U.S. Markets close in 2 hrs 33 mins

UK's Johnson seeks Dec. 12 election to break Brexit impasse

JILL LAWLESS
1 / 7

Britain EU Brexit

Britain's Prime Minister Boris Johnson leaves 10 Downing Street, on his way to parliament in London, Thursday October 24, 2019. Johnson has announced Thursday that he wants a General Election. (Hollie Adams/PA via AP)

LONDON (AP) — British Prime Minister Boris Johnson has finally abandoned his promise of an October Brexit and pinned his hopes on a December election.

Two days after lawmakers stymied Johnson's latest attempt to pass his European Union divorce deal, he said Thursday that the only way to break Britain's Brexit impasse was a general election. Johnson said he would ask lawmakers to vote Monday on a motion calling a national poll for Dec. 12.

To hold an election Johnson must win a vote — by a two-thirds majority — among lawmakers. That looked like a tough task, with the main opposition Labour Party saying it would only back an election once the risk of Britain crashing out of the EU on Oct. 31 — its scheduled departure date — had been removed.

Parliament has already dealt Johnson a series of setbacks and derailed his promise to take Britain out of the EU by the end of the month, "come what may."

The most recent blow came Tuesday, when lawmakers blocked Johnson's attempt to fast-track an EU divorce bill through Parliament in a matter of days, saying they needed more time to scrutinize the legislation.

Britain's next scheduled election is in 2022. To secure an early election, Johnson needs either to win Monday's vote in Parliament, or lose a no-confidence vote, which so far opposition parties have refused to call.

Labour leader Jeremy Corbyn said he would wait and see whether the EU agreed to delay Britain's departure from the bloc. Johnson grudgingly asked for a three-month delay until Jan. 31 on the orders of Britain's Parliament, which wants to avert the economic damage that could come from a no-deal exit.

"Take no-deal off the table and we absolutely support a general election," Corbyn said.

He said that "if the EU will answer tomorrow then we'll know tomorrow."

Smaller opposition parties said they wanted an election but were wary of doing it on Johnson's terms.

"The U.K. government has no coherent plan to end the Brexit chaos and a general election will not solve the crisis," said Adam Price, leader of the Welsh party Plaid Cymru.

Johnson said it would be "morally incredible" if opposition lawmakers blocked an election.

"It is time, frankly, for this Parliament to make way for a new, fresh Parliament that can deliver on the priorities of the British people," he said.

Though the EU has not yet given its answer, Johnson said it looked like the bloc would grant the delay.

"I'm afraid it looks as though our EU friends are going to respond to Parliament's request by having an extension, which I really don't want at all," he said.

European Council President Donald Tusk has recommended that the other 27 EU nations grant Britain a delay, yet many of the bloc's members are weary and frustrated at Britain's interminable Brexit melodrama. But they also want to avoid the economic pain that would come to both sides from a sudden and disruptive British exit.

So they are likely to agree, although politicians in France say President Emmanuel Macron is pushing for a shorter extension than the three months that Britain has asked for.

Johnson has vowed that, sooner or later, the U.K. will leave the EU on the terms of the deal he negotiated with the bloc.

He said the Dec. 12 election date would give lawmakers more time to scrutinize his bill, because Parliament would be in session until the formal campaign started on Nov. 6.

If lawmakers refuse to approve his deal, Johnson hopes an election will deliver a majority for his Conservative Party, enabling him more easily to deliver on his plans.

Meanwhile, U.K. police and politicians have sounded alarms about what could happen in Northern Ireland under Johnson's proposed Brexit deal, with the region's police chief warning that a badly handled divorce from the European Union could bring violence back onto the streets.

Police have long warned that if Britain's departure from the EU imposes a hard border between the U.K.'s Northern Ireland and EU member Ireland, that could embolden Irish Republican Army splinter groups who are opposed to Northern Ireland's peace process and power-sharing government.

Police Service of Northern Ireland Chief Constable Simon Byrne told the BBC that there also was potential for unrest among Northern Ireland's pro-British loyalist community. He said, depending on how Brexit unfolded, there could be "a lot of emotion in loyalist communities and the potential for civil disorder."

"There are a small number of people in both the loyalist and nationalist communities that are motivated by their own ideology and that have the potential to bring violence back onto the streets," he said.

The all-but invisible Irish border now underpins both the regional economy and the peace process that ended decades of violence in Northern Ireland.

The Brexit divorce deal struck last week between Johnson and the 27 other European Union countries contains measures to keep the Irish border open. But the plan has been condemned by Northern Ireland's Democratic Unionist Party, an ally of Johnson's Conservatives. The DUP says the agreement's proposal to keep Northern Ireland in line with EU goods and customs regulations would impose new checks and friction between Northern Ireland and the rest of the U.K.

Johnson's Conservative government acknowledges that "administrative procedures, including a declaration will be required" on goods going from Britain to Northern Ireland after Brexit, but it says they would be minimal.

DUP lawmaker Nigel Dodds warned Thursday that the British government risked undermining "the political institutions and political stability in Northern Ireland by what you are doing to the unionist community."

"Please wake up and realize what is happening here," he told the House of Commons. "We need to get our heads together here and look at a way forward that can solve this problem. Don't plow ahead regardless, I urge you."

___

Follow AP's full coverage of Brexit and British politics at https://www.apnews.com/Brexit

  • Business
    Thomson Reuters StreetEvents

    Edited Transcript of CFX earnings conference call or presentation 31-Oct-19 12:00pm GMT

    Q3 2019 Colfax Corp Earnings Call

  • Business
    Thomson Reuters StreetEvents

    Edited Transcript of UMH earnings conference call or presentation 8-Nov-19 3:00pm GMT

    Q3 2019 UMH Properties Inc Earnings Call

  • Business
    Thomson Reuters StreetEvents

    Edited Transcript of AMC.AX earnings conference call or presentation 7-Nov-19 10:30pm GMT

    Q1 2020 Amcor Pty Ltd Earnings Call

  • What Kind Of Investor Owns Most Of Ituran Location and Control Ltd. (NASDAQ:ITRN)?
    Business
    Simply Wall St.

    What Kind Of Investor Owns Most Of Ituran Location and Control Ltd. (NASDAQ:ITRN)?

    The big shareholder groups in Ituran Location and Control Ltd. (NASDAQ:ITRN) have power over the company. Generally speaking, as a company grows, institutions will increase their ownership. Companies that used to be publicly owned tend to have lower insider ownership.

  • Jumia Q3 revenue is up
    Business
    Yahoo Finance Video

    Jumia Q3 revenue is up

    Jumia, a Nigerian company listed in the NYSE, showed stock gains after it reported its quarter three results. Yahoo Finance's Dan Roberts, Anjalee Khemlani and Scott Gamm discuss on YFi AM.

  • Trump: Stocks would be 25% higher if the Fed had not raised rates
    Business
    Yahoo Finance

    Trump: Stocks would be 25% higher if the Fed had not raised rates

    President Donald Trump touted stock market gains in a speech on Tuesday and resumed his public bashing of the Federal Reserve, arguing that stocks would have been 25% higher if it had not raised rates in 2018. In a speech to the Economic Club of New York, Trump pointed to gains in the S&P 500, the Dow Jones Industrial Average, and the Nasdaq as a sign of the “economic boom among the likes of which we have never seen before.” Since Trump's election in November 2016, S&P 500 and the Dow Jones have been up over 40% and the Nasdaq has risen almost 60%. “If we had a Federal Reserve that worked with us, you could have added another 25% to each of those numbers I guarantee you that,” Trump said.

  • Disney shares climb despite Disney+ launch problems
    Business
    American City Business Journals

    Disney shares climb despite Disney+ launch problems

    After months of buildup, the hotly anticipated launch of Disney+ was not the happiest place on Earth thanks to widespread reports of problems logging onto and using the new streaming service. About three-fourths of reports had to do with video streaming, with a quarter reporting issues with logging in. Disney+ acknowledged the issues with a tweet, saying that demand for the service "has exceeded our high expectations." Shares in The Walt Disney Co. (NYSE: DIS) climbed despite the problems, trading up more than 1.5 percent in the morning — indicating that investors are confident that the company will weather this rocky start and consumers will maintain interest in Disney+ in the long-term.

  • Blackstone Group Warns of the Mother of All Bubbles
    Business
    Investopedia

    Blackstone Group Warns of the Mother of All Bubbles

    The Blackstone Group Inc. (BX), one of the world's largest private equity firms with $554 billion in total assets under management, sees growing risks for the markets right now, including a largely overlooked "mother of all bubbles." Moreover, there actually are troubling linkages between several negative developments that, on the surface, appear to be random and unrelated, warns Joseph Zidle, chief investment strategist at Blackstone's private wealth solutions group, per a detailed Business Insider report that is summarized below. Zidle sees a troubling parallel with the 2008 financial crisis, which erupted after a number of apparently unrelated risks converged. Meanwhile, CEO Steve Schwarzman of Blackstone searches for "discordant notes," or trends in the economy and the markets that appear to be separate and isolated, but which can combine with devastating results.

  • What Kind Of Investor Owns Most Of Agilent Technologies, Inc. (NYSE:A)?
    Business
    Simply Wall St.

    What Kind Of Investor Owns Most Of Agilent Technologies, Inc. (NYSE:A)?

    A look at the shareholders of Agilent Technologies, Inc. (NYSE:A) can tell us which group is most powerful. Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. Companies that used to be publicly owned tend to have lower insider ownership.

  • Harpoon Therapeutics, Inc. (HARP): Hedge Funds In Wait-and-See Mode
    Business
    Insider Monkey

    Harpoon Therapeutics, Inc. (HARP): Hedge Funds In Wait-and-See Mode

    Based on the fact that hedge funds have collectively under-performed the market for several years, it would be easy to assume that their stock picks simply aren't very good. This year hedge funds' top 20 stock picks easily bested the broader market, at 24.4% compared to 20.4%, despite there being a few duds in there like Berkshire Hathaway (even their collective wisdom isn't perfect). Harpoon Therapeutics, Inc. (NASDAQ:HARP) shares haven't seen a lot of action during the second quarter.

  • Does Market Volatility Impact Calian Group Ltd.'s (TSE:CGY) Share Price?
    Business
    Simply Wall St.

    Does Market Volatility Impact Calian Group Ltd.'s (TSE:CGY) Share Price?

    If you own shares in Calian Group Ltd. (TSE:CGY) then it's worth thinking about how it contributes to the volatility of your portfolio, overall. In finance, Beta is a measure of volatility. Modern finance theory considers volatility to be a measure of risk, and there are two main types of price volatility.

  • Why We Like Britannia Industries Limited’s (NSE:BRITANNIA) 36% Return On Capital Employed
    Business
    Simply Wall St.

    Why We Like Britannia Industries Limited’s (NSE:BRITANNIA) 36% Return On Capital Employed

    Today we'll evaluate Britannia Industries Limited (NSE:BRITANNIA) to determine whether it could have potential as an investment idea. To be precise, we'll consider its Return On Capital Employed (ROCE), as that will inform our view of the quality of the business. Firstly, we'll go over how we calculate ROCE.

  • Business
    Barrons.com

    President Trump Takes Credit for Stock Market Gains — but the Dow Isn’t Doing Much

    p.m. The Dow Jones Industrial Average is doing nothing as U.S. President Donald Trump talks up the U.S. economy, attacks the Federal Reserve in a speech today, and confirms that a trade deal is 'close. Trump, speaking at the Economic Club of New York, has been talking up job growth in the U.S., while claiming to have done it with tighter monetary policy than he deserves.

  • Boeing to resume 737 Max deliveries in December
    Business
    Yahoo Finance Video

    Boeing to resume 737 Max deliveries in December

    Boeing stock popped on the news that the company could re-start deliveries of its Boeing 737 MAX next month with some of the planes expected to re-enter service in January. Yahoo Finance's Dan Roberts, Anjalee Khemlani and Scott Gamm discuss on YFi AM.

  • Need To Know: Key Energy Services, Inc. (NYSE:KEG) Insiders Have Been Buying Shares
    Business
    Simply Wall St.

    Need To Know: Key Energy Services, Inc. (NYSE:KEG) Insiders Have Been Buying Shares

    It is not uncommon to see companies perform well in the years after insiders buy shares. On the other hand, we'd be remiss not to mention that insider sales have been known to precede tough periods for a business. So we'll take a look at whether insiders have been buying or selling shares in Key Energy Services, Inc.

  • After a Long Ride Downhill, Uber Appears on Flat Ground Now
    Business
    TheStreet.com

    After a Long Ride Downhill, Uber Appears on Flat Ground Now

    Uber continues to receive negative headline after negative headline. After getting past another quarter of huge losses, albeit better than expected, we see headlines of the lock-up releases as well as the former CEO selling a large block of shares, and the current CEO with questionable responses to past political actions in Saudi Arabia that included the murder of journalist Jamal Khashoggi, a U.S. resident. Yes, the stock has gotten mangled as of late falling from $33 at the start of the month to $27 on Tuesday morning, but it's been lower.

  • Warner Bros. is having a box-office nightmare
    News
    American City Business Journals

    Warner Bros. is having a box-office nightmare

    But otherwise the past four months have produced a string of busts, including most recently "Doctor Sleep," the "Shining" sequel that was tracking to launch with $25 million or more but earned an estimated $14 million over the weekend, ceding the top spot to the surprise box-office champ "Midway. " With a budget of $50 million, "Doctor Sleep" risks losing $20 million when all is said and done if it manages to make $100 million worldwide, reported Deadline — and will lose more if it doesn't reach nine figures.

  • Business
    Thomson Reuters StreetEvents

    Edited Transcript of BEAT earnings conference call or presentation 5-Nov-19 10:00pm GMT

    Q3 2019 BioTelemetry Inc Earnings Call

  • FDA intervenes for 3rd time in Solid Biosciences' Duchenne drug tests
    Business
    American City Business Journals

    FDA intervenes for 3rd time in Solid Biosciences' Duchenne drug tests

    Solid Biosciences, one of the Boston-area biotechs attempting to treat the rare muscle disease Duchenne muscular dystrophy, has run into new problems with its troubled gene therapy drug. FDA officials have halted a Phase 1-2 trial of Solid's (Nasdaq: SLDB) gene-targeting treatment after a subject taking a higher dose of the drug experienced a drop in red blood cells, kidney injury and heart issues. The patient is currently recovering, according to a press release.

  • Are Passenger Jet Engines Hitting Their Technical Limits?
    Business
    Bloomberg

    Are Passenger Jet Engines Hitting Their Technical Limits?

    It's a fiendish technical challenge for the engine's British manufacturer, Rolls-Royce Holdings Plc — comparable to trying to stop an ice cube melting inside a kitchen oven on full blast. Boeing 787 aircraft operated by British Airways, Norwegian Air Shuttle, Virgin Atlantic and others have been grounded in recent months for inspections and repairs because the Trent 1000 engine blades have been degrading faster than anticipated. Last week, Rolls-Royce quantified the cost of fixing various Trent 1000 issues at 2.4 billion pounds ($3.1 billion), a cash outflow the debt-laden manufacturer can ill afford.

  • Estimating The Intrinsic Value Of LKQ Corporation (NASDAQ:LKQ)
    Business
    Simply Wall St.

    Estimating The Intrinsic Value Of LKQ Corporation (NASDAQ:LKQ)

    Does the November share price for LKQ Corporation (NASDAQ:LKQ) reflect what it's really worth? Today, we will estimate the stock's intrinsic value by taking the foreast future cash flows of the company and discounting them back to today's value. This is done using the Discounted Cash Flow (DCF) model.

  • Business
    GuruFocus.com

    Market Has Taken Expedia to the Woodshed

    Expedia (NASDAQ:EXPE) recently reported its third quarter earnings. At a time when stock market indices have hit their all time highs, the Bellevue Washington-based online travel company suffered its worst stock price drop in history as it failed to meet earnings expectations. As a result of increased competition from the world's largest search engine, Google (NASDAQ:GOOGL), other similarly established online travel peers did not escape the market's dissent as share prices of Booking (BKNG) and Trip Advisors (TRIP) also fell.

  • Trump’s Road to Impeachment Paved by All the President’s Yes Men
    Politics
    Bloomberg

    Trump’s Road to Impeachment Paved by All the President’s Yes Men

    Donald Trump's effort to get Ukraine to investigate a top Democratic rival went largely unchecked by some of his closest advisers -- setting in motion the impeachment inquiry now engulfing his presidency. Transcripts released by House impeachment investigators last week offer no evidence that Acting Chief of Staff Mick Mulvaney or Secretary of State Michael Pompeo tried to stop Trump from his bid earlier this year for a Ukrainian probe of former Vice President Joe Biden. The Ukraine episode, depicted in testimony from current and former U.S. officials, illustrates the peril that lies in Trump's preference for advisers who let him follow his instincts in making policy.

  • Business
    Financial Times

    US’s biggest milk processor files for bankruptcy protection

    “Despite our best efforts to make our business more agile and cost-efficient, we continue to be impacted by a challenging operating environment marked by continuing declines in consumer milk consumption,” Eric Beringause, the company's newly installed chief executive said in a statement. The Dallas-based group, which traces its roots back 1925 when its founder Samuel Dean purchased an evaporated milk processing plant in Illinois, said it was in advanced discussions to sell substantially all its assets to Dairy Farmers of America, a national milk marketing co-operative that counts more than 14,000 dairy farmers as members. The company said it had received a commitment of about $850m in financing from its existing lenders that will help it continue operating as normal as it goes through Chapter 11 bankruptcy proceedings.

  • When Will Roku, Inc. (NASDAQ:ROKU) Breakeven?
    Business
    Simply Wall St.

    When Will Roku, Inc. (NASDAQ:ROKU) Breakeven?

    They anticipate the company to incur a final loss in 2020, before generating positive profits of US$31m in 2021. ROKU is therefore projected to breakeven around 2 years from now. How fast will ROKU have to grow each year in order to reach the breakeven point by 2021?