Home' Trinidad and Tobago Guardian : October 5th 2017 Contents The European Union insisted
Tuesday that Brexit negotiations
with Britain will not move on to
the question of future relations
until enough progress has been
made on divorce issues, such
as how much Britain's exit bill
Britain desperately wants talks
to move on to future trade and
security arrangements but EU
Commission President Jean-
Claude Juncker said that more
needs to be done on the with-
drawal issues irst.
Juncker told the European Par-
liament that "we have not made
the suf icient progress needed"
and the EU legislators backed
him, approving a resolution un-
derscoring the same point with a
vote of 557 to 92 with 29 absten-
tions. It further underscored the
unity of the 27 EU nations as
they face off with Britain in the
The EU wants London to com-
mit to guaranteeing the rights
of EU citizens already in Britain
and make that sure border posts
do not reappear between North-
ern Ireland---which is part of the
UK---and Ireland, which is part
of the EU. It also wants Britain
to pay up for everything it had
agreed to while it was a member.
Juncker said "the taxpayers
in the EU 27 should not pay for
the British decision" to leave,
while the bloc's chief negotiator,
Michel Barnier, said "serious dif-
ferences remain" on how many
bills the UK still has to settle.
Estimates vary widely on the
amount Britain will be expected
to pay, from 20 billion euros
(US$27 billion) to over three
times that amount.
"Serious rifts remain, espe-
cially on the inancial settle-
ment," Barnier said. "We will not
pay at 27 what has been decided
at 28, it is simple as that."
The parliamentary resolution
called for postponing any move
to widen the talks with Britain
unless "a major breakthrough"
takes place during the ifth
round of negotiations in Brussels
Thursday, October 5, 2017
Rising dollar chips at stellar
year for emerging markets
The rising US dollar could be the
only thing to marginally offset what
looks like a stellar year for emerging
markets, analysts said this week.
According to the MSCI emerging
market indices, Brazil's markets
gained 21 per cent in the past quar-
t e r.Brazil, which had been hard hit by
recession since the Federal Reserve
tapered off its quantitative easing
policy, managed to lower inflation
considerably in the past 18 months.
Russia's were boosted by a jump of
14 per cent.
The MSCI Emerging Markets
Index, which measures equity mar-
ket performance in some 26 emerg-
ing countries and accounts for 10 per
cent of the world market capitaliza-
tion, is up 23.4 per cent in the irst
two quarters of the year.
But the rise in the dollar on the
back of an expected interest rate
hike by the Federal Reserve began
to chip away at the gains in emerging
The possibility of tax reforms, a
campaign promise from then candi-
date Donald Trump, is also serving to
strengthen the dollar.
Despite a slip against the US dollar,
emerging market economies where
still doing far better than this time
Take China, for example, one of
the biggest factors making emerging
markets lucrative again is Beijing's
economic policy has not only be-
come adaptive to US market shifts---
namely, Fed policy---but is also
proactive by drawing up scenarios
which include the prospects of US
interest rate hikes.
The same is true of India, Turkey,
Poland and many others.
This has largely helped stabilise
commodity markets, also seen in
strengthening currency stability,
ultimately leading to stronger con i-
dence in the economy.
In particular, Chinese investors
were encouraged by manufacturing
activity data which pointed to the
fasted growth in ive years this Sep-
EU: Brexit talks still
stuck on UK exit bill
Uber CEO holds 'constructive'
talks with London of icials
The new CEO of Uber met with
London transport of icials on Tues-
day, just days after they refused to
renew the cab-hailing app's license
Dara Khosrowshahi met with
Transport for London's Commis-
sioner Mike Brown. Uber wants to
keep operating in the capital, and
has appealed the decision that it is
not a it and proper operator.
In a statement issued Tuesday,
Uber said its CEO had "a construc-
tive meeting" with London's trans-
port commissioner and that it hoped
to have further discussions over the
London transport of icials have ob-
jected to Uber's approach to report-
ing serious criminal offences and its
use of technolo y, which authorities
say has helped the company to evade
law enforcement of icials.
Khosrowshahi has apologized
for past mistakes. Uber, with some
40,000 drivers and 3.5 million
customers in London, says it is
challenging the decision with the
understanding that things have gone
wrong and must change. AP
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