Daily Management Review

Brexit Talks Hit A 'Deadlock'; Sterling Slides


10/12/2017




Brexit Talks Hit A 'Deadlock'; Sterling Slides
After Brexit negotiators declared talks between the U.K. and the European Union had reached a deadlock there was a sharp drop in the value of the sterling.
 
For the session at 1:00 p.m. London time, the British currency was down 0.6 percent against the dollar.
 
In order to leave the bloc, the U.K. was once again not ready to detail the financial commitments it needs to make, Michel Barnier, the EU's chief negotiator said at the end of their fifth round of negotiations on the UK leaving the EU. "Therefore there have been no negotiations on this subject," Barnier said.
 
In order to settle the accounts, on citizens' rights and the Irish border, there needs to be an agreement on how much the U.K. will have to pay for that purpose before negotiations are able to move on to the much awaited trade talks. But since the U.K. officially declared its intention to leave the European Union, there has been no progress in the talks and negotiations for the latter and it seems to be the most contentious problem.
 
"On this question we've reached a state of deadlock which is very disturbing for thousands of project promoters in Europe and it's frustrating also for taxpayers," Barnier told reporters in Brussels.
 
However, Barnier hoped there will be positive developments within the next two months and he added that there had been progress in other areas which include citizens' rights.
 
"There is a new momentum and I remain convinced today, with the political will, decisive progress is within our grasp within the next two months," he said.
technical talks over the so-called exit bill had been worked out in a way that will allow for an agreement in the future and the talks were “rigorous”, said David Davis, the U.K.'s representative at the talks.
 
Even though both sides agreed at the start of talks to make citizens' rights, the exit bill and the Irish border their priorities before any trade arrangements, once again, the U.K. asked the EU to discuss their future relationship while negotiating the withdrawal.
 
"Our aim is to provide as much certainty as possible to business, citizens and the European Union," Davis told reporters, adding however that "to provide certainty, we must talk about the future."
 
(Source:www.cnbc.com) 






Science & Technology

New Security Study Finds Millions Use 123456 As Password For Email Accounts

The Devastating Panama Disease Could Spell Extinction For Bananas

Walmart to hire 4 thousand robot cleaners

Samsung Galaxy Fold: Expensive but fragile

USA and South Korea launch the first commercial 5G networks

Deliveries of AR/VR devices to grow by 54% in 2019

Anti-Stall System Got Activated Before Crash In The Ethiopian 737 MAX Craft: Reuters

Google’s Global Council To Advocate On AI Ethics

US wants to send astronauts to the moon by 2024

Apple shows new entertainment services

World Politics

World & Politics

Foxconn Head Gou Could Run For Taiwan President Election Next January

France opposes EU-US trade negotiations

United States and China to implement trade agreement

Norway's largest party to ban oil production near Lofoten Islands

Estonia's euroskeptics are about to join the government

Eastern Europe wins in double food standards fight

White House Received New Sanctions’ Package For Russia: Bloomberg

EU will stop saving migrants in the Mediterranean