Money Briefs: Juncker: UK's Brexit bill will be about $87 billion

Juncker: UK's Brexit bill will be about $87 billion

LONDON • The United Kingdom will have to pay a bill of about £50 billion (S$87 billion) when it leaves the European Union, Commission President Jean-Claude Juncker warned as Britain prepares to trigger the start of Brexit negotiations.

While there is no desire to punish Britain for leaving the bloc, the EU must deter other countries from following suit, the head of the EU's executive arm told the BBC yesterday. British Prime Minister Theresa May's government knows they will have to pay what they owe, he said.

Mrs May plans to launch Britain on a two-year process of negotiations to quit the EU on March 29.

Mr Juncker's statement is the clearest indication from the commission of the size of the bill.

BLOOMBERG


Effissimo expects gains with Toshiba stake deal

TOKYO • Singapore-based fund Effissimo, which has given embattled Toshiba a rare vote of confidence with its purchase of an 8 per cent stake this month, yesterday said the holding was for pure investment purposes and it expected long-term price gains.

The fund, established by former colleagues of Japan's most famous activist investor Yoshiaki Murakami, has now become the largest shareholder in Toshiba, which is caught up in a financial maelstrom surrounding its United States nuclear unit Westinghouse.

Effissimo's unexpected purchase sent shares in the Japanese conglomerate soaring 7.6 per cent yesterday, giving it a market value of 944 billion yen (S$11.9 billion). The stock, hit by financial woes, has halved in value since mid-December.

REUTERS

A version of this article appeared in the print edition of The Straits Times on March 25, 2017, with the headline 'Money Briefs'. Print Edition | Subscribe