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Finance Minister Pravin Gordhan speaks out on Brexit vote

2016-06-23 23:24

Listen to an audio clip of Finance Minister Pravin Gordhan speaking out on the Brexit vote and what it means for SA.


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Last Updated at 18:15
24 Jun 16:14

What next for UK after deciding to leave the EU? Watch this timeline of what could occur:

24 Jun 16:13

Bloomberg uncovers the Brexit winners and losers:

24 Jun 14:03

Finance Minister Pravin Gordhan speaks out on Brexit vote:

24 Jun 13:52

24 Jun 13:34
House of Europe needs renovation after Brexit, says Italy PM Renzi. - AFP.

24 Jun 13:31

24 Jun 13:31

German Chancellor Angela Merkel called for a “calm and measured” response from the European Union to the UK’s vote to leave, while also saying that Britain must adhere to the bloc’s exit rules.

“Until there’s an exit, Great Britain has all the rights and obligations of an EU member,” Merkel said in a televised statement from the chancellery in Berlin. “Our goal should be to have a close and cooperative relationship with Great Britain in the future.” - Bloomberg.

24 Jun 13:26
Donald Trump sees 'parallel' between Brexit vote and his campaign. - AFP.

24 Jun 13:26
The ‘Quality of Nationality Index’ ranks how helpful it is to be from specific places – and the British just fell a long way down it, says the Independent.

24 Jun 13:23

24 Jun 13:21

24 Jun 13:12

Global banks seek to reassure after Brexit vote

Global banks sought to reassure investors and clients on Friday that they will absorb the impact of Britain's vote to leave the EU, with US giant JPMorgan warning that financial sector jobs may leave Britain.

"In the months ahead... we may need to make changes to our European legal entity structure and the location of some roles," said a JPMorgan staff memo obtained by AFP.

JPMorgan employs 16 000 people in Britain, while chairman and chief executive Jamie Dimon previously said that up to 4 000 jobs could move out of the UK.

"For the moment, we will continue to serve our clients as usual, and our operating model in the UK remains the same," the memo said. - AFP.

24 Jun 13:09

WATCH: France's Front National leader Marine Le Pen says she is very happy ‘the British people held on and made the right choice’ to leave EU. - Guardian.

24 Jun 13:08

WATCH: "Is this end of the EU?" "No" replies EU president Jean-Claude Juncker and then walks out to thunderous applause.

24 Jun 13:06
German chancellor Angela Merkel warns EU against 'quick and simple' reactions to Brexit. - AFP.

24 Jun 12:56

President Jacob Zuma: Volatility may persist due to Brexit

"The uncertainty that arises from this vote means that the volatility that has characterized capital markets in the lead-up to the vote may persist.

"The National Treasury and the South African Reserve Bank have been in discussions with financial institutions on the possible implications for the South African economy.

"Our banks and financial institutions are well positioned to withstand financial shocks to the system as demonstrated in previous episodes including the 2008/09 global financial crisis. We are therefore confident that our financial system including the banks and the regulatory framework are extremely resilient and reliable.

"The Reserve Bank and the National Treasury are closely monitoring the unfolding developments and will advise the South African public where necessary.

"In this context, our ongoing efforts as South Africans, government, business, labour and civil society to reignite growth become that much more urgent and critical."

24 Jun 12:50
Hollande, Tusk, Renzi to meet in Berlin Monday for post-Brexit talk, says Merkel. - AFP.

24 Jun 12:50
British Airways owner IAG has said the UK’s vote to leave the European Union will reduce profit growth in 2016 amid a short-term impact on travel demand.

24 Jun 12:50
Gold shares have been the big winners on the JSE as investors poured into safe havens to escape global market turmoil after Britain voted to leave the European Union.

24 Jun 12:49
Currencies, stocks and bonds across Africa have plunged after the UK’s vote to leave the EU triggered a slump in oil and other commodities and sent investors scurrying.

24 Jun 12:48

24 Jun 12:47

"The Westminster establishment has some serious soul searching to do," says Scotland's First Minister Nicola Sturgeon.

WATCH: Sturgeon's speech

24 Jun 12:47

Presidents Schulz and Tusk and Prime Minister Rutte met this morning in Brussels upon the invitation of European Commission President Juncker. They discussed the outcome of the UK referendum. "The British people have expressed their wish to leave. We regret this decision but respect it, said Juncker.

Watch his speech:

24 Jun 12:44
Second Scottish independence vote 'on the table', Scotland's First Minister Nicola Sturgeon. - AFP.

24 Jun 12:42
French President Francois Hollande said Friday that Britain's vote to leave the EU was a "grave test for Europe" in view of the economic and financial consequences." The British vote poses a grave test for Europe, which must show solidity and strength in its response to the economic and financial risks," Hollande said. - AFP.

24 Jun 12:42
German Chancellor Merkel voices "great regret" at British decision to leave EU. - AFP.

24 Jun 12:41

'Glorious opportunity' for UK

Boris Johnson says the vote to leave the European Union gives Britons a "glorious opportunity" to take control. He said on Friday there is no need for haste in negotiations. He said the vote means Britain will be able to set its own taxes and control its own borders.

"It was a noble idea for its time; it is no longer right for this country," Johnson said of the EU.

He praised Prime Minister David Cameron as an "extraordinary politician" and said he is "sad" to see Cameron resign.

The former London mayor did not say Thursday if he plans to contend for the Conservative Party leadership. - AFP.

24 Jun 12:39

24 Jun 12:39

24 Jun 12:30

WATCH: Boris Johnson says: "There's no way of dealing with a decision on this scale except by putting it to the people."

24 Jun 12:17

24 Jun 12:17

Boris Johnson: There is no need in 21st Century to be part of government based in Brussels. It is no longer right for this country. It is the essence of the case that young people can look forward to a more secure and prosperous future if we take back democratic institutions. It is a glorious opportunity to pass laws and set taxes and control borders that is fair and take wind out of sales with extremists who want to play games with immigration. We can find our voice in the world.

24 Jun 12:14
Boris Johnson: Young people, who may feel this decision involves isolation or draw bridge. I think the opposition. We can not turn our backs on Europe.

24 Jun 12:14
Boris Johnson: UK will not be less united. It won't be less European.

24 Jun 12:14
Boris Johnson: There is no need for haste. Nothing will change over the short term.

24 Jun 12:11
Finance Minister Pravin Gordhan said the UK pulling out of the EU would “complicate life” for South Africa.“ It may not immediately impact negatively, especially on trade, but the uncertainty could have a serious impact on us as a country,” the Sunday Tribune quoted him as saying in Durban on Saturday.

24 Jun 12:10
Britain’s possible departure from the European Union could shave about 0.1 percentage point off South Africa’s economic growth due to the nation’s strong trade ties with the UK and European Union, according to researchers from North-West University.

24 Jun 11:59

Of course Hillary Clinton had to chip in on Trump's visit to Scotland:

24 Jun 11:58

Trump's official statement on Brexit:

The people of the United Kingdom have exercised the sacred right of all free peoples. They have declared their independence from the European Union, and have voted to reassert control over their own politics, borders and economy.

A Trump Administration pledges to strengthen our ties with a free and independent Britain, deepening our bonds in commerce, culture and mutual defense. The whole world is more peaceful and stable when our two countries – and our two peoples – are united together, as they will be under a Trump Administration.Come November, the American people will have the chance to re-declare their independence.

Americans will have a chance to vote for trade, immigration and foreign policies that put our citizens first. They will have the chance to reject today’s rule by the global elite, and to embrace real change that delivers a government of, by and for the people. I hope America is watching, it will soon be time to believe in America again.

24 Jun 11:56

Trump says Brexit vote is a great thing

It’s an amazing vote because the voters are angry,” Donald Trump said after he landed in Scotland. “They took back their country and that’s a great thing.”

“They’re angry over borders, they’re angry over people coming into the country and taking over, and nobody even knows who they are," Trump said.

The UK may be divided now - also Scotland and Northern Ireland voted to remain in the EU and face being taken out against their will - but “it’ll heal, it’ll heal,” he said.  - Bloomberg.

24 Jun 11:54

The European Central Bank said on Friday it is ready to provide additional liquidity for financial markets if needed in the meltdown sparked by Britain's decision to quit European Union.

"Following the outcome of the UK referendum, the European Central Bank is closely monitoring financial markets and is in close contact with other central banks," it said in a statement.

"The ECB stands ready to provide additional liquidity, if needed, in euro and foreign currencies," the bank said, adding: "The ECB has prepared for this contingency in close contact with the banks that it supervises and considers that the euro area banking system is resilient in terms of capital and liquidity." - AFP.

24 Jun 11:53
The bullish sentiment that lifted UK equities in recent days is getting crushed as Britons voted to leave the European Union and Prime Minister David Cameron said he’ll quit by October. The FTSE 100 Index fell 4.8% at 10:28 in London, heading for its worst plunge since 2009, and tumbled as much as 8.7%. The referendum results triggered a selloff across global markets, with benchmark gauges and futures sliding from Asia to the US. The pound sank as much as 11% after previously reaching its highest level since December against the dollar. - Bloomberg.

24 Jun 11:51
“It’s scary, and I’ve never seen anything like it,” said James Butterfill, head of research and investments at ETF Securities, said by phone from London. “We’re going to see outflows from basically any kind of cyclical asset. A lot of people were caught out, and many investors will lose a lot of money.” - Bloomberg.

24 Jun 11:28

24 Jun 11:26
The rand has slumped 21 percent in the past year, the worst performance after Argentina’s peso among 24 emerging-market currencies tracked by Bloomberg, amid concerns that political upheaval and deteriorating fiscal metrics could lead to a credit downgrade to junk. - Bloomberg.

24 Jun 11:26
South African bonds fell the most since December, with yields on benchmark rand bonds due December 2026 climbing 34 basis points to 9.23 percent, the highest on a closing basis since June 2. - Bloomberg.

24 Jun 11:26
South Africa’s currency is the most volatile among 24 emerging-market peers, according to data compiled by Bloomberg, suggesting it often trades as a proxy for risk sentiment. - Bloomberg.

24 Jun 11:22

How Brexit hits those interested in a second passport

"The implications of Brexit are likely to be far-reaching and will impact on many of us around the globe, regardless of whether or not we live in the UK or hold a British passport," said Andrew Taylor of Henley & Partner.

"Many expect the UK will end up under an EEA Agreement or acquire a similar status to Switzerland. In this case, a form of free right of movement would likely remain. But, in the unlikely event that free right of movement was to be terminated, then Brexit will damage the value of British nationality far more than that of European nationality.

"The EU will lose one country whereas the UK will potentially lose free access to 27 countries. European nationals will still have the right to live, work, and study in any of these 27 countries. 

"What the UK referendum has bought into sharp focus is that in today’s ever-changing world, securing more than one residence or citizenship should be part of one’s wealth management and sustainability strategies." 

24 Jun 11:12
“They took back their country and that’s a great thing,” Donald Trump tells reporters upon landing at Turnberry resort in Scotland. - Bloomberg.

24 Jun 11:12

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