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British pound surges the most in nearly two years after UK lawmakers vote to reject a no-deal Brexit

British pound surges the most in nearly two years after UK lawmakers vote to reject a no-deal Brexit

Finance
Sterling rose on Wednesday after U.K. lawmakers rejected leaving the European Union without a withdrawal agreement. The pound was up 2 percent against the dollar at $ 1.3339 as investors become more optimistic that a hard Brexit would be ruled out. That's the biggest move since April 2017. "Our base view — and the currency is telling you this — is we will get some form of resolution," said KKR's global head of macro and asset allocation Henry McVey on CNBC's Closing Bell. "Clearly, there's been slowing related to Brexit. The way we're approaching it is this...
Pound jumps as MPs vote to reject no-deal Brexit

Pound jumps as MPs vote to reject no-deal Brexit

Business
By John-Paul Ford Rojas, business reporter The pound has jumped as MPs voted to rule out a no-deal Brexit, on another day of volatile currency trading.Sterling climbed by as much as three cents against the US dollar to nearly $ 1.34, a nine-month high, and was two cents up versus the euro to as high as €1.18 - a new 22-month peak. That was after an amendment rejecting a no-deal Brexit in all circumstances was narrowly backed by the Commons.The currency had already made big gains in the run-up to the vote. It has swung wildly over the last couple of days.There was a broad welcome for the result from business groups but it was combined with continued frustration about the lack of a clear way forward for the process. Edwin Morgan, interim direc...
Interserve facing crucial vote on rescue plan

Interserve facing crucial vote on rescue plan

Business
Interserve, one of the UK's largest providers of public services, is urging shareholders to back a rescue deal or the firm could face administration.Last month it reached a deal with creditors to prevent its collapse.But if shareholders reject its debt-for-equity-swap plan in a vote this Friday, Interserve's lenders could apply for a pre-pack administration.This would mean the firm avoiding a Carillion-style collapse, but would wipe out existing shareholders. A pre-pack administration enables a company to sell itself, or its assets, before it appoints administrators - who then take over the running of the business to protect creditors. In a pre-pack, the lenders take 100% of the business.Watered-down holdingsInterserve's rescue...
Pound up despite May's Brexit vote defeat

Pound up despite May's Brexit vote defeat

World
The pound has endured a rollercoaster ride amid the deepening political crisis over Brexit. Sterling was trading more than 1.3% lower versus the dollar on the day, at just below $ 1.27, as the clock ticked down to the so-called "meaningful vote" on Theresa May's Withdrawal Agreement with the EU in the Commons.The pound had started the trading day at $ 1.2863.:: PM May's Brexit deal heavily defeated by MPs Pound now significantly higher than before the vote (here it is vs the US$ ). Started rising when Theresa May started speaking, and continued after Jeremy Corbyn tabled his vote of no confidence. Markets far from panicked... pic.twitter.com/H6B7rb5Pac— Ed Conway (@EdConwaySky) January 15, 2019 But it soon clawed back all of...
DR Congo election: Polling under way in tense vote

DR Congo election: Polling under way in tense vote

World
Media playback is unsupported on your device People in the Democratic Republic of Congo are voting for a new president in an election delayed for more than two years.Close to 40 million people are eligible to vote for a successor to President Joseph Kabila - in power since 2001.But the run-up has been hit by violence and controversy over the decision to exclude some 1.2 million from voting.On Saturday, rival candidates also failed to agree on a statement aimed at reducing tension before the poll.Voting began at 05:00 (04:00 GMT) and ends at 17:00.What's the context for these elections?If everything passes without incident, this will be the first peaceful transition in DR Congo since it gained independence from Belgium in 1960.The current presi...