LONDON (Reuters Breakingviews) - The British government is finally confronting its Brexit dilemma. Two cabinet ministers quit on Thursday morning, weakening Prime Minister Theresa May and narrowing the already-slim chances of parliament approving her divorce deal from the European Union. That makes the two alternatives of a chaotic Brexit or another referendum more likely.
LONDON (Reuters Breakingviews) - Theresa May’s Brexit compromise has confirmed Britain’s hard choices. After a year of intense negotiations – mostly with members of her own party – the prime minister late on Tuesday secured a draft deal to leave the European Union. The agreement with Brussels would shackle the United Kingdom to the bloc without the influence it enjoyed as a member. Opponents have two options: crash out next March, or call another referendum.
LONDON (Reuters Breakingviews) - Only the threat of chaos might break the Brexit deadlock. With just over five months to go until Britain formally leaves the European Union, talks over its departure have reached an impasse. Prime Minister Theresa May faces irreconcilable demands from EU negotiators in Brussels and hard-line parliamentarians at home. To avoid a disorderly exit, at least one side must cave.
LONDON (Reuters Breakingviews) - No serious investor would analyse a company by looking only at its liabilities. When it comes to countries, however, money managers tend to pay far more attention to government debt than national wealth. The International Monetary Fund is trying to restore some balance by shining a spotlight on the asset side of the public ledger.
LONDON (Reuters Breakingviews) - A confident leader calls a vote to resolve a long-running debate. However, his campaign lacks punch. A growing number of voters declare their dissent. As the ballot approaches, the result is too close to call.
LONDON (Reuters Breakingviews) - Britain’s Labour party has come up with a superficially appealing plan to transfer wealth from companies to the people, but really to the government. The opposition party on Monday spelled out proposals to force firms to hand a tenth of their shares to workers. It sounds like a benign form of socialism. Really, it’s a tax hike in disguise.
LONDON (Reuters Breakingviews) - Comcast has overreached in its pursuit of Sky. The U.S. cable giant prevailed over Twenty-First Century Fox on Saturday, winning a dramatic one-day auction with an offer that values the UK broadcaster at 30.6 billion pounds ($40 billion). For Chief Executive Brian Roberts, it’s a huge bet on overseas growth for a company that cannot get much larger at home.
LONDON (Reuters Breakingviews) - Banks were the first institutions to fall in a decade of lost trust. The crisis that reached its climax with the failure of Lehman Brothers a decade ago swept away the notion that financial leaders could be relied upon to safely run their firms. Since then central bankers, politicians and the media have also faced growing public scepticism. The malaise shows no sign of lifting.
LONDON (Reuters Breakingviews) - In the first of our “Ten Years After” series, Peter Thal Larsen talks to Adam Tooze. The Columbia University history professor joins the dots from the 2008 crash to Brexit and U.S. elections, noting a declining faith in U.S. willingness to be the global lender of last resort.
LONDON (Reuters Breakingviews) - In September it will be a decade since Lehman Brothers collapsed. While many recall the Wall Street firm’s dramatic failure - and the global crisis it unleashed - few know how it began. A dazzling new production of “The Lehman Trilogy” examines that story through the eyes of its founding siblings and the dynasty they created. It’s America’s economic history distilled into a family drama.