Extended Coverage: Cameron, Britain have left the building
Extended Coverage: Cameron, Britain have left the building
Britain has voted for the EU referendum and the counting is going on. Will it stay in the EU or choose to exit?
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Rishi Sunak Vs Liz Truss - Head-t-Head
Sunak was the clear frontrunner in the leadership contest in the first round of voting when Tory MPs voted to select the two finalists in the contest, the Indian-origin finance minister has been on the back foot in the pre-poll surveys of Tory members who have a vote in this election.
Fierce loyalty to outgoing Prime Minister Johnson is being cited as a key motivating factor in the choice of a majority for Truss, who was not among the ministers who resigned in the days before Johnson's forced exit from 10 Downing Street. PTI
Bookmakers are predicting that Boris Johnson will succeed David Cameron as the next prime minister.
Just let that sink in.
Boris Johnson. Prime Minister Great Britain.
Watch as David Cameron lights fire to his political career, at least for now.
Now since Brexit is a reality, we explain you two more terms: soft-Brexit and hard-Brexit. What would it be?
Read here.
UK Chooses to leave EU. What happens next? Read here.
Read our extensive coverage on Brexit here.
David Cameron to step down. Will stay as PM till October, he said in his statement.
Dr Raghuram G Rajan, Governor, Reserve Bank of India said, "Markets are trying to factor the consequences of this development and this has already led to sharp corrections in financial markets around the world. The Indian economy has good fundamentals, low short term external debt, and sizeable foreign reserves. These should stand the country in good stead in the days to come."
Reserve Bank is continuously maintaining a close vigil on the market developments, both domestically and internationally, and will take all necessary steps, including liquidity support (both dollar and INR), to ensure orderly conditions in financial markets, he said.
The final result.
David Cameron is in no mood to step down. British foreign ministry confirms that he will stay on.
Meanwhile, Ministry of External Affairs of India has made a statement.
Shaktikanta Das, economic affairs sectretary has this to say on Brexit:
Finance Minister Arun Jaitley has made a statement.
He said, "This verdict will, obviously, further contribute to such volatility not least because its full implications for the UK, Europe and rest of the world are still uncertain."
As regards to the Indian economy, he said, "We are well prepared to deal with the short and medium term consequences of Brexit."FMStatementBrexit.pdf
This is what PK Basu, chief economist, Macquire has to say on Brexit:
I guess now its time to let it sink in, not-so-Great Britain. Or shall I just call you England?
Scotland and Northern Ireland have made it clear they want to be part of the EU. You and Wales can party alone?
The writing is now on the wall.
And David Rothkopf of Foreign Policy has said it like no other.
CRISIS MODE ON:
EU is set for an emergency meeting. What will they discuss? They already said they will make life difficult for Britain if it chooses to leave.
Historic times.
More trouble for the Union Jack.
Now Northern Ireland says:
Crude oil is down and how.
The final results are not even out yet and the cracks in Great Britain are already appearing. SNF leader has said that Scotland wants to be in the EU.
Remember the Scottish referendum some time ago? They voted to stay with the Union.
Does this mean another Scottish referendum?
City of London has voted for 'Remain'. Can is accede? Questions, questions.
I don't know how else to put it but its a complete mayhem out there.
News trickling in that Japan has halted trading.
Nikkei has hit its lower circuit, down 3%.
Nifty, Sensex are down 3% as well.
Another one:
This time from Ian Bremmer.
Light moments always find a way to seep through.
See this one:
Well, at 9.24 am 83.3% votes have been counted.
Remain is at 48.3% and Brexit at 51.7%. Brexit is gaining votes
.
Follow our LIVE coverage of the BSE, NSE here.
Looks like 'Brexit' has won.
ITV, BBC and Sky News have declared victory. Results just a formality now? Farage is dancing, we are sure.
Tata motors is down over 10%.
This is the lowest level for Nifty since May 25. Nifty 50 is now 7979. BSE Sensex is nearly 950 points down in pre-open.
BSE, NSE have opened. Companies with British exposure are down. Nifty 50 is down 2.9% in pre-open trade.
Nikkei has fallen over 1000 points. Now down 7.5%.
Strait Times is down 2.4%, kospi 3.6%, SGX Nifty is down 3%.
Nearly 73% of the votes have been counted.
48.5% have voted to remain part of the EU and 51.5% are for Brexit. The numbers were expected to be in this range but for each other.
Currencies globally are down.
See:
Rupee has fallen below 68 to a dollar.
The carnage has begun. There are reports that RBI is in the market trying to save the fall. It is selling dollars. There is no confirmation though. Governor Rajan has said that RBI will keep a close eye and will intervene if needed. Is that happening already?
Rupee has now falled over 1%. At 68.02.
And as we said, Rupee opens with a massive fall.
67.91 against the dollar. We had predicted 67.90. Its a long day ahead for the markets. All red.
It is till quite close, though. But looks unlikely that Remain will see an upsurge to win.
Wakefield, too, has voted to 'Leave' with a 66% vote.
Also, look at the money global markets have lost till now. Mind boggling.
Dow futures are down 2.7%.
Looks like Indian Rupee is likely to open at 67.90 against the dollar today.
It closed at 67.25, up 23 paise against the dollar on June 23, 2016.
Nikkei futures are now down 8%.
See LIVE coverage on own channel here.
Indian markets are about to open. There could be a massive fall just like global markets. Moreover, BSE, NSE tend to be more volatile. What will happen to rupee? Pound has already fallen to its 20-year lows.
Strait Times and Taiwan index are down over 1% each.
Crude oil has fallen by over 4%.
Some good news, some bad news. Some pros, some cons. Is there a clear winner anyway?
Some good news coming in for the 'Remain' camp.
Cambridge has overwhelmingly voted to stay with the EU.
Do WATCH what Finance Minister Arun Jaitley had to say to Zee Business on Brexit.
Oddschecker says 93% probability of a Brexit now. Wow! The votes have swung and how!
The fallacy of speculations and psephologists.
The votes were neck to neck a day before the referendum. Betting websites on voting day suggested that Remain is the most likely outcome.
Vote count has passed half way mark with 201 local authorities declaring over 51% for an exit from the EU.
Pound has dropped below $1.35. This is now the lowest level since.. hold your breath... 1985.
Japan's Nikkei is down over 100 points. Gold is up 3.5%.
Nigel Farage is out and happy. He is a Brexit campaigner in the UK and he says the dawn is coming up on an independent United Kingdom. Whatever that meant.
The British pound is also taking a massive beating to the dollar.
Currently at its lowest lebel sinve 2009 and the final results are not even out yet. Remember George Soros said that this is going to be a Black Friday for the pound. Will he be right again?
SGX Nifty is down 200 points or 2.3%. All Asian markets are bleeding as a matter of fact.
See our LIVE TV coverage here.
Investors are naturally clambering for gold. Demand for yellow metal surges as Brexit volatility hits global markets.
The Economist reports that votes in 201 out of 382 local authorities have been counted so far and Leave is leading with 51.5% vote. Can the rest 170 odd localities swing it for 'Remain'?
See here.
Nearly 70% of the votes counted so far have been for Brexit. This doesn't sound good.
Dow futures are down. See here:
Looks like 'Brexit' is going to happen. Global markets have begun to fall. 'Leave' votes are clearly outnumbering 'Remain' vote.
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