Global Glance: Markets rocked after Britain votes to leave European Union

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Here are today’s top business headlines from across the nation and world:

Britain votes to leave EU: David Cameron to resign; markets rocked

LONDON (AP) – Britain voted to leave the European Union after a bitterly divisive referendum campaign, toppling the government Friday, sending global markets plunging and shattering the stability of a project in continental unity designed half a century ago to prevent World War III. The decision launches a yearslong process to renegotiate trade, business and political links between the United Kingdom and what will become a 27-nation bloc, an unprecedented divorce that could take decades to complete. “The dawn is breaking on an independent United Kingdom,” said Nigel Farage, leader of the U.K. Independence Party. “Let June 23 go down in our history as our independence day!” Prime Minister David Cameron, who had led the campaign to keep Britain in the EU, said he would resign by October and left it to his successor to decide when to invoke Article 50, which triggers a departure from European Union. Read more


David Cameron’s resignation sets off leadership scramble

LONDON (AP) – British Prime Minister David Cameron’s decision to resign after losing the referendum vote on European Union membership will set off an intense Conservative Party leadership battle. Cameron said Friday a new prime minister should be in place by a party conference in October. Among the possible contenders are former London Mayor Boris Johnson and Justice Secretary Michael Gove, who both helped lead the “leave” campaign, and Home Secretary Theresa May. Other Cabinet members are likely to contend as well. Treasury chief George Osborne’s chances seem damaged by the Brexit vote as he had argued strongly to remain in the EU. Read more


Stocks crash after UK vote to quit EU shocks investors

LONDON (AP) – Stock markets crashed, oil prices tumbled and the pound fell to a 31-year low on Friday as Britain’s unprecedented vote to leave the European Union shocked investors and dragged the region, the world’s largest economic bloc, into a new era of uncertainty. Investors rushed to dump European shares as soon as markets opened, following earlier drops in Asia, and Wall Street was set to fall sharply amid concerns about the economic consequences of the vote. The move could drain confidence among companies and business in Britain and the wider EU, which some fear could even face more defections. Read more


Now that Britain has voted to leave the EU, what comes next?

LONDON (AP) – Britons have voted to leave the European Union, their concerns about immigration and what some saw as the ever-increasing power of the 28-member bloc trumping the attraction of being part of a single market of more than 500 million people and a European project forged from the ashes of World War II. Here’s a look at what happens next: WHAT HAPPENS FRIDAY MORNING? Prime Minister David Cameron, head of the ruling Conservative Party, is expected to make a statement, most likely outside his official residence at 10 Downing Street. Former London Mayor Boris Johnson has not indicated when he will speak about the “leave” campaign success. Read more


European Central Bank ready to provide additional credit

The European Central Bank says it is “closely monitoring financial markets” in the wake of the British vote to leave the European Union. The chief monetary authority for the 19 countries that use the euro currency says that it “stands ready” to provide additional credit to financial institutions if they need it to do business. It also said it was staying in close contact with other central banks. Read more

 

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