Updated 11:59 a.m. ET, August 28, 2019
The British pound sterling fell sharply after British PM Boris Johnson announced he was asking for Parliament to be suspended from mid-September until mid-October ー a highly controversial move known as "progrogue" which was given formal approval by Queen Elizabeth II Wednesday.
Critics say the move is intended to keep MPs from avoiding a no-deal Brexit and plunged the British government into crisis once again, two months before a looming deadline. The surprise move drew immediate outrage from opposition leaders, and the leader of the Liberal Democrat party had even written to the queen in hopes of her witholding consent for the suspension.
At midday in London, the GBP was down 1 percent against the U.S dollar, a sign that investors once again believe the UK is increasingly likely to "crash out" of the European Union on October 31.
Johnson's plan would extend a previously planned suspension for political party conferences and would further shorten the time Parliament has to debate Brexit after it returns from its summer recess next week.
Other members of Parliament took to Twitter to express shock at the maneuver to keep Parliament from assembling.
An online petition to demand Parliament not be prorogued had received more than 300,000 signatures in a matter of hours. Meanwhile, word of organized protests spread across social media.
The news from London helped push Treasury yields lower in the U.S., which had already been under pressure over China trade tensions. The yield on the 30-year Treasury dripped below 2 percent ー a signal that the combination of geopolitical worries from London to Beijing is increasing the odds of a global recession.
Stocks were up after the closing bell as Wall Street continued to pin their hopes on rate cuts after last week's comments from the Fed.
Cheddar News' Need2Know is brought to you by Securitize, which helps unlock broader access to alternative investments in private businesses, funds, and other alternative assets. The private credit boom is here and the Hamilton Lane Senior Credit Opportunities Fund has tripled in assets under management in just six months from November 2022 through April this year. Visit Securitize.io to learn more.
Google has agreed to pay $700 million and make several other concessions to settle allegations that it had been stifling competition against its Android app store — the same issue that went to trial in another case that could result in even bigger changes.
Nicki Minaj just reached a milestone that no other woman in rap has reached.
Apple announced that starting this week, it will stop selling some versions of the Apple watch in the U.S.
Southwest Airlines will pay a $35 million fine as part of a $140 million settlement to resolve a federal investigation into a debacle in December 2022 when the airline canceled thousands of flights and stranded more than 2 million travelers over the holidays.
The House of Representatives recently passed a bill aimed at increasing transparency in healthcare.
If you have a flexible spending account, here's some short information for you so you don't leave money on the table.
With high healthcare costs, bills can quickly add up. In some cases, it is possible to negotiate your medical bills. Barak Richman, law professor at George Washington University, joined Cheddar News to discuss the easiest way to talk to medical debt companies about what's owed.
Millions of people have selected insurance plans for 2024 but sometimes navigating them can be tricky time consuming and expensive. Paula Pant, host of 'Afford Anything' podcast, joined Cheddar News to break down what's needed to know about their insurance plans.
