How Iran’s F-14 Tomcats Fought a War (And Shot Down 160 Combat Planes)
Iran’s force of American-made F-14 Tomcat interceptors dominated the sky during the Iran-Iraq war from 1980 to 1988. F-14s reportedly downed more than 160 Iraqi planes.Journalist Kash Ryan in his book Air Combat Memoirs of the Iranian Air Force Pilots …
Boris Johnson’s Brutal Game of Truth or Dare
(Bloomberg Opinion) — The brawl over Brexit is getting dirty. Boris Johnson’s decision to suspend parliament marks a sharp escalation of hostilities.The prime minister hasn’t only increased the likelihood that Britain leaves the European Union without…
U.K. Companies Fret for Economy After Boris Johnson’s Latest Move
(Bloomberg) — Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. The worst case Brexit for British companies is a step nearer to reality after Boris Johnson’s latest move to force a departure from the European Union on Oct. 31.The prime minister’s plan to suspend Parliament for almost five weeks ahead of the planned departure date means the chances of an economically damaging no-deal are on the rise. That’s a possibility corporate lobbies have been warning against for years.The pound slumped after the announcement Wednesday, adding to the uncertainty that is already discouraging companies from investing.“Businesses feel like Westminster is playing an endless game of political chess, while their futures and the health of the U.K. economy hang in the balance,” said Adam Marshall, director general of the British Chambers of Commerce. “None of the events of the last few days have given businesses greater confidence.”A sudden imposition of trade barriers could induce a major supply and demand-side shock, economists say. A break in the harmonization of regulations between the U.K. and its largest trading partner alongside limits on the movement of people would also be devastating for services, the largest part of the British economy.The severity of the hit will ultimately depend on the extent of the disruption at the border and just how much the fallout knocks sentiment, according to Dan Hanson of Bloomberg Economics. If there is no deal, growth will probably slow sharply, though the economy should avoid a recession, he said. If there’s a more disruptive break from the bloc, there could be a yearlong recession where output drops 2%.What Our Economist Says:“The chances of the U.K. leaving without a deal just took another leg higher.”– Dan Hanson. For the full INSIGHT, click here“No matter how much preparation the government and businesses do for no deal, only a good deal with the European Union protects jobs, communities and the economy,” said a spokesman for the Confederation of British Industry. “This must be the relentless focus of politicians.”Bank of England Governor Mark Carney has said that businesses are doing what they can to prepare, but they still expect output to fall. Speaking at a Federal Reserve symposium in Jackson Hole, Wyoming last week, Carney said that “the biggest economic headwind is weak business investment, which has stagnated over the past few years” and “there is overwhelming evidence that this is a direct result of uncertainties over the U.K.’s future trading relationship with the EU.”It’s not the first time that Johnson has clashed with companies. Long before he became prime minister, he reportedly responded to concerns about a so-called hard Brexit with a four-letter epithet at an event for EU diplomats in London last year. In his first speech as premier, he changed tack, saying he was “giving business the confidence to invest across the U.K.”Business investment dropped 1.6% in the second quarter from a year earlier. The BOE sees it declining 2% this year and continuing to fall in 2020.“We continue to urge firms to make whatever preparations they reasonably can,” said Allie Renison, head of Europe and trade policy at the Institute of Directors. “We also hope to see more detail from No. 10 on its pathway to a deal and greater substance from the government on boosting overall preparedness.”To contact the reporters on this story: Jill Ward in London at [email protected];Eddie Spence in London at [email protected] contact the editors responsible for this story: Fergal O’Brien at [email protected], Brian Swint, Paul GordonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Member Of Parliament Reacts To Boris Johnson’s Request To Suspend Parliament
The British Prime Minister has moved to suspend Parliament ahead of a Brexit vote. Opposition Labour Party lawmaker Ben Bradshaw calls the implications of the move “extremely serious.”
Brexit: Ireland will not support abolition of backstop, says Coveney
Ireland will not support an abolition of the so-called ‘backstop” regarding Brexit, said Irish Foreign Minister Simon Coveney on Wednesday, who also said Ireland was committed to exploring other arrangements in future. “The ratification of the withdra…
Teenage climate activist Greta Thunberg completes transatlantic crossing on zero-emissions yacht
A 16-year-old Swedish climate activist has crossed the Atlantic on a zero-emissions sailboat to attend a conference on global warming. On Wednesday before dawn, Greta Thunberg tweeted: “Land!! The lights of Long Island and New York City ahead.” She and a sailing crew encountered rough seas on the way to New York. They are expected to step off the boat at a marina in lower Manhattan on Wednesday afternoon. The teenager refused to fly to avoid a plane’s gas emissions. Action against climate change has been a theme of protests she’s led in Sweden that inspired student strikes in about 100 cities worldwide. She is also set to speak at the United Nations Climate Action Summit next month.
Queen Will Suspend U.K. Parliament At Boris Johnson’s Request
The move would shorten the time lawmakers have to organize an opposition vote to a no-deal Brexit. But critics accuse the prime minister of circumventing the democratic process.
Afghan Peace Deal in Sight as U.S.-Taliban Talks Hit Final Stage
(Bloomberg) — The U.S. and the Taliban appear close to announcing an agreement to end nearly two decades of war in Afghanistan, which would include a timetable for foreign troop withdrawal and direct discussions between the militants and the local gov…
Airstrikes in Syria’s Idlib hit near Turkish military post
Syrian government warplanes struck towns and villages Wednesday in the northwestern province of Idlib, including one near a Turkish observation post, opposition activists said. The intense airstrikes came a day after insurgents launched counterattacks…
Gazans bury policemen killed in rare attacks within strip
Thousands of Palestinians took part Wednesday in funerals for three Hamas policemen killed the previous night in two coordinated bombings at checkpoints in Gaza City, which bore the hallmarks of extremists influenced by the Islamic State group. Hamas …
Mattis details differences with Trump over Nato allies and torture in new book
Ex-defense secretary avoids direct criticism of the president in his memoir, Call Sign Chaos, but notes the pair disagreed over NatoJames Mattis in Washington DC, on 12 April 2018. Photograph: Chip Somodevilla/Getty ImagesJames Mattis, who quit as US d…
Recent Comments