Money Briefs: S&P cuts EU credit rating after Brexit

S&P cuts EU credit rating after Brexit

BRUSSELS • Ratings agency Standard and Poor's cut the credit rating for the European Union (EU) by one notch saying that the bloc had grown more uncertain after Brexit.

"After the decision by the UK electorate to leave the EU as a consequence of the June 23 consultative referendum, we have reassessed our opinion of cohesion within the EU, which we now consider to be a neutral rather than positive rating factor," the agency said on Thursday.

According to the statement, S&P cut the EU's rating to AA, still the third highest possible level, from AA+ with a stable outlook, which signifies that the agency believes no further cut would be necessary in the medium term.

AGENCE FRANCE-PRESSE


Alibaba launches new anti-fake drive

HANGZHOU (China) • Chinese e-commerce giant Alibaba Group Holding yesterday went public with a new drive to display its determination to stamp out fake goods, urging brands to help its anti-piracy campaign rather than trade rebukes on the issue.

The United States-listed online shopping powerhouse has been dogged by accusations that its sites are flooded with copycat products, culminating with its ejection this year from a US-based anti- counterfeiting alliance only weeks after being admitted.

At an intellectual property conference it is hosting, Alibaba unveiled a new online system to help track and remove fakes.

REUTERS

A version of this article appeared in the print edition of The Straits Times on July 02, 2016, with the headline 'Money Briefs'. Print Edition | Subscribe