BREXIT WATCH-Latest developments in aftermath of Brexit vote
* Graphic on Brexit impact http://reut.rs/2aqnwkw
LONDON, July 21 (Reuters) - Britain's June 23 referendum
decision to leave the European Union has had far-reaching
consequences for the world's economy, businesses, investors and
politics. Following are the main developments:
July 21
French President Francois Hollande says rather bluntly he
will tell British Prime Minister Theresa May when they meet
later in the day that Britain that exit talks must start fast
and without any pre-negotiating. He also wants explanations for
the delay in launching Article 50 - the formal start of divorce.
Bit of a change in tone from German Chancellor Angela Merkel
who only went as far as saying: "Nobody wants a long period of
limbo."
May is ignoring demands like Hollande's; Article 50 won't be
until next year.
There may be some people enjoying a bit of Schadenfreude
with this one. Daily Mail and General Trust, owner of
the vehemently pro-Brexit Daily Mail newspaper, said that total
advertising revenue across its media unit was down by an
underlying 4 percent in the three-month period to June 30
It blamed uncertainty over Brexit.
Investment demand for British commercial property dropped by
the largest amount on record after the vote, the Royal
Institution of Chartered Surveyors says. Retail sales also took
a dive, registering the biggest fall in six months. Officials
blamed the weather, not Brexit.
IMPORTANT DATES AHEAD:
- July 21: European Central Bank policy meeting
- Aug. 4: Bank of England policy meeting, economic forecasts
- Sept. 16: Informal EU summit in Bratislava
- Sept. 25-28: UK Labour Party conference
- October TBA: Italian constitutional reform referendum
- Oct (Shenzhen: 000069.SZ - news) . 2: Re-run of Austrian presidential election
- Oct. 2-5: UK Conservative Party conference
- Oct. 13-15: Scottish National Party conference
- Oct. 20-21: Formal EU summit in Brussels
PREVIOUS
July 20
Moody's says Brexit won't hurt EU finances but there is
now a risk of political fragmentation.
From the it-all-depends-on-who-you-are department:
Appliance-maker Electrolux's CEO Jonas Samuelson tells us
the weaker pound - around 10 percent down vs euro since the
Brexit vote - means his company takes a conversion hit on its
imports into Britain. He adds, "We have gotten indications from
house builders that they will be cautious going forward until
there is clarity on what the demand for them will look like."
But business solutions giant SAP (Amsterdam: AP6.AS - news) is getting a boost,
according to CEO Bill McDermott.
He says, "We have seen a rise in customers saying: help me
rethink and re-imagine how I can run my business. Help me
understand if the regulatory environment changes in the EU. Help
me understand some of the arbitrage I could do offset the
currency impact."
Busy day for Mrs May. First (Other OTC: FSTC - news) comes Prime Minister's
Questions, in which Theresa May will, for the first time as
premier, trade barbs with her parliamentary opponents -
colourfully, if she sticks to tradition. Lots of hear-hears and
shame-shames.
Then it is off to Berlin to meet Angela Merkel to discuss
Brexit with the German chancellor. Merkel's attitude to the
divorce negotiations will dictate how amicable they are.
The Bank of England's spies across the country report in
that there is "no clear evidence" yet of any sharp slowdown in
the UK economy as a result of Brexit.
Britain says it will give up its right to be EU president
next year. Conflict of interest?
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(Reporting by Jeremy Gaunt; Editing by David Goodman)