That "Leave" won Thursday's referendum has been seen as an indictment of the UK's whole political system.
Fully 51.9% of voters elected to begin the process of removing Britain from the EU, marking the first time any member of the EU has voted to leave.
This result flew in the face of betting markets — and, in turn, financial markets — which had long discounted that the Leave camp would ultimately prevail.
Leaving the EU was supposed to be a vote into the abyss.
And in many ways
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-
'Leave' voters were not as stupid as David Cameron wanted them to be
-
Wall Street investors took over emergency-care companies, and, well, you can guess what happened next
Private-equity investors seem to have a piece of every pie, from your latest mortgage payment and bite of a Cinnabon roll to a shopping spree at retailer J. Crew.
These investors have swept into emergency care and firefighting since the financial crisis, according to a new investigative series by The New York Times.They saw "tremendous growth potential" in the ambulance business, according to the report. Some of the bets didn't pay off as expected, though.
The story highlight -
The UK just got hit with 2 downgrades
Two major rating agencies downgraded the United Kingdom's credit rating on Monday.
S&P Global Ratings lowered the UK to AA from AAA, with a "negative" outlook. And, Fitch cut its rating to AA from AA+, with a negative outlook as well.
The downgrades come following the UK's surprise vote to leave the European Union last week.
Brexit "is a seminal event, and will lead to a less predictable, stable, and effective policy framework in the UK," S&P said in a stat -
STOCKS SINK: Here's what you need to know
Stocks extended their losses from late last week when Britain's unexpected vote to leave the European Union cratered global markets.
The pound also fell further against the dollar.
First, the scoreboard:
Dow: 17,140.24, -260.51, (-1.50%)
S&P 500: 2,000.54, -36.87, (-1.81%)
Nasdaq: 4,594.44, -113.54, (-2.41%)
WTI crude oil: $46.33, -$1.31 (-2.75%)
US 10-year yield: 1.461% (-0.118)
S&P downgraded the UK's credit rating from "AAA" to "AA": Because of Brexit, th -
JOHN McAFEE: Intel buying McAfee never made sense (intc)
Rumors that Intel is thinking about selling off its security division surfaced on Monday.
Citing unnamed sources, the Financial Times reported that the chipmaker is looking at spinning off McAfee, which it bought in 2010 for $7.7 billion and incorporated into its Intel Security division.
John McAfee, founder of McAfee, never understood the relationship between Intel and McAfee.
He told Business Insider:
"I never understood why a chip manufacturer would have purchased a suite of so -
Now's the time when Wall Street's biggest lie about trading can backfire
Right now, markets are in complete and utter terror mode. The UK's vote to leave the EU has screens across Wall Street awash in red. No one knows when it will end.
And so now is a good time to talk about one of the biggest lies on Wall Street — a lie traders are told from their first day on the desk.
The lie is simple: Do not trade with emotion.
The Wall Street trader, at least in Wall Street's imagination, is a cowboy swaggering with silent confidence. Knowledge and logic are their guides -
BARCLAYS: Stay away from the stock market
As with any downward shock for the stock market, the fall in stocks after Brexit has inspired calls of the old mantra "buy the dip."
Essentially, the idea is that short-term weakness related to outside shocks makes for good buying opportunities, since strong companies get hit alongside companies that are actually damaged by the shock. So you can get a good investment on the cheap by buying after a sudden drop.
And this is often true: After most geopolitical-driven drops, stocks end up bouncing b -
MORGAN STANLEY: Buy these stocks post-Brexit
According to a new note from Morgan Stanley, certain big American companies are likely to see their stock prices perform well in the wake of the surprise EU referendum result in which the UK voted to leave the EU.
Morgan Stanley recommends these stocks because they're either unlikely to be affected too much by the Brexit or because they reacted strongly at first and are due for a recovery.Acceleron Pharma
Ticker: XLRN
Industry: Healthcare
June 24 Closing Price: 33.46
Price Target: 58.00
"Ac -
The wealth gap between American blacks and whites is actually greater today than in the 1980s
The wealth gap between American blacks and whites is greater today than it was in the 1980s.
Back in 1983, the median net worth of white households ($98,700) was about eight times that of black households ($12,200), according to a newly released Pew Research Center analysis of data from the Federal Reserve’s Survey of Consumer Finances.
The wealth gap narrowed in the 1990s and early 2000s, but started increasing again around the Great Recession.
And by 2013, the median -
The pound is falling after S&P downgraded the UK
The British pound is falling after the S&P downgraded the UK's credit rating to AA from AAA, with a negative outlook.
The pound is down by about 3.8% at 1.3165 the dollar as of 1:43 p.m. ET.
The currency has been hit hard in the aftermath of the Brexit vote. The pound down by over 13% since Friday.
Separately, George Soros, the billionaire who earned fame by better against the pound in 1992, didn't bet against the currency this time around.
As for the -
There's about to be huge upheaval in the financial world
The UK has voted to leave the EU, and there is much still to be resolved.
One thing is certain, however: The investment-banking industry, and international finance more broadly, is likely going to change in a profound way.
The vote to leave the EU will not just affect where business is done, but what business is done and by who.
First, international banks are likely to move staff out of London and do less business in the UK. Long before the vote, rival financial centers like Paris began cam -
FORMER FED PRESIDENT: The Fed should cut rates because of Brexit
Narayana Kocherlakota thinks the Fed is going the wrong way and Brexit proves it.
In a column on Bloomberg View Monday, the former Minneapolis Federal Reserve president said that instead of considering raising interest rates at their July meeting, the FOMC should cut rates instead. The reason? Brexit.
"Britain's vote to exit the European Union and the reaction in global markets offer important lessons for the Federal Reserve," wrote Kocherlakota. "It should be easing policy in the near term."
Ko -
A Brexit is terrible news for airlines (AAL, DAL, UAL)
There is a lot to be figured out following the Brexit vote Thursday, and no one is certain how the negotiations with the EU will work in the following months and years.
But, it looks like airlines serving the United Kingdom will not come out on top.
The number of passengers traveling to the UK is expected to fall by 3 to 5% in the next four years, according a report from the International Air Transport Association.
Freight and regulation bodies will also be affected by Britain's exit. Freight sh -
China's reaction to Brexit has already put the entire world at risk
The entire world is hysterical about the Brexit — the UK's decision last week to leave the European Union. Markets around the world are puking, people within the country are shocked, and people outside the country are wondering whether there's a way to take it back.
China has been no different.
At the highest level of Chinese government, the reaction to the Brexit has been negative and dangerous, both in word and in deed.
"Against the backdrop of globalization, it's impossible for each cou -
We're all in a Brexit market now
The stock market is taking a hammering again, following the UK's decision to leave the EU.
Now, you might be wondering whether markets are over-reacting. It wasn't a surprise vote. This didn't just happen.
The table below comes from Mandy Xu at Credit Suisse helps put all of the market moves over the past few days in to context. It shows how risk was priced heading into the Brexit vote.
Basically, everyone underestimated the chaos on Friday.
Here is Credit Suisse:
"FX option -
Brexit: The brand losers
Declines for the UK currency accelerated this morning (June 27) as it fell more than 3% to as low as $1.3220, pushing through Friday’s weakest point of $1.3224, which was a 31-year low.
Benchmark UK interest rates have also fallen below 1% for the first time in history, with the 10-year gilt yield 13 basis points down at 0.95%. Amid all the financial uncertainty, Marketing Week predicts which brands will be hit the hardest following Brexit.
Barclays and RBS
Immediately following Brexit, ba -
It's getting worse for investment bankers
An already rough year for Wall Street dealmakers has likely just gotten worse.
Britain's historic decision on Thursday to leave the European Union has, among other things, spelled bad news for the mergers-and-acquisitions market.
"We believe the M&A advisors could be one of the most negatively impacted sectors from the UK's decision to leave the European Union, particularly in the near-term," Goldman Sachs analyst Richard Ramsden wrote in a note on Monday.
For one thing, uncertainty in the m -
Brexit: The brand winners
While the FTSE 100 and UK currency have both seen declines, some brands are expected to benefit from Brexit.
Aldi & Lidl
As the pound dropped to a 31 year low following the initial news of the outcome, concerns of another recession hit and Mike Watkins, head of retail and business insight for Nielsen UK predicted an “inevitable impact on disposable income”.
That should be positive news for the discounters Aldi and Lidl as well as retailers such as Poundland. “People still n -
Brexit is going to do some serious damage on Wall Street
We're starting to see the immediate impacts of Britain's decision on Thursday to leave the European Union.
Stocks are sliding, the British pound is tumbling, and gold is rallying. Bank stocks are getting hammered.
In a note out on Monday, Goldman Sachs analyst Richard Ramsden put together an overview of how the historic decision could affect financial firms across Wall Street.
His team ran a "stress test" on bank earnings, based on a scenario in which there are no additional Fed fund hikes and 1 -
Orange is winning Euro 2016 sponsorship battle as McDonald’s struggles
The mobile network brand, which topped a list tracking 10 sponsors with a score of 71 points, was credited for driving engagement through personalisation in its ongoing #OrangeSponsorsYou campaign.
“Despite having diminished brand visibility in the UK, Orange has done a very good job to drive engagement, personalisation and originality through a campaign whose call to action #OrangeSponsorsYou is asking for fan selfies – this in turn ensures that Orange’s brand is being closely -
Cannes Lions 2016: Talks turn to agency relationships, diversity and strategy versus tactic
For the festival, the marketing world came together in sunny Cannes to network, be inspired and discuss what is next for the industry. A few themes dominated the discussions – this is what the industry’s top marketers had to say about them.
Battling strategy versus tactic
One topic that reappeared throughout the festival was the debate around strategy versus tactic. Allie Kline, CMO at AOL, said an increasing number of marketers are not focused on their brand strategy as they get dis -
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Warc 100 brands show way forward
CANNES: True effectiveness can be achieved by long-term brand-building and long-term, multi-year campaigns, with the creative work directly engaging with a social issue, a session organised by Warc at the Cannes Lions International Festival of... -
Understanding mobile in emerging markets
NEW YORK: Brands seeking to reach consumers in emerging markets may need to rethink their marketing strategies on mobile, according to a leading executive from Jana, the internet company.Nathan Eagle, the Chief Executive of Jana – which was... -
Thrills and authenticity key for Six Flags
GRAND PRAIRIE, TX: Six Flags Entertainment, the theme park group, believes that thrills and authenticity are key marketing propositions can be translated across cultures. "All cultures across the world understand the language of thrill," Stephanie... -
India accelerates to 4G
NEW DELHI: The Indian smartphone market is rapidly transitioning to 4G handsets even though it may be some time before the relevant network technology is available across the country. New figures from tech research firm CyberMedia Research... -
Chat bots require strategic rethink
SYDNEY: As data and automation drive more brand-customer interactions than ever, experts in the area believe that keeping a human-centred customer experience will become a careful balancing act.Two senior marketers from SapientNitro Australia,... -
Canada 'outsources' digital spend
OTTAWA: Online, and particularly social, has taken great bites out of print advertising everywhere and Canadian news organisations have now voiced concerns over the way the government is "outsourcing" its digital advertising to US organisations. ... -
Business assesses Brexit implications
LONDON: Businesses and trade organisations have spent the past few days coming to terms with the UK electorate's vote to leave the EU, the widespread initial response being caution and calls to carry on as usual.That may be easier said than done,... -
How brands can use door drops to reach young adults
It’s a familiar image in many homes occupied by students or young tenants: A kitchen noticeboard or fridge door covered in unaddressed mail advertising everything from fast food to the latest mobile phone deal.
This group receives the least number of addressed mailshots but, according to the Royal Mail’s The Life Stages of Mail research by MarketReach, these so-called sharers are 75% more likely to respond to door drops than other people.
In shared homes, leaflets containing relevan
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