GBP News 

Backstop: May rules out ‘Malthouse compromise’

“Theresa May will present the EU with new legal proposals to solve the Irish backstop issue on Wednesday, which No 10 hopes will be enough to convince Eurosceptics to back her Brexit deal” writes Rowena Mason for theguardian.com. However, Jacob Rees-Mogg and Steve Baker sounded a conciliatory tone on Tuesday, insisting that the Malthouse agreement was “still live and kicking” and saying they looked forward to further developments.The Malthouse compromise was named after the housing minister, Kit Malthouse, who helped draft it as an attempt to find a Brexit deal…

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Aviva, NatWest to join ‘Brexodus’ of business to EU

“Aviva was among the last of the big insurers to secure court approval for shifting chunks of life, general, property, casualty and motor insurance policies to EU hubs” reports businessinsider.com. It had previously secured court approval to move around 1 billion pounds in general insurance assets.Among banks, Britain’s Barclays secured court approval last month to move 190 billion euros in assets to a Dublin subsidiary.The High Court in London approved the transfer of policies after a hearing on Aviva’s application last week to move life insurance assets.Most of the policies…

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Twitter launches political ad tracking tools in Europe ahead of key EU polls

“Twitter said its political campaigning ads policy, introduced during the U.S. midterm elections, will also be launched in India and Australia, both of which are also heading to the polls” writes Chris Ratcliffe for cnbc.com. “Our political campaigning ads policy is being expanded to cover #EUElections2019, providing the general public with an additional layer of insight into who is running a political campaign ad on Twitter,” the company said in a blog post.Twitter on Tuesday rolled out tools in Europe which will make it easier for voters to identify political…

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Revolut: could allegations of Russian involvement sidetrack a fintech revolution?

“With its Lithuanian-issued EU banking licence, Revolut will start accepting deposits and offering retail and business lending in 2019, making it an even bigger rival for traditional banks” writes Arturo Bris for theconversation.com. But amid the prospects of a hard Brexit, and the opportunities provided by a larger EU banking market, Revolut started looking for a eurozone-based banking license.Soon after Revolut got its banking licence, however, Lithuanian politics started muddying the waters.The investigation could ultimately result in Revolut’s banking licence being revoked. Source: theconversation.com

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Brexit food shortages could see people forced to eat ‘tons of leeks’

“Britain imports around half of its food with most entering on lorries through Dover, so any potential logjams are likely to have a significant effect” writes Shehab Khan for independent.co.uk. I’m not sure,” he said. “We know from our members that they are investing staggering sums into getting ready for the worst possible no-deal scenario. Source: independent.co.uk

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EU warns of reduced imports if Trump puts tariffs on cars

“Over the weekend, German Chancellor Angela Merkel said U.S. authorities appeared to have already concluded that European cars were a national security threat” reports thebusinessjournal.com. Last month, the EU also approved the use of U.S. soybeans for the production of biofuels, which would further boost imports.The U.S. Commerce Department is expected issue its guidance on whether auto imports endanger U.S. national security enough to justify import taxes, giving Trump 90 days to decide whether to impose them.She noted that German automaker BMW’s biggest plant is in South Carolina Merkel said…

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May risks fresh confrontation with ERG over backstop

“He has consistently emphasised that the ERG would rather support a no-deal Brexit than one that did not legally remove the backstop” writes Rowena Mason for theguardian.com. Theresa May is facing a fresh showdown with Eurosceptic Conservative MPs after a cabinet minister suggested she may put her Brexit deal to parliament again without having secured a change to the withdrawal text. Source: theguardian.com

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Spy scandal reveals security fears for EU and Nato

“A senior Belgian intelligence officer is under investigation over allegedly sharing secrets with the Russians, in a case that exposes fears about spying in the European Union and Nato” writes Jennifer Rankin for theguardian.com. He is alleged to have shredded confidential documents, according to the Flemish daily De Morgen, which broke the story on Vandenborre and the Russian spying allegations.The officer, a head of division at the general intelligence and security service (GISS), the equivalent of M16, is accused of having exchanged information with a Serbian woman believed to be…

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Italian investors get a preview of what to expect ahead of EU elections in May

“10-year bond yields are up by 8.8 bps on the day currently after Lega lawmaker, Claudio Borghi, provided a glimpse of what to expect ahead of the European Parliament elections in May” reports forexlive.com. If you’re wondering what’s dragging down the euro today, let’s just say that headlines like that won’t help as it only puts more focus on the risks the single currency is set to face in the coming months. As for other reasons, the fact that markets are growing more bearish about the ECB and its inflation…

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Euronext confident ‘dual-listed’ trading to continue after Brexit

“The European Commission is responsible for granting equivalence to foreign financial operators, taking advice from the European Securities and Markets Authority (ESMA)” reports businessinsider.com. The European Commission said on Friday it was aware of the issues around dual listed shares and is in contact with ESMA on the matter.FILE PHOTO: The logo of stock market operator Euronext is seen on a building in the financial district of la Defense in Courbevoie Thomson Reuters By Huw Jones LONDON (Reuters) – The trading of dual-listed shares in Britain by European investors is…

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