Daily Times

Britain should consider a limited extension to its exit process from the European Union if needed to ensure details of its future relationship with the bloc are agreed, a committee of lawmakers said in a report.

Prime Minister Theresa May formally notified the EU of Britain’s intention to leave by triggering Article 50 of the membership treaty on March 29 2017, setting the clock ticking on a two-year exit process.

Britain has said it wants to have the basis of a trade deal set out with the EU by October, but the Exiting the EU Committee said in a report published on Sunday that deadline would be tight.

“In the short time that remains, it is difficult to see how it will be possible to negotiate a full, bespoke trade and market access agreement, along with a range of other agreements, including on foreign affairs and defence cooperation,” the committee said.

“If substantial aspects of the future partnership remain to be agreed in October, the government should seek a limited extension to the Article 50 time to ensure that a political declaration on the future partnership that is sufficiently detailed and comprehensive can be concluded.”

The report also said the length of any post-Brexit transition agreed between Britain and the EU should be possible to prolong if necessary.

Britain has said it is confident it can reach a deal on the transition period at an EU summit later this month. It expects the transition to last around two years after its departure date, although the European Union has said it should be shorter, ending on Dec. 31, 2020.

The Exiting the EU committee, made up of lawmakers from all the main political parties, also called on the government to present a detailed plan on how a “frictionless” border between Northern Ireland and the Republic of Ireland would work.

The Irish border is a key sticking point in negotiations between the UK and the EU, as Britain has said it wants to leave the customs union but does not want a “hard” land border with customs checks. agencies

Bundesbank’s Buch adds to calls for cryptocurrency regulation

Regulation of cryptocurrencies must be considered, Bundesbank vice president Claudia Buch told Reuters, even though she does not believe they pose a threat to financial stability.

Buch said that speculation on volatile virtual tokens does not pose a systemic threat because it is not financed through credit, but she said that regulators should look at introducing rules to protect consumers, given that such speculation could prove costly for investors.

“The role of crypto tokens in money laundering and criminal activity must also be closely examined,” Buch said.

“I don’t see a threat for financial stability at the moment as the speculations are generally not financed with loans and the relevant markets are rather small.”

The issue of how to regulate cryptocurrencies is likely to be high on the agenda at a March 19-20 meeting of Group of 20 finance leaders in Argentina.

International Monetary Fund Managing Director Christine Lagarde has urged governments and central banks to develop regulations for such assets to prevent them from becoming a new vehicle for money laundering and terrorist financing.

Japan has also urged its G20 partners to act on preventing cryptocurrencies from becoming a vehicle to finance criminal activities. agencies

Abu Dhabi awards France’s Total stakes in oil concessions

Abu Dhabi state energy company ADNOC said Sunday it had awarded French oil giant Total stakes in two offshore oil concessions, as it looks to boost production by year’s end.

Total now holds a fifth of the Umm Shaif and Nasr concession and 5 percent of the Lower Zakum concession, together worth some 5.3 billion dirhams ($1.4 billion, 1.2 million euros), ADNOC said in a press release.

Both concessions are effective March 9 for a duration of 40 years and are operated by ADNOC Offshore, a subsidiary of ADNOC, according to the statement.

Sunday’s signing was hosted by the Louvre Abu Dhabi, the billion-euro French-Emirati project that is the first Louvre-branded museum outside of France.

Abu Dhabi, where most of the UAE’s vast oil reserves are located, is in the process of awarding new oil concessions, as previous agreements have either expired or will run out this month. It has already granted concessions to ExxonMobil, BP, Shell, Japan’s INPEX, China’s CNPC, Spanish Cepsa and a state-owned Indian consortium led by ONGC Videsh.

The new concessions have been offered at nearly half the duration of the old concessions, with ADNOC taking majority stake in the projects. ADNOC aims to increase its oil production capacity from 3.2 million barrels per day to 3.5 million by the end of 2018.

Published in Daily Times, March 19^th 2018.