Brexit: UK to ask deadline extension

Today´s news from the UK Goverment confirm, that the PM Theresa May´s Cabinet is asking the European Union for an extension of the Brexit deadline.  The preliminary timetable was that the UK would leave the EU next week on Friday the 29th March.

Tomorrow  on Thrusday, the European leaders are having a meeting to discuss about the Brexit situation. It is expected that the delay for the Article 50 would be a short one in order to avoid the EU elections.

The stock markets were having a negative sentiment today and for example the German Dax-index was down 0,88 % to 11685 points, the France CAC 40 -index was down 0,09 % to 5420 points. In London the FTSE index was down 0,04 % to 4012 points.

Euro was trading down 0,06 % to 1,134 dollars and the UK sterling was down 0,27 % to 1,323 dollars. The dollar was up 0,17 % to 111,58 yens and euro was up 0,24 % to 0,8577 pounds.

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Lyft IPO: Target valuation 23 billion dollars

The US ride-hailing company Lyft said that they are targeting 23 billion dollars in valuation with their IPO. The company is selling 30 million A class shares and Lyft is aiming to raise 2 billion dollars.

The company started their roadshow in New York and they will move to Boston. The US Midwest and West Coast will be next week. The trading is expected to start on the March 29th in Nasdaq, with the “LYFT” symbol.

Lyft’s revenue was 2,16 billion dollars in 2018 and the losses were 911 million dollars compared a 688 million dollar loss a year earlier.

One of the leading bookrunners are JPMorgan, Credit Suisse anf Jefferies.

According to Reuters, the rival Uber is also planning an IPO, targeting 120 billion dollars valuation in April this year.

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Brexit: Voting delays in the UK Parliament

There will be voting delays in the UK Parliament related to Brexit-deal. The House of Commons Speaker John Bercow said, that he is banning the idea of bringing the Goverment´s deal back to Parliament for a third time, unless it changes significantly.

The Goverment has said that they are planning now how to proceed. On Thursday there will be European Union summit and the UK will have to seek the extension to the Article 50, as the Parliament voted last week.

The House of Commons Speaker  Mr Bercow said that the decision is backed with the convention , which dated back to April 2, 1604, and said it had been confirmed again many times, including 1864, 1870, 1882, 1891 and 1912.

 

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US: Donald Trump to issue veto for border funding

The US President Donald Trump has issued the first veto to protect his emergency declaration for border wall funding, Bloomberg reported today evening. Last year the US goverment had shutdowns because of the US-Mexican border security and the lack of funding.

The stock markets were up in Friday trading and S&P 500 -index was up 0,41 % to 2820 points, Dow Jones 0,54 % to 25848 points and Nasdaq 0,76 % to 7688 points.

Euro was up 0,15 % to 1,132 dollars and the UK sterling 0,35 % to 1,3288 dollars. The US-dollar was down 0,18 % to 111,50 yens.

 

 

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Brexit: Delay and new vote next week in UK

After intense discussions and voting in the UK Parliament today, the MPs decided to delay the Brexit-deal. This means that the delay can be a short or a longer one. The next voting time is planned for the next week.

According to May´s proposal if the MPs agree the Brexit before the March 20th, the request for a delay would be a shorter one. And if it takes more time, the longer the Brexit delay. Any delay in the Brexit-deal need also that all 27 EU memberstates agree it as well.

The UK Parliament also voted 334-85 against the second referendum on EU membership.

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