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Sterling Drops as May Signs Brexit Trigger for Process to Begin

Sterling Drops as May Signs Brexit Trigger for Process to Begin

  Sterling fell in early Asian trading as investors brace for the start of the two-year negotiation for the U.K. to leave the European Union. The pound fell as much as 0.6 percent to 1.2377 per dollar, and was the worst performer among the Group-of-10 which saw muted trading. Some funds left it late in […]

Egyptians Ditch Imports And Buy Local As Pound Sinks

Egyptians Ditch Imports And Buy Local As Pound Sinks

Egyptian chocolate spread maker Swifax has doubled its sales and is struggling to keep up with demand since the pound currency dived in November, forcing shoppers traditionally “obsessed with everything foreign” to ditch pricy imports and buy local. “People started changing their habits,” Swifax’s commercial director Mohamed El Gammal told Reuters. “We could sell even […]

More Property Funds Suspended As Brexit Tremors Continue In The City

More Property Funds Suspended As Brexit Tremors Continue In The City

Britain’s vote to leave the EU has sent further shock waves through financial markets, with three more property funds suspended, the pound plunging and share prices falling amid fresh uncertainty about the economic impact of the decision to leave the EU. Funds responsible for investing some £14bn in shopping centres, office blocks and warehouses have […]