Daily Business Wrap - #putittopeople: Pound traders to face reality test on Brexit - video Dailymotion

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Traders of the best performing pound will face reality test on the Brexit front as the likelihood of the UK crashing out of the EU has increased considerably.

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00:00Hello and welcome to Gautam's daily business where our pound traders will face reality

00:05check as they see more developments on Brexit front.

00:08Now over the weekend what happened was about 1 million people came out to the streets and

00:13said let people decide on Brexit through a second referendum.

00:17In addition to 4.2 million online signed petitions that were sent basically for people to vote

00:26on a Brexit referendum.

00:28Remember that Theresa May has already tried to put her deal through the parliament and

00:34it was rejected by the House of Commons twice by a huge margin.

00:39Now there has been an open political revolt against the leadership of Theresa May and

00:44six of her ministers are openly revolting against her.

00:47They want David Lidington, her deputy, to take over the reins and complete the Brexit

00:53process.

00:54The pound has whipsawed this month yet it is still the best performing major currency

00:58in 2019.

01:00It remains around 12% lower since Britons voted to leave the EU.

01:04Another story that we are following is on ADFG and Shua Capital.

01:09ADFG and Shua Capital are in preliminary discussions for a potential merger.

01:15Another wave of consolidation that is happening in the industry, say for example we saw that

01:20in case of ADCB Bank merging with UNB and Al-Hilal Bank.

01:26And we also saw that in case of the First Abu Dhabi Bank which was previously called

01:31as the National Abu Dhabi Bank and First Gulf Bank.

01:35Now this particular preliminary discussion may or may not result in a potential transaction.

01:40This was according to a statement that was released by Shua Capital.

01:44Shua Capital shares rose to its maximum upper limit of 15% today to be at around 80 fills

01:51per share.

01:52That's it from me and thanks for watching.

01:53For more you can log on to gulfnews.com slash business.

Daily Business Wrap - #putittopeople: Pound traders to face reality test on Brexit

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