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Daily Business Wrap - Brexit drama continues
Gulf News
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2/12/2025
As another wild day in Brexit comes to a close, we look ahead at the leadership challenge facing UK Prime Minister Theresa May
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00:00
The ongoing Brexit saga has taken yet another dramatic turn this week as Prime Minister
00:07
Theresa May faces a vote of no confidence in her leadership. Early this morning we heard
00:12
that the threshold of 48 votes had been submitted to the committee responsible for no confidence
00:18
votes and as of 6pm this evening she will face a vote of no confidence in her leadership.
00:25
We don't know where that's going from there but what we do know is by tomorrow morning
00:29
we will have a clearer picture on at least who will be leading the Conservative Party
00:34
and the British country through the next three months and to see out the Brexit process which
00:40
ends in March. As of now there's nothing else to report unfortunately but do keep an eye
00:45
on Golf News this evening from around 10pm to 12pm midnight local time where more details
00:52
will become available. The pound has risen slightly this morning despite that news and
00:57
that's largely because it had dropped so sharply yesterday. So it's up now around 1.2534 still
01:04
looking very weak against the euro and indeed against the dollar. It's approaching parity
01:09
which has not been seen for a long, long time and we are expecting a further drop in the
01:14
pound later on today as developments take place in that leadership challenge against
01:19
Prime Minister Theresa May. Elsewhere the Dubai retails and festival establishment have
01:25
announced the details around the Dubai Shopping Festival or DSF. They've said that the festival
01:31
will kick off on December 26th with a huge 12 hour 90% sale available to all residents
01:40
around Dubai at the malls and shops. They've also said that this year's sale will include
01:45
a special Russian holiday aimed at Russian tourists and will close out after five weeks
01:52
of the sale will close out with another 90% sale that weekend. This is in response to
01:58
obviously tough trading conditions for the retailers of Dubai. They're looking to clear
02:02
out their excess stocks and stimulate consumer spending so the government, DFRE and the relevant
02:09
authorities are looking to give the retailers something to smile about as we head towards
02:14
the Christmas break. Thanks very much for watching. I'm Ed Clowes and this is the Golf
02:18
News Business Wrap for Wednesday the 12th of December.
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