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Today's Top Market Headlines – Jun 22, 2017
Post-Brexit U.K. Car Sales Slump Seen Risking 18,000 German Jobs

·Deloitte study predicts 20% auto sales drop in hard Brexit
·Customs duties, drop in the pound to boost car prices by 15%

Rising prices in the U.K. due to a hard Brexit would put 18,000 German auto
industry jobs at risk, according to a study, highlighting the wider implications
such a move by British Prime Minister Theresa May could pose for the entire
region’s economy.
The Deloitte consultancy study released Thursday predicts U.K. car prices
could rise as much as 5,600 euros ($6,253) per vehicle should the country
leave the European Union’s single market and customs union. Sales in the
region’s second-biggest auto market may slump 20 percent in 2019, the year
the U.K. is set to leave the EU, wiping out 12.4 billion euros in revenue for
automakers, Deloitte predicted.
By Elisabeth Behrmann
June 22, 2017, 11:29 AM GMT+3
Source: https://bloom.bg/2rUqObT
Yellen’s Future

Yellen's Future at Fed Resisted by Trump Aides Wanting New Blood

·Treasury secretary says Yellen not ruled out for another term
·Trump relishes political loyalty; the Fed tries to avoid it

Federal Reserve Chair Janet Yellen’s candidacy for another term is
encountering resistance from some Trump administration advisers who want a
new leader at the U.S. central bank, according to two administration officials,
even as the Treasury secretary indicated she may still be in the running.
While White House officials are aware that Fed chiefs in the past have been
asked to stay regardless of party affiliation, some advisers are keen to
install their own pick in the coveted seat, two officials said on the condition of
anonymity to discuss private deliberations. The selection process is in the early
By Craig Torres, Saleha Mohsin and Jennifer Jacobs
June 22, 2017, 11:00 AM GMT+3
Source: https://bloom.bg/2sXlx3v

Imagination Soars as Buyer Interest Spurs Formal Sale Talks

·Apple supplier has received interest from several parties
·U.K. chip maker is being advised by Rothschild in deal talks

Imagination Technologies Group Plc, the U.K. chip designer mired in an
intellectual property dispute with Apple Inc., said it has received takeover
interest from several parties in recent weeks, prompting its board to start a
formal sale process. The stock jumped.
Imagination Technologies has initiated preliminary talks with potential
bidders and is being advised by Rothschild & Co., the Kings Langley, Englandbased
company said in a statement Thursday. The sale process of its MIPS and
Ensigma units, begun in May, is progressing and Imagination has received
indicative proposals for both divisions, it said.
By Angela Cullen
June 22, 2017, 10:31 AM GMT+3 June 22, 2017, 11:14 AM GMT+3
Source: https://bloom.bg/2sTVZmR

May Heads to Europe For Early Test of Brexit Strength

·Diplomats worry May’s strategy could lay bare Brexit divisions
·May will speak to fellow leaders for first time since election

Prime Minister Theresa May’s first European Union summit since her
disastrous election could mark the scene of the first big row of the Brexit
negotiations as she outlines how the U.K. proposes to treat the bloc’s citizens
after it leaves.
May will run her fellow leaders through the principles of her approach toward
EU nationals over dinner in Brussels on Thursday before publishing a detailed
plan on Monday. While this week’s opening round of Brexit negotiations was
considered by the two sides to be generally constructive, diplomats said May’s
plan for expats may lay bare the divisions between them.
By Ian Wishart and Robert Hutton
June 22, 2017, 12:30 AM GMT+3 June 22, 2017, 2:21 PM GMT+3
Source: https://bloom.bg/2sT7M4W