Brexit: Investors respond as draft agreement emerges

first_imgAsset managers and asset owners have called for UK and EU negotiators to protect the interests of savers and investors as they flesh out the detail of a Brexit agreement.UK prime minister Theresa May last night announced the draft withdrawal agreement following what she described as a “long, detailed and impassioned debate” between cabinet ministers.She also acknowledged there would be “difficult days ahead” – and this morning several ministers resigned in protest at the agreement, including Brexit minister Dominic Raab, Northern Ireland minister Shailesh Vara and work and pensions minister Esther McVey.However, Chris Cummings, chief executive of the Investment Association, the trade body for UK asset managers, said the agreement was “a significant breakthrough”. “European savers and the industries that serve them can take some comfort from the announcements today, which mitigate some of the worst feared cliff-edge effects of a ‘no deal’ Brexit and provides a clearer road ahead,” he said. Theresa May addresses reporters on 14 November“Although there are still important political hurdles to clear in the coming weeks, and firms will continue to keep their contingency plans under review, the details published today will give firms more clarity on the shape of the future relationship between the EU and the UK. There is still much to be negotiated but today’s announcement take us closer to a new relationship with the EU.“All efforts must now be focused on securing a final agreement that protects the interests of European savers and investors and which allows the asset management industry to flourish.”Speaking at an event in London today, Azad Zangana, senior European economist and strategist at Schroders, said the draft agreement marked “the end of the very beginning of Brexit” and that, if all went well, a cliff-edge “no deal” situation would be avoided.However, he warned that this was still one of several possible outcomes from a transition period, in addition to a hard, soft, or “limbo” Brexit. Pension fund trade body’s tentative welcomeNigel Peaple, director of policy and research at the Pensions and Lifetime Savings Association (PLSA), said: “Brexit negotiations have created a great deal of uncertainty and, provided the deal gets through parliament, we believe that it could help to provide economic stability which remains a key issue for our member schemes.“It’s imperative that any deal agreed takes into account the interests of the pension industry, as well as savers, in order to help those entering their retirement years do so in a comfortable manner.”The association has previously called for the government to maintain a free trade agreement for goods to support businesses and therefore pension funds.In the political agreement published jointly by the UK and EU, the negotiators stated that they had agreed to “comprehensive arrangements creating a free trade area combining deep regulatory and customs cooperation, underpinned by provisions ensuring a level playing field for open and fair competition as described below”.The agreement also stated there would be “zero tariffs, no fees, charges or quantitative restrictions across all goods sectors”.‘Nothing is agreed until everything is agreed’center_img Michel Barnier presents the draft agreement to the European CommissionIn a statement today, the European Union’s negotiators reiterated their mantra that “nothing is agreed until everything is agreed”.“The EU and UK negotiators will continue their work on the political declaration on the framework for the future relationship based on the outline published today,” the statement said.The European Council – made up of the government leaders of EU member states – will need to ratify the agreement, as will the UK parliament.Additional reporting by Susanna Rustlast_img read more

Uattara regroups after benching

first_img Published on September 11, 2013 at 2:46 am Contact Ryan: [email protected] Facebook Twitter Google+ Sophomore Silvi Uattara, Syracuse’s (1-5) second-leading point-scorer, had to deal with something she is not used to this past weekend: sitting on the sidelines.In the match against Rutgers on Friday night, Uattara, who hails from Voronezh, Russian Federation, did not start for the first time all season. Instead, she split significant time with senior Samantha Clarey. On Saturday night against Colorado, she never made it onto the court.“In a meeting before the game, Coach (Leonid Yelin) said we have to try something new, we have to give opportunity to other players, too,” Uattara said. “I was really upset, of course, but I understood if it’s coach’s decision. It’s a lock. And I could not go and say for him it’s not right or something.”A few days later, Uattara said she thinks she understands why Yelin did what he did, but was unwilling to comment on that reason.“It’s private. I do not want to say,” Uattara said. “I don’t know, it’s my opinion and coach has the same opinion, probably, so I’m not going to say.”AdvertisementThis is placeholder textYelin said he tried to explain to Uattara that the decision to sit her on Saturday night was not a punishment, but more of a chance to reflect on what she has been failing to do right and give some of the younger players more time.In Yelin’s opinion, her struggles are mental. He felt the night off would give her a chance to step back and see where she had not been executing.“If you’re not performing … it’s here,” Yelin said, pointing to his head. “I said ‘Sil, as much as can be helped, I’m trying to help you. The key word is help. I cannot do this for you.’”The decision to rotate between Uattara and Clarey on Friday night, Yelin said, was due to statistics that showed Uattara was playing strong on the front row, but her numbers were not as impressive when she played in the back row.Yelin thought Clarey, who has spent most of her career as a hitter, would do a better job rotating in on the back row. And she did, eventually serving out the last five points of the fifth set against Rutgers on Friday night to lead the team to a victory. Uattara, meanwhile, sat on the bench.“She asked why I’m not playing her in the back row,” Yelin said. “I said these are the numbers why. This is the numbers when you play on the back row. These are the numbers when Clarey is playing on the back row.”After having reduced or no playing time in two of the weekend’s four matches, the question becomes how Uattara will handle this benching as the team heads into a home weekend series against three teams that have one win combined.Nicolette Serratore said Uattara has been a more determined player at practice since her benching this past weekend.“In the past two days, she has really learnt a lot and she is really focused on what he (Yelin) is asking from her,” Serratore said, “so I think that she will be ready to play.”Uattara said the benching is the source of her hard play in practice during the week, but it has also motivated her to show her coach she has changed as a player.“I’m still practicing hard, because I know that I am going to play for sure,” Uattara said. “I’m just trying to do my best and to show for coach that I am much better. Maybe it’s one of the reasons why he put me on the bench, maybe he wants me to play better.” Commentslast_img read more