Daily Business Wrap - Brexit woes & oil troubles - video Dailymotion

Only four months to go until the UK leaves the European Union and Brexit is still a mystery.

Transcript

00:00Four months to go until the UK exits the EU and Brexit is still as mysterious as ever.

00:06Well, more than a mystery, it's a pain.

00:08That is according to a new government report that said that the UK's gross domestic product

00:13will be as much as 10.7% lower over the next 15 years if there is no orderly exit and if

00:19the supply of European workers going to the UK dries up.

00:23The report, however, does not discuss the economic impact of the latest Brexit deal

00:27that was signed between the UK and the EU just last week.

00:30In other news, WTI crude oil prices fell below $50 a barrel as concerns linger on about the

00:36weaker demand in the market as well as a glut of supply.

00:39US oil inventories also came out higher than expected yesterday, which pushed prices lower.

00:44And finally, in case you missed it, Virgin Hyperloop One said it expects to launch its

00:48first Hyperloop post-2026, so less than 10 years to go.

00:52We're not quite sure yet where the first Hyperloop will be.

00:55It will either be in India or the UAE.

00:57The company also denied a report that it had cancelled a $1 billion project in Saudi Arabia

01:03following the murder of journalist Jamal Khashoggi.

01:05The company said it continues to stress its plans to connect the GCC.

01:09This has been the Daily Business Trap.

01:11I'm Sarah Dia.

01:12Thank you so much for watching.