News World No-deal Brexit probability rises to 25% from 15%, JPMorgan says

No-deal Brexit probability rises to 25% from 15%, JPMorgan says

U.S. investment bank JPMorgan raised its probability of a no-deal Brexit to 25% from 15%, saying its base case is that Boris Johnson becomes prime minister, followed by a general election and then another delay to Britain’s exit to the end of the year.

JPMorgan raised the probability of an Article 50 extension to 60% versus 50% before and cut the probability of exit on the terms of Prime Minister Theresa May’s Withdrawal Agreement to 15% from 35%.

The bank’s Malcolm Barr said in a research note to clients on Tuesday that their base case was that: “Boris Johnson becomes PM in early September on a ‘no deal if we have to’ platform. The EU refuses his central objective of removing the backstop from the Withdrawal agreement.”

“The Commons begins the process of legislating to force Johnson to seek an Article 50 extension, and Johnson calls a general election seeking a mandate for his approach,” the note added.

“The UK and EU agree to extend Article 50 to end December to allow time for the general election to take place and for discussions to follow it.”

(Reuters)

Top Stories

T/Cypriot police shoot, injure two irregular migrants

    Turkish Cypriot police shot and injured two irregular migrants who tried to avoid arrest, the online edition of the Turkish Cypriot newspaper Yeniduzen reports. It...

Turkish verdict paving way for Hagia Sophia mosque expected Friday – officials

    A Turkish court is likely to announce on Friday that the 1934 conversion of Istanbul's Hagia Sophia into a museum was unlawful, two Turkish...

More credit card use for small purchases amid pandemic

  Kiosks and newsagents saw a 103% increase in credit card transactions, while travel related business recorded a 91% decrease in the quarter ending June...

Tried and Tasted: Bistro 961

The wonderful, aromatic flavours of the Middle East are an eternally welcome guest in my stomach. So when I found out that a sweet...

Multinational aeronautical exercise off Cyprus (photos, video)

    A multinational aeronautical exercise was carried out south of Limassol on Wednesday with the participation of four countries -- Cyprus, Greece, France and Italy,...

Taste

How to make triandafillo ice cream, by UK Cypriot chef Loulla Astin

  Just in time for the scorching heat, UK Cypriot chef Loulla Astin has shared her recipe for refreshing triantafillo ice cream -- or as...

Cyprus sprouts with cream and prosciutto

In a big, deep frying pan, fry the prosciutto in the olive oil, on medium heat for 2 minutes. Add the onion and garlic...

Pork burger with sundried tomatoes, mozzarella and anchovies

Mix all the ingredients together with the mince in a bowl, and combine well. Divide into 4 balls and form the burgers. Warm a griddle/pan...

Sheftalies

Wash the lamb cauls with plenty of cold water and let them settle in water and vinegar for a little while. Soak the bread crumbs...