Tuesday, June 28, 2016

Why are you here?: Juncker and MEPs mock Nigel Farage at the European Parliament


Nigel Farage Reacts To Global Turmoil After British Vote To Leave European Union - Cavuto

Amid the shocked dismay of Brexit on Friday morning, there was some small, vindictive consolation to be had from the discomfort of Boris Johnson as he left his handsome home in EU-loving Islington to cat-calls from inflamed north London europhiles. They werent alone in their displeasure at the result. Soon, a petition calling for Londependence had gathered tens of thousands of names and Sadiq Khan, Johnsons successor as London mayor, was being urged to declare the capital a separate city-state that would defiantly remain in the EU.

Well, he did have a mandate of a kind: almost 60 per centof Londoners thought the UK would be Stronger In. It was the largest Remain margin in England even larger than the hefty one of 14 per centby which Khan defeated Tory eurosceptic Zac Goldsmith to become mayor in May and not much smaller than Scotlands. Khans response was to stress the importance of retaining access to the single market and to describe as crucial London having an input into the renegotiation of the UKs relationship with the EU, alongside Scotland and Northern Ireland.

Its possible to take a dim view of all this. Why should London have a special say in the terms on which the UK withdraws from the EU when it ended up on the wrong side of the peoples will? Calling for London to formally uncouple from the rest of the UK, even as a joke to cheer gloomy Inners up, might be seen as vindicating small-town Outer resentment of the metropolis and its smug elites. In any case, it isnt going to happen. No, really. There will be no sovereign Greater London nation with its own passport, flag and wraparound border with Home Counties England any time soon.

Imagine the practicalities. Currency wouldnt be a problem, as the newborn city-state would convert to the euro in a trice, but there would be immediate secessionist agitation in the five London boroughs of 32 that wanted Out: Cheam would assert its historic links with Surrey; stallholders in Romford market would raise the flag of Essex County Council. Then there is the Queen to think about. Plainly, Buckingham Palace could no longer be the HQ of a foreign head of state, but given the monarchs age would it be fair to turf her out?

Step away from the fun-filled fantasy though, and see that Brexit has underlined just how dependent the UK is on Londons economic power and the case for that power to be protected and even enhanced. Greater London contains 13 per centof the UKs population, yet generates 23 per centof its economic output. Much of the tax raised in London is spent on the rest of the country 20 per centby some calculations largely because it contains more business and higher earners. The capital has long subsidised the rest the UK, just as the EU has funded attempts to regenerate its poorer regions.

Like it or not, foreign capital and foreign labour have been integral to the burgeoning of the world city from which even the most europhobic corners of the island nation benefit in terms of public spending. If Leaver mentality outside the capital was partly about resentment of rich London, with its bankers and big businesses handy targets for Nigel Farage and fuelled by a fear of an alien internationalism London might symbolise, then it may prove to have been sadly self-defeating.

Ensuring that London maintains the economic resilience it has shown since the mid-Nineties must now be a priority for national government,(once it decides to reappear). Pessimists predict a loss of jobs, disinvestment and a decrease in cultural energy. Some have mooted a special post-Brexit deal for the capital that might suit the interests of EU member states too Londons economy is, after all, larger than that of Denmark, not to mention larger than that of Scotland, Wales and Northern Ireland combined though what that might be and how that could happen remain obscure.

There is, though, no real barrier to greater devolution of powers to London other than the political will of central government. Allowing more decisions about how taxes raised in the capital are spent in the capital, both at mayoral and borough level, would strengthen the city in terms of managing its own growth, addressing its (often forgotten) poverty and enhancing the skills of its workforce.

Handing down control over the spending of property taxes, as set out in an influential 2013 report by the London Finance Commission set up by Mayor Johnson, would be a logical place to start. Mayor Khans manifesto pledged to campaign for strategic powers over further education and health service co-ordination, so that these can be better tailored to Londons needs. Since Brexit, he has underlined the value of London securing greater command of its own destiny.

This isnt just a London thing, and neither should it be. Plans are already in place for other English cities and city regions to enjoy more autonomy under the auspices of directly elected metro mayors, notably for Greater Manchester and Liverpool and its environs. One of the lessons of Brexit for the UK is that many people have felt that decisions about their futures have been taken at too great a distance from them and with too little regard for what they want and how they feel.

That lesson holds for London too 40 per centis a large minority. Boris Johnson was an advocate of devolution to London when he was its mayor and secured some, thanks to the more progressive side of Tory localism. If he becomes prime minister, it would be good for London and for the country as a whole if he remembered that.

Source: http://www.newstatesman.com/politics/media/2016/06/why-are-you-here-juncker-and-meps-mock-nigel-farage-european-parliament

Continue Reading ..

Pound to Dollar X-Rate Crashes Monday, GBP/USD @ 1.20 Now Forecast as UK Seen Entering Recession


US Dollar vs the British pound
The UK economy is headed for recession say a number of analysts, something that will ensure the headline GBP to USD exchange rate remains under pressure for some time.
  • We expect cable to fall into the mid-1.2000s in the second half of this year" - Bank of Tokyo Mitsubishi.
  • "We would, however note that sharp sell-offs in GBP have historically proved short-lived." - Bank of America Merrill Lynch.
  • 1.20 is worst-case scenario say CIBC Markets
  • 1.30 appears to be first major level of support

The GBP/USD exchange rate gapped lower on the open to Monday trade as traders return to their desks.

The pair closed at 1.3679 on Friday and it opened at 1.3497 on Monday. Hence the term "gap".

Gapping has predictive powers in that it usually occurs at the start of a trend. No guesses as to the direction this trend is likely to take!

In short, not enough political developments occured over the weekend to convince traders that the Brexit-inspired turmoil seen since Thursday the 23rd would soon come to an end.

Look for the 30 year lows at 1.3238 to be tested over coming days.

"Technically, GBPUSDs pace of drop is likely to slow but there are no indicators to pinpoint where the bottom will be when declines finally abate. We view 1.30 to be a firm support and could trigger a modest bounce," says a client breif from Hong Leong Bank Berhad.

With the UK in something of a political vacuum it is unsurprising that investors, despite soothing words from the UK Chancellor, continue to prefer to play Sterling from the short side.

After a brief relief rally in GBP we have seen fresh GBP lows versus the USD.

"We warned ahead of the event that Sterling could depreciate by around 15-20% on an out vote," says Jeremy Stretch, analyst with CIBC Markets.

That would suggest seeing GBP-USD trading back towards 1.20-1.2750 on CIBC"s worst case basis forecsats.

In order to facilitate such negativity that would likely require the UK political infighting to extend.

This comes as the opposition Labour party are in meltdown while the governing Conservatives decide who will contest the leadership vacancy.

PM Cameron stated last week that he wants a new Conservative leader in place by October.

UK Recession Ahead?

The British people have voted to leave the European Union, and this time they will take full ownership of any negative economic consequences - there are no bankers to blame for any negative economic impacts.

Bank of America"s Ralf Preusser believes the UK is headed for recession as a result of the increased uncertainty businesses now face, noting:

"Prolonged uncertainty could lead investors - including residential investors - to postpone decisions. We think a recession in the UK will ensue, which cuts our calendar year 2017 GDP growth forecast to 0.2% from 2.3%, even with the Bank of England (BoE) stimulating."

A country is termed to be in recession when it experiences two successive quarters of negtive growth.

Barclays have confirmed they see GDP growth falling to -0.1% in the third and fourth quarters of 2016.

Credit Suisse are in agreement:

While the actual path to exit is not yet clear, there are nonetheless profoundimplications for the UK. We expect a recession in the second half of the yearand policy easing from the Bank of England. The domestic political turbulencemay complicate the process of actually leaving the EU, says Ric Deverell, Research Analyst at Credit Suisse.

For currencies, when central banks cut interest rates a necessary downward adjustment takes place.

This is because lower rates attract lower capital inflows as investors direct their money elsewhere.

The increased risk of recession in the UK and looser BoE policy in the year ahead justify a weaker pound. Capital inflows into the UK will also be dampened making it more challenging to the finance the UKs elevated current account deficit requiring a weaker pound, says Lee Hardman, Currency Analyst at Bank of Tokyo Mitsubishi.

Latest Pound / US Dollar Exchange Rates

* Bank rates according to latest IMTI data.

** RationalFX dealing desk quotation.

Pound Appears to Stabilise, But Beware the Falling Knife

We saw the GBP bounce from its Brexit-shock lows as a swathe of buyers jumped into the market to buy a discounted currency.

For instance, on Friday the 24th, foreign exchange brokers UKForex saw a 400% increase in customers making currency transfers while HiFX saw a 500% increase as clients flocked to buy sterling at an exceptionally cheap rate.

There will certainly be a temptation for speculators to buy into the market in anticipation of the bounce extending.

"There are at least three reasons why the exchange rate has not fallen further," says analyst John Higgins at Capital Economics.

The first, according to Higgins, is the rapid shift in the rhetoric of pro-Remain policymakers Project Fear has been by replaced Project Reassure.

The second is the recognition that not much is likely to change in the short run in terms of the UKs relationship with the EU a lengthy period of negotiation lies ahead.

And the third has to do with expectations for monetary policy "while investors have wasted no time in discounting more easing in the UK and less tightening in the US, there has not been that much change in the spread between expected interest rates in the two countries," says Higgins.

Ultimately GBP Will Continue Lower

The outlook for the pound is understandably negative with in light of forecasts for a UK recession.

Those looking to buy into any recovery bounces should be aware that such moves are likely to be short-lived.

Bank of America are wary of trying to capitalise on any bounce in the pound noting:

"GBP has fallen sharply across the board following the vote to Leave with losses concentrated versus USD, JPY and CHF. The move has been particularly strong given the recent rise in optimism that the Remain vote would prevail, thus propelling GBP higher.

"Further GBP losses are likely over the near-term and a move towards 1.30 in GBP/USD cannot be ruled out. We would, however note that sharp sell-offs in GBP have historically proved short-lived. For now, this may not be the time to catch a falling knife."

Credit Suisse also believe that there is further downside ahead.

While we acknowledge the risk of a technical bounce back, we think the repricing in many markets has further to run, says Credit Suisse"s Deverell.

The dollar rally is forecast to continue, with the GBP to USD conversion moving into the 1.20s.

The only note of caution is the possibility of central bank intervention possibly in a coordinated fashion, says Deverell.

Bank of Tokyos Lee Hardman is also seeing a GBP into USD conversion in the 1.20s.

We expect cable to fall into the mid-1.2000s in the second half of this year before rebounding modestly back above the 1.3000- level in 2017 as heightened uncertainty gradually eases.

The pound is already significantly weak according to Bank of Tokyos long-term valuation models which should help to dampen further downside unless there is a run on the pound.

Source: http://news.google.com/news/url?sa=t&fd=R&ct2=us&usg=AFQjCNGVeSphaHM9g8-z1aWwfJnkg8W8Yg&clid=c3a7d30bb8a4878e06b80cf16b898331&cid=52779142328688&ei=3sByV6D6Ncq13gGyyIawBw&url=https://www.poundsterlinglive.com/usd/5095-pound-to-dollar-exchange-rate-222311

Continue Reading ..

Red Cross pool safety poster called racist


Some criticize Red Cross safety poster for racism

9NEWS at 9 p.m. 06/26/16.

Whitney Wild, KUSA11:39 AM. CDT June 28, 2016

A Red Cross safety poster has provoked some backlash. (Photo: Margaret Sawyer)

KUSA - The first time Margaret Sawyer saw the Red Cross safety poster in Salida, she was perplexed.

"I thought "It must be really outdated. This can"t possibly be a recent poster,"" she said.

When she saw it a second time at a pool in Fort Morgan, she was stunned.

"I saw this one and I just kept thinking "It looks like they"re trying to do something here that shows all kids together of all different backgrounds but they"re clearly not hitting the mark,"" she said.

She was traveling across the country with her young children last weekend when she spotted a Red Cross poster depicting "cool" and "not cool" behavior by children at a pool.

The only examples showing "not cool" behavior involve dark-skinned children.

"I felt really angry," she said.

The poster also caught the attention of Ebony Rosemond of Largo, MD.Rosemond runs an organization called Black Kids Swim, a group dedicated to helping African-American youth engage in swimming.

She said America has a history of racism surrounding pools and swimming. She noted a history of violence toward African-Americans to discourage them from swimming in public pools, and beaches that banned African-Americans which forced them to swim in dangerous locations.

She called the poster step backwards.

"When I saw the poster, I just, was just very saddened that the Red Cross had chosen to put out an image that might one, discourage African-Americans from trying swimming if they were new to it, and also something that would extend a negative stereotype," she said.

"How can an organization that prides itself on being so open-minded, so understanding of the diverse populations of the world create something like this?" Rosemond said.

9NEWS spoke with William Fortune of the Red Cross, who said the children in that photo "were more designed to be children rather than any racial motivation."

Fortune said the poster was never meant to be offensive, and the organization strives to be inclusive.

"We"re committed to diversity and inclusion in everything that we do," he said.

Fortune added that when producing materials, they undergo several layers of scrutiny before production.

"It makes me really question who is sitting at the table at the executive levels at the Red Cross? What is the representation like? What is the diversity like in the people who really get to say "yes or no?"" Rosemond said.

Fortune said the posters have since been removed and the organization is developing "more appropriate material.

Rosemond said she wants the Red Cross to think harder about the impact of their material and send out a more deeply felt apology.

"I think the Red Cross can go further, they can issue a much more public apology and a much more nuanced apology that really gets to the root of what they did and what community specifically they hurt,"" she said.

Copyright 2016 KUSA

Source: http://www.kare11.com/news/local/racist-red-cross-poster-prompts-backlash/258153898

Continue Reading ..

Szczesny: Portugal is not just Ronaldo


Cristiano Ronaldo Vs Croatia [Euro 2016] HD 720p By zBorges
Croatia coach Ante Cacic said his side were punished by Cristiano Ronaldo in the 1-0 loss to Portugal.Croatia coach Ante Cacic said his side were punished by Cristiano Ronaldo in the 1-0 loss to Portugal.Croatia coach Ante Cacic said his side were punished by Cristiano Ronaldo in the 1-0 loss to Portugal.

Poland goalkeeper Wojciech Szczesny says there is much more to Portugal than Cristiano Ronaldo ahead of their Euro 2016 quarterfinal meeting in Marseille on Thursday evening.

Real Madrid star Ronaldo, who went into the tournament amid concerns over his fitness, as not at his best as Portugal drew 1-1 with Iceland and then missed a penalty in a goalless draw with Austria.

However, he provided two goals and an assist in the 3-3 draw with Hungary in the final game and was involved in the late winner when Portugal saw off Croatia 1-0 after extra time in the round of 16.

Speaking from the Poland national team camp, Arsenal goalkeeper Szczesny, who spent last season on loan at Roma, told reporters: "I would like to have Ronaldo in the Poland team, even if not in his best form, but Portugal is not just Ronaldo. They are a strong team."

He added that new Bayern Munich signing Renato Sanches is "very impressive."

Wojciech Szczesny has returned to training after injury but is unlikely to face Portugal.

Szczesny began the tournament as Poland"s first choice, but after suffering an injury against Northern Ireland in their opening Group C game he has been watching Swansea"s Lukasz Fabianski, his former Arsenal teammate, impress between the posts.

Szczesny has now returned to training but admits he is unlikely to face Portugal.

"It is difficult to say if I can go out and help the team with little more than one full training session completed," he said. "I am able to deal with the pain, but the injured muscle is not perfect yet. I just want to help the team in whatever way I can."

Dermot Corrigan is a Madrid-based football writer who covers La Liga and the Spain national team for ESPN FC. Twitter @dermotmcorrigan.

Source: http://www.espnfc.com/european-championship/story/2903710/portugal-not-just-cristiano-ronaldo-poland-keeper-wojciech-szczesny

Continue Reading ..

Q&A: David Yates talks juggling "Tarzan," "Beasts"


The Legend of Tarzan - Official Teaser Trailer [HD]

After living in London, Tarzan returns to his jungle home to investigate the suspicious activities of a mining camp. VPC

Director David Yates attends the world premiere of "The Legend of Tarzan" in Los Angeles on June 27, 2016.(Photo: Valerie Macon, AFP/Getty Images)

David Yates is one heck of a Muggle. The director, who helmed the final four Harry Potter films, releases The Legend of TarzanFriday, a $180 million live-action film starring Alexander Skarsgrd as the storied jungle hero.

This fall, Yates will follow Tarzan with FantasticBeasts and Where to Find Them (in theaters Nov. 18), the highly anticipated Potter spinoff starring Eddie Redmayne as magizoologist Newt Scamander. USA TODAYspoke with Yates on how he pulled off two massive filmsin one year.

Q: Youve dealt with suspension of disbelief with the "Harry Potter" films, but Tarzanspeaks to animals, fights gorillasand is a lord living in London when we meet him. What attracted you to this take onThe Legend of Tarzan?

A: There were so many projects I was reading. I was getting sent all these scripts from here, there and everywhere and they all felt very one-note. ... It had lots of good, fun elements that you would enjoy when you went into the movie theaterthere was a lotof action, great landscapes, amazing animals. I wasnt seeing those kinds of things in any of the other scripts. I just thought this is all great, we havent been to Africa,this big, beautiful, amazing country, in a movie in awhile. And I havent seen this sort of action/adventure/romance film for awhile.

Margot Robbie stars as Jane to Alexander Skarsgrd"s Tarzan in "The Legend of Tarzan."(Photo: Jonathan Olley, Warner Bros.)

Q: In a summer tentpole movie so full of CGI, what was the hardest thing to get right?

A: The challenge was really creating the world and making it feel romantic and big and heightenedbut believable. ... (In one scene),Margot (Robbie) ischained to the rail and the boats traveling up the river. Thats a pure drama scene, but actually its a visual effects sequence (with a real river shot in Gabon, Africa, added into the background).We can only do that now. We couldnt do that a few years ago, but weve gotten better and better at that kind of technology.

Q: How did you manage the overlapping production schedules of "Tarzan" and"Fantastic Beasts"?

A: I was still shooting Tarzan when I got sent a script for Beasts.So I went straight onto Beasts. ...My editor, bless him, Mark Day, would have one machine that had Tarzan on it and one machine that had Beasts, and I would flip-flop between the two all the time. ...All doable, all perfectly fine,but literally there wasnt a single day when I was working Beasts that I didnt at least peek at Tarzan in some shape or form.

Q: Did "Fantastic Beats" feel like a "Harry Potter" homecoming?

A: It feels the same but different.In the sense that its Jos (J.K. Rowlings) universe extended, but it feels different because its not Hogwarts, its not about kids. Its about grown-ups. Its dealing with very adult themes.

Katherine Waterston (as Tina) and Eddie Redmayne (as Newt Scamander) in "Fantastic Beasts and Where to Find Them."(Photo: Jaap Buitendijk, Warner Bros.)

Read or Share this story: http://usat.ly/28XP12x

Source: http://www.usatoday.com/story/life/movies/2016/06/28/david-yates-tarzan-fantastic-beasts/86439866/

Continue Reading ..

Italian Actor Bud Spencer dies at age 86


Kino-Held mit starker Faust: Bud Spencer ist tot
Italian actor and filmmaker Bud Spencer died on Monday at age 86, national media reported.

"My father died peacefully at 18:15 and did not suffer from pain, he had all of us next to him and his last words were "Thank you"," his son and film producer Giuseppe Pedersoli said in a note to media. Pedersoli could not be immediately reached for additional comment.

A post on his official Facebook page read, "With our deepest regrets, we have to tell you that Bud is flying to his next journey".

Born Carlo Pedersoli in the southern city of Naples, he was known to his public as the "big friendly giant" of the screen due to his height and weight.

He played in action and comedy films in the 1970s and 1980s, mostly working at the side of his friend Terence Hill.

Often cast as a cowboy or policeman, his biggest successes included "They Call Me Trinity", a parody of Spaghetti Western movies, the "Flatfoot" films and "A friend is a Treasure." He had many fans abroad, especially in South America where he lived at various times in his life, and in Germany. Speaking to channel SKY TG24, Osvaldo De Santis, president of 20th Century Fox in Italy, said, "He was an actor whom Italian cinema needs to thank because he brought Italian movies around the world." Before turning to acting, Spencer was a professional swimmer and the first Italian to swim the 100 metres freestyle in less than one minute. He twice participated in Olympic games.

On several occasions he said he sympathized with the country"s centre/right parties and also ran for the Rome area regional elections in 2005 with Silvio Berlusconi"s Forza Italia party.

Source: http://timesofindia.indiatimes.com/entertainment/english/hollywood/news/Italian-Actor-Bud-Spencer-dies-at-age-86/articleshow/52951443.cms

Continue Reading ..

London"s Loss Is Asia"s Gain as Property Funds Seek Havens


Mike Bloomberg: The Harder You Work the Luckier You Get

London may have just shed its safe-haven property market tag with the U.K.s vote to break away from the European Union. Thats good news for real estate markets in Asia that offer stability.

Singapore, Hong Kong and Australia, which face headwinds including oversupply and high prices, may see money flowing into property as investors flee to safer assets as volatility picks up, according to global commercial real estate services firm CBRE Group Inc.

Capital will look for safe havens, countries that offer stability, Henry Chin, head of research for Asia-Pacific at CBRE, said in an interview in Singapore.Mature, developed markets will look attractive again.

Britains vote to secede from the EU wiped almost $4 trillion off the value of global equities, with investors selling riskier assets amid concerns that trade snarls and political paralysis will disrupt an already-fragile global economic recovery.

Japan may also benefit from the Brexit fallout.

The world recognizes Japan as a safe haven, Takeshi Akagi, national director at Jones Lang LaSalle Inc., said. Because of that, Asian money that has been looking to invest in Europe will come to Japan. As uncertainties unfold in Europe and spread out to global markets, Japan would, relatively, be considered as a predominant place to be.

Why Britain Is Saying Adieu to the European Union: QuickTake

Commercial property values could fall about 10 percent over the next year, led by declines in oversupplied central London, BlackRock Inc. said in a note. Reduced tenant demand and a shift toward shorter lease terms are anticipated, while overseas investors are set to demand a larger risk premium, or more compensation, for holding U.K. assets, BlackRock said.

London office rents could fall 18 percent within two years of Article 50 -- which would set in motion the process to extricate the U.K. from the EU -- being invoked, Jefferies LLC analyst Mike Prew said on Friday. International businesses could move 100,000 jobs out of the U.K. following the vote as they may lose their passporting rights, Prew wrote. Thats bad news for developers, which plan to build the equivalent of 50 skyscrapers the same size as the Gherkin, the iconic London office tower, in the next four years, he said.

Private banks are also urging investors away from U.K. property, with UBS Group AG predicting pressure in the real estate market , especially in London, as banks move to other locations in Europe. While Credit Suisse Group AG is neutral on U.K. property as interest rates could remain very low for long, the banks wealth managers expect U.K. real estate investment trusts to underperform other real estate markets.

Whos on the Hook for Real Estate in Post-Brexit London: Q&A

Investor sentiment will deteriorate further, subduing capital flows in the short to medium term, Chris Ireland, chief executive officer for the U.K. at JLL, said. London sectors remain most vulnerable to a correction given current keen pricing and their multinational occupier base.

Still, for opportunistic funds, the U.K will become attractive as the currency declines and prices drop, according to CBRE and JLL.

With the Brexit event, one thing is a given: that interest rates are going to remain low for a long time and thats good for the property markets, CBREs Chin said. We will see value emerge in the U.K. over time but no deals are going to happen in a hurry.

Before it"s here, it"s on the Bloomberg Terminal. LEARN MORE

Source: http://www.bloomberg.com/news/articles/2016-06-28/london-s-loss-is-asia-s-gain-as-property-funds-seek-safe-havens

Continue Reading ..