move money, people and products around the world especially the European Union which consists of very wealthy and highly educated youth who can be recruited for job from 28 member countries. If Britain exits the EU then the government may change the rules of recruiting people from other European countries and giving preferences to people of their own country so this can create a huge problem as far as human resource is concerned.

What will happen to Nifty?

It’s obvious whatever has to happen it will already happen before the markets open for trading. Soeither Nifty will open Gap down or up.

If the results are “Yes” – it means Britain will leave the European Union and it will be a big jolt to the markets around the world. Not a good news – Gap Down Opening.

If the results are “No” – it means Britain will stay with the European Union and it will be a big thumbs up to the markets around the world. A very good news – Gap Up Opening – though not very high opening since technically only fear will go everything else remains same.

NOW BREXIT HAS HAPPENED;

BREXIT UPDATE @ 8:15 am
• UK pounds slips 7.5% vs USD @1.38 vs USD
• USD vs Yen touches 99( down 5.2%)
• 190 out of 382 areas vote 51.55% leave Vs 48.45% to stay in EU
• Asian markets lower by 2-4%, Ind futures down 2%, US futures down 2.5%
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Old 24th June 2016, 13:54   #28
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Just in... (indian express news)

British Prime Minister David Cameron announced that he will step down in October as the United Kingdom voted to exit from the European Union in a historic referendum on Friday. Addressing the media outside the 10 Downing Street, Cameron said that a new prime minister will be in place by October.

Name:  davidcameron_brexit_759.jpg
Views: 1264
Size:  45.8 KB
Britain’s Prime Minister David Cameron speaks after Britain voted to leave the European Union, as his wife Samantha watches outside Number 10 Downing Street in London.

Source:http://indianexpress.com/article/wor...ts-eu-2873113/
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Old 24th June 2016, 14:04   #29
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Well I hoped that UK stayed in the EU, my vote obviously couldn't swing it.
In fact I don't think panic is the right emotion now in terms of economy or about the future of UK in the EU.

GBP had reached its highest in 2016 yesterday 10PM local time, but plummeted 10% by morning, but it has slightly improved now.
David Cameron said he wish to resign and the conservative party should be able to elect its next leader post the October conference. Already 84 MPs have signed their support to DC, it will be interesting to see if they elect DC again or another leader in their conference.

I am sure that DC do not want to be that British PM who wants to initiate the process of exiting EU.

Quote:
Originally Posted by searchingheaven View Post

3. I am not sure, but this could probably mean the end of the UK as well. Scotland and Wales could go for a independent referendum. Majority of Scotland and Wales voted remain, since they are the biggest subsidy receivers from EU.
Actually Wales voted to leave.It was Scotland, Northern Ireland and London who voted strongly to remain. Even though Nicola has already mentioned that Scotland would like to remain in the EU, I hope she will be matured enough not to go into another referendum mode soon.

In my opinion it was a complete unnecessary thing to do and more so when the leave campaign have no clear clue on what they should do with the result of this referendum - but yes that's what people over here have decided now.

When it comes to car industry or any industry for that matter there isn't going to be a huge change or impact. The EU trade deals is going to stay. UK is a consumer market where most of its product comes from across the English channel. German car companies has UK as one of their biggest market and an introduction of duties is only going to directly impact the German and other EU manufacturing industries.

However make no mistake,Britain has its work cut out now to negotiate what would be its position in Europe and EU.
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Old 24th June 2016, 14:09   #30
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Not at all surprised by the outcome, considering how racist UK generally is.
BREXIT was all about saying NO to foreigners and keeping "Britain for Brits". Racism unfortunately meddled with sensible thinking.
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