Former British Deputy Prime Minister Michael Heseltine. Hannah McKay/ Reuters
Former British Deputy Prime Minister Michael Heseltine. Hannah McKay/ Reuters

Heseltine says Brexit could be reversed



Brexit could be reversed if economic pain prompts a change in public opinion that brings a new generation of political leaders to power in Britain, said the former Conservative Party minister Michael Heseltine.

Mr Heseltine, who helped to topple then prime minister Margaret Thatcher in 1990 but ultimately failed to win the top job, said Britain could face another election in just two years and that the current prime minister Theresa May would not lead the party into that election.

A supporter of EU membership, Mr Heseltine said he saw a scenario in which Britain would not leave the European Union as scheduled in late March 2019.

“There is now a possibility that Brexit will not happen, but it will need a change in public opinion,” said Mr Heseltine, 84.

“There may be indications but there is no really substantive evidence of public opinion moving but I think that it will happen. My guess is that public opinion will move,” he said.

Mr Heseltine said the shift in Brexit policy by the opposition Labour Party - including staying in the European single market and customs union for a transitional period - indicated Labour had sensed the wind of a change in public opinion.

Mrs May, who quietly opposed Brexit ahead of the referendum, has formally notified the bloc of Britain’s intention to leave and divorce talks are under way.

Some European leaders have suggested Britain could change its mind, while the former Conservative prime minister John Major has said there is a credible case for giving Britons a second vote on the Brexit deal.

His successor, Labour’s Tony Blair, has said repeatedly that Brexit can and should be stopped.

_______________

Read more:

UK’s Davis confident about post-Brexit technology border in Ireland

Brexit was a 'stupid" decision, EU official says

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In the June 2016 referendum voters in the United Kingdom backed leaving the EU by a margin of 51.9 per cent to 48.1 per cent.

The world’s fifth-biggest economy initially withstood the shock of the Brexit vote, but growth began to slow sharply this year as inflation rose on the falling value of the pound and hit households.

Mrs May, who has insisted that Britain will leave the European Union, said last month that she wanted to fight the next parliamentary election, not due until 2022.

Mr Heseltine, though, said that seemed unlikely given her botched gamble on a snap election in June, which lost her party its majority in the lower house of parliament.

“I don’t think she will fight the next election, but there is no agreement on her successor. All the people indicated as possibles are singing the same song, and in my view the song is unattractive and will become less attractive,” he said.

“‘Ousted’ is a specific word, but there are many ways in which the Tory party operates - what it will quite look like I am not going to say. But I think there will be a change to a new leader before the next election.

“They have two years before the next election.”

Mr Heseltine said he was waiting for a politician to emerge with the courage to challenge the Brexit consensus of British politics and explain to voters the full import of the divorce.

“Within a relatively short period of time, the Brexit negotiations will sour even more than they already have, and the Tories will be left holding the baby. Everybody else will have moved away from Brexit,” he said.

Brexit, he said, was a “monumental mistake” that would make Britain a spectator of 21st century history, bleed its wealth and relegate it from the league of leading global powers.

“The idea that we are not European is just to spit in the wind: Anyone who has read Shakespeare knows just how European we are,” said Mr Heseltine.

He said Brexit was far more significant than the 1956 Suez crisis, when British forces were forced by the United States to withdraw troops from Egypt in a blunt illustration of Britain’s lost imperial power.

Mr Heseltine said the EU was unlikely to give Britain the beneficial divorce deal it wanted because to do so would risk unravelling the EU itself.

“It is difficult to see how the Brexit negotiations can be anything other than discordant. The issues are huge and they come down to a very simple question: can the Europeans agree to someone leaving the club on ‘the cake and eat it’ basis?”

“I don’t think they can. And they have made it clear they don’t intend to. If they were to change their mind so that we have our cake and eat it, well of course I will be wrong. But I don’t think they are going to do that.”

A%20QUIET%20PLACE
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Cricket World Cup League 2

UAE squad

Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind

Fixtures

Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE

Generation Start-up: Awok company profile

Started: 2013

Founder: Ulugbek Yuldashev

Sector: e-commerce

Size: 600 plus

Stage: still in talks with VCs

Principal Investors: self-financed by founder

Cinco in numbers

Dh3.7 million

The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown

46

The number, in kilograms, that Swarovski’s wedding gown weighed.

1,000

The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]

50

How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday

3,000

The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.

1.1 million

The number of followers that Michael Cinco’s Instagram account has garnered.

Tips for job-seekers
  • Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
  • Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.

David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East

Tree of Hell

Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla

Director: Raed Zeno

Rating: 4/5

What should do investors do now?

What does the S&P 500's new all-time high mean for the average investor? 

Should I be euphoric?

No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.

So what happened?

It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.

"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."

Should I buy? Should I sell?

Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.

"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.

All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.

Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.

Will the rally last?

No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.

"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."

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COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A
The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part one: how cars came to the UAE

 

The specs

Engine: 1.6-litre 4-cyl turbo

Power: 217hp at 5,750rpm

Torque: 300Nm at 1,900rpm

Transmission: eight-speed auto

Price: from Dh130,000

On sale: now

Company%20Profile
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Brief scoreline:

Al Wahda 2

Al Menhali 27', Tagliabue 79'

Al Nassr 3

Hamdallah 41', Giuliano 45 1', 62'

The specs: 2018 Jaguar E-Pace First Edition

Price, base / as tested: Dh186,480 / Dh252,735

Engine: 2.0-litre four-cylinder

Power: 246hp @ 5,500rpm

Torque: 365Nm @ 1,200rpm

Transmission: Nine-speed automatic

Fuel consumption, combined: 7.7L / 100km

All%20We%20Imagine%20as%20Light
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EPayal%20Kapadia%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Kani%20Kusruti%2C%20Divya%20Prabha%2C%20Chhaya%20Kadam%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
TRAP

Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue

Director: M Night Shyamalan

Rating: 3/5

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal 

Rating: 2/5

Usain Bolt's World Championships record

2007 Osaka

200m Silver

4x100m relay Silver

 

2009 Berlin

100m Gold

200m Gold

4x100m relay Gold

 

2011 Daegu

100m Disqualified in final for false start

200m Gold

4x100m relay Gold

 

2013 Moscow

100m Gold

200m Gold

4x100m relay Gold

 

2015 Beijing

100m Gold

200m Gold

4x100m relay Gold

 

The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now