Category: Stock Market News

Nigel Farage, the head of the U.K. Independence Party, said Monday he’s stepping down as leader of the party. Farage and the party were a driving force in the U.K. government’s decision to hold ​the Brexit referendum on​ membership in the European Union, and supported the “leave” campaign to help ensure the U.K. cut ties with the bloc. “That is what we voted for in that referendum two weeks ago and that is why I now feel I have done my bit, that I couldn’t possibly achieve more than we managed to get in that referendum and so I think it’s right that I should now stand aside as leader of UKIP,” he said at a news conference, according to The Wall Street Journal.

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The next step in the U.K.’s Brexit process is set to be challenged in court by a group of British businesses, Mishcon de Reya said Sunday. The law firm said it has been asked to prepare a legal challenge that would prevent the U.K. government from triggering Article 50 without an Act of Parliament. For the U.K. to begin negotiations for a withdrawal from the European Union, it must first invoke Article 50. The challenge is based on the view that the June 23 referendum, in which a majority of voters backed a U.K. exit from the EU, was advisory and not legally binding, and so should go before lawmakers. “If the correct constitutional process of parliamentary scrutiny and approval is not followed then the notice to withdraw from the EU would be unlawful, negatively impacting the withdrawal negotiations,” Mishcon de Reya said in a statement. As a majority of members of parliament were in favor of remaining in the EU, that requirement could put hurdles in the path to the U.K.’s withdrawal from the single market.

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Jamaican sprinter Usain Bolt, regarded by most sports trackers as the fastest person ever timed, has an injured hamstring that raises some doubts about his Rio Olympics appearance. Bolt was participating in his home country’s national championships on Friday but left the competition before the 100-meter final to begin treatment on the leg, the AP reported. Bolt said he was diagnosed with a mild Grade 1 hamstring tear and that the discomfort first emerged in his quarterfinal race on Thursday night, the report said. Bolt is not yet out of the Rio Games, but his status hinges now on how he performs at a meet in London in three weeks, the AP said.

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Hillary Clinton gave a “voluntary interview” to the FBI on Saturday regarding her email arrangements while she was secretary of state, her campaign said. “Secretary Clinton gave a voluntary interview this morning about her email arrangements while she was Secretary,” spokesman Nick Merrill said in a release. “She is pleased to have had the opportunity to assist the Department of Justice in bringing this review to a conclusion. Out of respect for the investigative process, she will not comment further on her interview.” According to the AP and other news outlets, the interview lasted about 3 1/2 hours and was held at FBI headquarters.

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The American League’s Cleveland Indians notched a franchise-best 14th straight win in a Friday night defeat of the Toronto Blue Jays that extended to 19 innings. It’s the longest winning streak in baseball since Atlanta won 14 straight in 2013, and the longest by an AL team since Oakland won 20 in a row in 2002. Cleveland won 13 straight in 1942 and again in 1951, according to the team’s website. The Indians currently enjoy a seven-game lead over the second-place Kansas City Royals, defending World Series champs, in the AL’s Central Division.

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France is actively pitching Paris as a more attractive financial center to rival the City of London after the U.K.’s late-June vote to leave the European Union, French Prime Minister Manuel Valls said Saturday, according to French media.

“We know that groups based in the City are planning to leave for Dublin, Amsterdam, Frankfurt and Paris. We are working on measures that could help strengthen our attractiveness. I think notably about taxation or the status of expatriates,” Valls told Le Parisien daily.

He added: “To major international companies I say, ‘Welcome to Paris! Come invest in France’!”

Banks and other financial firms have mulled this so-called “passporting” issue, acknowledging the possibility of having to relocate staff should U.K.-based firms lose the right to sell financial services across Europe in the wake of the Brexit vote.

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Insurance company Kensale Capital Group filed for an initial public offering Friday afternoon, according to a filing with the Securities and Exchange Commission. Kensale, which offers insurance to high-risk small businesses and startups, reported net income of $13 million in 2015 on total revenue of $80.6 million. In the first three months of 2015, Kensale reported net income of $5.3 million on total revenue of $32.7 million. The Richmond, Virginia, company said it was seeking $100 million, though that figure is likely a placeholder to determine fees, and chose J.P Morgan, William Blair and RBC Capital Markets as lead underwriters. Kensale plans to list on the Nasdaq exchange under the symbol KNSL.

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Wall Street rose slightly to post a fourth consecutive gain Friday, buoyed by an upbeat reading on manufacturing activity. According to preliminary figures, the S&P 500 rose 4.09 points, or 0.2% to end at 2,102.95, while the Dow industrials advanced 19.38 points, or 0.1% to close at 17,949.37. The Nasdaq Composite settled with a gain of 19.89 points, or 0.4%, at 4,862.57. All three indexes saw weekly gains of more than 3%, taking back much of the decline seen in the immediate aftermath of last week’s U.K. vote to leave the European Union.

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Tiger Woods has bowed out of the British Open, which is set to start in about two weeks. Organizers of the tournament the Royal & Ancient Golf Club announced Friday that Woods will be replaced in the The Open field by Australian Marcus Fraser. The four-day tournament starts July 14. The 40-year, 14-time major champion, Woods, hasn’t played in a competitive golf tournament since Aug. 2015. due to nagging back injuries.

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Tiger Woods has bowed out of the British Open, which is set to start in about two weeks. Organizers of the tournament at the Royal & Ancient Golf Club announced Friday that Woods would be replaced in the the Open field by Australian Marcus Fraser. The four-day tournament starts July 14. The 40-year-old, 14-time major champion Woods hasn’t played in a competitive golf tournament since August 2015 due to nagging back injuries.

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