Reuters Insider - Reuters Today: UK PM May seen offering her job to get Brexit deal through

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27/03/2019 10:56

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Source: Reuters Insider

Description: British Prime Minister Theresa May is expected to make a last
ditch attempt to save her Brexit deal, but it may cost her her job. Inditex
shares fell after a broker downgrade. Renault shares shifted into higher gear
after the FT said the carmaker is eyeing a merger with Nissan within 12
months.
Short Link: https://reut.rs/2WrH1jG

Video Transcript:

Good morning and welcome to Reuters Today. I'm Angeline Ong. UK Prime Minister
Theresa May makes a last ditch attempt to save her Brexit deal but it may cost
her job. More in a moment, but here's the state of play for today. UK
lawmakers are due to seize control from the government around lunchtime. MPs
will then debate a variety of options ranging from revocation of Article 50 to
a 'Norway' style agreement to a hard 'no deal' Brexit. The Speaker of the
House - John Bercow - will then select which proposals to vote on. Now it's
still unclear if MPs have a free vote. Whatever the outcome, though, the
results are non-binding. 

No Government could give a blank cheque to commit to an outcome without
knowing what it is. 

Mrs. May has not ruled out meaningful vote three. The leader of the House of
Commons - Andrea Leadsom - says there's a real possibility that Mrs. May's
Brexit deal will come back to parliament on Thursday or Friday. She told MPs
they were obliged to reconsider the Withdrawal Agreement. 

I do urge honorable members again to consider the prime minister's deal and to
accept the reality which is that the European Council requires us to look
positively at the withdrawal agreement.

Now Conservative MP Oliver Letwin said he would continue to vote for May's
deal. Letwin is the architect of a series of votes on alternatives to May's
Brexit plan. Ahead of Eurosceptics in May's party, Jacob Rees-Mogg also
indicated he could scale back his opposition to May's deal when he tweeted,
"The choice seems to be May's deal or no Brexit." Northern Ireland's
Democratic Unionist Party's stance though remains unchanged. The party that
props up May's minority government says it would prefer no Brexit deal to
May's deal. 
EU Council president Donald Tusk is urging the European Parliament to be open
to granting Britain a long extension.
He told lawmakers that they shouldn't ignore the 6 million people who signed
the petition to revoke Article 50, the one million people who marched for a
People's Vote, or "the increasing majority of people who want to remain in the
European Union." We just have a line through from the FT as well. FT's
political editor saying that May's team are discussing a time table for Mrs.
May to quit which might not involve her announcing it publicly before the
third vote on the Brexit deal. Now meanwhile, Brexit has dented hiring. More
companies were downbeat about the outlook for jobs and investment than were
optimistic for the first time since the Recruitment and Employment
Confederation began its surveys in the month of the referendum. That was back
in June 2016. To the movers and shakers for you. Inditex one of the biggest
fallers in Europe after Jefferies cut the retailer to "hold" from "buy",
citing weak margins. Swedbank is under pressure over allegations its Estonia
operations may have been used to launder money and may have withheld
information from the US authorities. Electrolux shares are struggling, too.
The household goods maker says there's little visibility for future revenues
because of political and economic uncertainty around the world. On the up,
shares in Italy's Banco BPM higher after it said it plans to sell its stake in
the payments group Nexi when it IPOs in April. Renault also rising. The
Financial Times says the French carmaker intends to pursue a merger with
Nissan within 12 months and then make a move on Fiat Chrysler. Shares of the
department store group Debenhams surged after Mike Ashley's Sports Direct said
it's considering an offer valued at GBP61.4 million. On the broader markets,
'risk off' remains in play ahead of the vote and global growth concerns. The
FTSE is up a touch, so is the DAX in Germany whilst the CAC is just tipping
into negative territory. We've also got more upbeat data out of France.
Consumer confidence levels there rebounded further in March to hit a
seven-month high. This mirroring GDP data yesterday, which showed the French
economy kept up a steady pace of growth in Q4, despite the anti-government
protests there. And that's it for now. I'm Angeline Ong, and this is Reuters