Traders of the best performing pound will face reality test on the Brexit front as the likelihood of the UK crashing out of the EU has increased considerably.
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00:00Hello and welcome to Gautam's daily business where our pound traders will face reality
00:05check as they see more developments on Brexit front.
00:08Now over the weekend what happened was about 1 million people came out to the streets and
00:13said let people decide on Brexit through a second referendum.
00:17In addition to 4.2 million online signed petitions that were sent basically for people to vote
00:26on a Brexit referendum.
00:28Remember that Theresa May has already tried to put her deal through the parliament and
00:34it was rejected by the House of Commons twice by a huge margin.
00:39Now there has been an open political revolt against the leadership of Theresa May and
00:44six of her ministers are openly revolting against her.
00:47They want David Lidington, her deputy, to take over the reins and complete the Brexit
00:53process.
00:54The pound has whipsawed this month yet it is still the best performing major currency
00:58in 2019.
01:00It remains around 12% lower since Britons voted to leave the EU.
01:04Another story that we are following is on ADFG and Shua Capital.
01:09ADFG and Shua Capital are in preliminary discussions for a potential merger.
01:15Another wave of consolidation that is happening in the industry, say for example we saw that
01:20in case of ADCB Bank merging with UNB and Al-Hilal Bank.
01:26And we also saw that in case of the First Abu Dhabi Bank which was previously called
01:31as the National Abu Dhabi Bank and First Gulf Bank.
01:35Now this particular preliminary discussion may or may not result in a potential transaction.
01:40This was according to a statement that was released by Shua Capital.
01:44Shua Capital shares rose to its maximum upper limit of 15% today to be at around 80 fills
01:51per share.
01:52That's it from me and thanks for watching.
01:53For more you can log on to gulfnews.com slash business.