Daily Business Wrap - Brexit drama continues - video Dailymotion

As another wild day in Brexit comes to a close, we look ahead at the leadership challenge facing UK Prime Minister Theresa May

Transcript

00:00The ongoing Brexit saga has taken yet another dramatic turn this week as Prime Minister

00:07Theresa May faces a vote of no confidence in her leadership. Early this morning we heard

00:12that the threshold of 48 votes had been submitted to the committee responsible for no confidence

00:18votes and as of 6pm this evening she will face a vote of no confidence in her leadership.

00:25We don't know where that's going from there but what we do know is by tomorrow morning

00:29we will have a clearer picture on at least who will be leading the Conservative Party

00:34and the British country through the next three months and to see out the Brexit process which

00:40ends in March. As of now there's nothing else to report unfortunately but do keep an eye

00:45on Golf News this evening from around 10pm to 12pm midnight local time where more details

00:52will become available. The pound has risen slightly this morning despite that news and

00:57that's largely because it had dropped so sharply yesterday. So it's up now around 1.2534 still

01:04looking very weak against the euro and indeed against the dollar. It's approaching parity

01:09which has not been seen for a long, long time and we are expecting a further drop in the

01:14pound later on today as developments take place in that leadership challenge against

01:19Prime Minister Theresa May. Elsewhere the Dubai retails and festival establishment have

01:25announced the details around the Dubai Shopping Festival or DSF. They've said that the festival

01:31will kick off on December 26th with a huge 12 hour 90% sale available to all residents

01:40around Dubai at the malls and shops. They've also said that this year's sale will include

01:45a special Russian holiday aimed at Russian tourists and will close out after five weeks

01:52of the sale will close out with another 90% sale that weekend. This is in response to

01:58obviously tough trading conditions for the retailers of Dubai. They're looking to clear

02:02out their excess stocks and stimulate consumer spending so the government, DFRE and the relevant

02:09authorities are looking to give the retailers something to smile about as we head towards

02:14the Christmas break. Thanks very much for watching. I'm Ed Clowes and this is the Golf

02:18News Business Wrap for Wednesday the 12th of December.