Extreme Brexit could be worse than financial crisis for Britain: Bank of England
Britain risks suffering an even bigger hit to its economy than during the global financial crisis 10 years ago if it leaves the European Union in a worst-case Brexit scenario in four months' time, the Bank of England said on Wednesday (Nov 28).
Hours after the government issued its own stark warning about a no-deal Brexit, the BoE said the economy could shrink by as much as 8 per cent in about a year.
The two reports could add to pressure on lawmakers to drop their opposition to the Brexit agreement that Prime Minister Theresa May struck with other EU leaders on Sunday (Nov 25), which is far from certain to be approved in parliament on Dec 11.
US Fed chairman Powell hints at higher rates following Trump attack
A day after President Donald Trump’s latest attack on the US central bank, Federal Reserve chief Jerome Powell hinted Wednesday (Nov 28) the key lending rate would move higher but said there was no preset course.
Powell said in a speech in New York that interest rates remained “low by historical standards” and still provided stimulus to the economy.
And he said economists estimated the Fed’s policy rate – at 2.25 per cent – was “just below” the estimate of neutral, a rate that neither stimulates nor restrains the economy.
Gunmen attack British contractors’ compound in Afghan capital, at least 10 dead
Gunmen attacked a British security contractors’ compound in the Afghan capital Kabul on Wednesday (Nov 28), killing at least 10 people and wounding 19 only hours after President Ashraf Ghani outlined plans for peace in Afghanistan.
The Taliban claimed responsibility for the attack, started when a car bomb exploded outside a facility of the G4S security group on the main road leading out of Kabul towards eastern Afghanistan.
“A number of gunmen entered the G4S compound right after the car bomb,” said Najib Danish, an Interior Ministry spokesman.
US officials Pompeo, Mattis warn against downgrading US-Saudi ties
Senior members of President Donald Trump's Cabinet urged US senators on Wednesday (Nov 28) not to downgrade ties with Saudi Arabia over the killing of journalist Jamal Khashoggi, saying it would be a mistake for national security and would not push Saudis in a better direction at home.
After repeated calls from members of Congress for a strong US response, Secretary of State Mike Pompeo and Defense Secretary Jim Mattis briefed the Senate behind closed doors about Saudi Arabia and the Oct 2 murder of Khashoggi at the Saudi consulate in Istanbul, and on the civil war in Yemen.
"The October murder of Saudi national Jamal Khashoggi in Turkey has heightened the Capitol Hill caterwauling and media pile-on. But degrading US-Saudi ties would be a grave mistake for the national security of the US and its allies," Pompeo wrote in a blog post released shortly before the briefing.
Football: Atletico ease into last 16 with win over hapless Monaco
Atletico Madrid clinched their place in the Champions League last 16 on Wednesday (Nov 28) by beating AS Monaco 2-0 at home while also ensuring that Thierry Henry's hapless visitors will now even miss out on qualification for the Europa League.
Koke scored Atletico's fastest-ever Champions League goal within two minutes and Antoine Griezmann added a second after 25 before any hopes of a late Monaco comeback were ended with Radamel Falcao's 83rd minute missed penalty.
The win meant that Atletico, who were knocked out of the group stage of Europe's elite competition last season, advanced to the knockout stages, provisionally leading Group A with 12 points from five games.