Britain faced angry calls from European leaders to act quickly to resolve the political and economic chaos unleashed by its vote to leave the EU, which the IMF said could hurt global growth.
Financial markets recovered slightly yesterday after the result wiped a record US$3 trillion off global shares and sterling fell to its lowest level in 31 years, but trading was volatile and policymakers vowed to take all necessary measures to protect their economies.
British Chancellor of the Exchequer George Osborne, whose attempt to calm markets fell on deaf ears on Monday, said he would have to cut spending and raise taxes to secure fiscal stability after a third credit ratings agency downgraded the country’s debt.
Photo: EPA
Firms have announced hiring freezes and possible job cuts, dashing voters’ hopes the economy would thrive outside the EU.
European countries are particularly worried about the impact on the rest of the EU of the uncertainty created by Britain’s vote to leave, with little idea of when, or even if, the country is to formally declare it is quitting.
European Commission President Jean-Claude Juncker told the European Parliament he would be urging British Prime Minister David Cameron to “clarify as soon as possible” the British position, but did not expect him to launch the two-year withdrawal process “today, or tomorrow morning.”
“We cannot be embroiled in lasting uncertainty,” Juncker said in a speech which he interrupted to ask British lawmakers who campaigned to leave the EU why they were there.
Cameron, who resigned after he failed to persuade the country to stay in the EU in the referendum, which he called, said he would leave it to his successor to formally declare Britain’s exit.
His party said it aims to choose a new leader by early September, but those who campaigned for Britain’s leave vote have made clear they hope to negotiate a new deal for the country with Europe before triggering the formal exit.
European leaders have said that is not an option.
“No notification, no negotiation,” Juncker said.
The Central Weather Administration (CWA) yesterday said it expected to issue a sea warning for Typhoon Fung-Wong tomorrow, which it said would possibly make landfall near central Taiwan. As of 2am yesterday, Fung-Wong was about 1,760km southeast of Oluanpi (鵝鑾鼻), Taiwan’s southernmost point, moving west-northwest at 26kph. It is forecast to reach Luzon in the northern Philippines by tomorrow, the CWA said. After entering the South China Sea, Typhoon Fung-Wong is likely to turn northward toward Taiwan, CWA forecaster Chang Chun-yao (張峻堯) said, adding that it would likely make landfall near central Taiwan. The CWA expects to issue a land
Taiwan’s exports soared to an all-time high of US$61.8 billion last month, surging 49.7 percent from a year earlier, as the global frenzy for artificial intelligence (AI) applications and new consumer electronics powered shipments of high-tech goods, the Ministry of Finance said yesterday. It was the first time exports had exceeded the US$60 billion mark, fueled by the global boom in AI development that has significantly boosted Taiwanese companies across the international supply chain, Department of Statistics Director-General Beatrice Tsai (蔡美娜) told a media briefing. “There is a consensus among major AI players that the upcycle is still in its early stage,”
The Central Weather Administration (CWA) yesterday said it is expected to issue a sea warning for Typhoon Fung-wong this afternoon and a land warning tomorrow. As of 1pm, the storm was about 1,070km southeast of Oluanpi (鵝鑾鼻), Taiwan’s southernmost point, and was moving west-northwest at 28 to 32kph, according to CWA data. The storm had a radius of 250km, with maximum sustained winds of 173kph and gusts reaching 209kph, the CWA added. The storm is forecast to pass near Luzon in the Philippines before entering the South China Sea and potentially turning northward toward Taiwan, the CWA said. CWA forecaster Chang Chun-yao (張峻堯) said
PREPARATION: Ferry lines and flights were canceled ahead of only the second storm to hit the nation in November, while many areas canceled classes and work Authorities yesterday evacuated more than 3,000 people ahead of approaching Tropical Storm Fung-wong, which is expected to make landfall between Kaohsiung and Pingtung County this evening. Fung-wong was yesterday morning downgraded from a typhoon to a tropical storm as it approached the nation’s southwest coast, the Central Weather Administration (CWA) said, as it issued a land alert for the storm. The alert applies to residents in Tainan, Kaohsiung, Pingtung and Taitung counties, and the Hengchun Peninsula (恆春). As of press time last night, Taichung, Tainan, Kaohsiung, and Yilan, Miaoli, Changhua, Yunlin, Pingtung and Penghu counties, as well as Chiayi city and county had
RSS