In my early posts I just tell about things related to technical things but now I just give totally a different topic which is out of our kind.This thing is to be known because it's one of the leading controversy which is still on over a year and it's none other than..
Brexit
What does Brexit mean?
It is a word that is used as a shorthand way of saying the UK leaving the EU - merging the words Britain and exit to get Brexit
Why is Britain leaving the European Union?
A referendum - a vote in which everyone of voting age can take part - was held on Thursday 23 June, 2016, to decide whether the UK should leave or remain in the European Union. Leave won by 51.9% to 48.1%. The referendum turnout was 71.8%, with more than 30 million people voting.
England voted for Brexit, by 53.4% to 46.6%. Wales also voted for Brexit, with Leave getting 52.5% of the vote and Remain 47.5%. Scotland and Northern Ireland both backed staying in the EU. Scotland backed Remain by 62% to 38%, while 55.8% in Northern Ireland voted Remain and 44.2% Leave
What happens if Britain leave from Euro?
The UK would sever all ties with the EU with immediate effect, with no transition period and no guarantees on citizens' rights of residence. The government fears this would cause significant disruption to businesses in the short-term, with lengthy tailbacks of lorries at the channel ports, as drivers face new checks on their cargos. Food retailers have warned of shortages of fresh produce and the NHS is stockpiling medicines, in case supplies from EU countries are interrupted. Government ministers and multinational companies with factories in the UK have also warned about the long-term impact on the British economy. Brexit-supporting MPs claim it would not be as bad as they say and the UK would save on the £39bn divorce bill, as well as being free to strike its own beneficial trade deals around the world.
So is Brexit definitely happening?
As things stand, the UK is due to leave the European Union on 29 March, 2019, (Toady) regardless of whether there is a deal with the EU or not.
What is the transition period?
It refers to a period of time after 29 March, 2019, to 31 December, 2020 (or possibly later), to get everything in place and allow businesses and others to prepare for the moment when the new post-Brexit rules between the UK and the EU begin. It also allows more time for the details of the new relationship to be fully hammered out. Free movement will continue during the transition period, as the EU wanted. The UK will be able to strike its own trade deals - although they won't be able to come into force until 1 January 2021. This transition period is currently only due to happen if the UK and the EU agree a Brexit deal.
What are all the effects of brexit to other nations?
The impact of Brexit on the European Union(EU) will result in social and economic changes to the Union, but also longer term political and institutional shifts. The extent of these effects remain somewhat speculative until the precise terms of the United Kingdom's post-Brexit relationship with the EU becomes clear. With the EU's policies on freedom of movement and the economic benefits and drawbacks which the UK and the EU provide each other with, there will be a clear impact with consequences for both institutions.
What does this mean for us in Asia?
Already, policy makers in Japan, Korea and India are saying not much impact in terms of their respective countries' real economies. They're trying to reassure investors and to keep markets calm.
It's true - a direct impact on Asian economies from Brexit is unlikely in the longer term.
As OCBC Bank's Wellian Wiranto said in a note to investors today: "As a percentage of GDP, exports to the UK range from 2-3% for economies such as Hong Kong and Vietnam, to even lower (0.2-1%) for most of the rest - including Indonesia and Malaysia."
Japan, India concerns
But businesses in some major Asian economies - and we're looking particularly at India and Japan here - will be hit.
Japan Inc. employs around 140,000 people in the UK and has about $59bn (£40bn) invested there. Big Japanese car manufacturers like Toyota have already said a Leave vote may lead to 10% duties on UK-made cars being sold in the EU.
Currently, Toyota exports almost 90% of the cars it manufactures in the UK - and three quarters of those go to the EU.
Image copyrightAsian companies which have set up operations in the UK to gain access to EU markets will also have to reassess.
Japanese electronics firm Hitachi, for one, has said it will rethink its UK operations in the event of a Brexit.
Over in India, the focus is on technology firms. Together, the UK and Europe account for over-a-quarter of the country's IT exports, worth around $30bn.
We've also heard from one of India's most prominent business houses - the Tata Group - which has been operating in the UK since 1907.
In a statement to the media, it said there are currently 19 independent Tata companies in the UK, with diverse businesses. It also said that "access to markets, and to a skilled workforce will remain important considerations".
Perhaps, that's a not so subtle reference to the EU's diverse workforce?
Certainly Asian business leaders are watching the process of how the UK transitions out of the EU very closely. If there is a material impact on EU economies, Asia won't escape unscathed.
Impacts of brexit over USA's economy?
Brexit has already proven its potential to upset other economies. "With the original referendum with respect to Brexit … if you look at the Dow, there was a tremendous drop post the vote," said Tifphani White-King at Mazars USA.
The Dow Jones Industrial Average lost 608 points, or almost 3.4 percent, the day after the vote — and the pain didn't stop there. Global markets lost $2 trillion in value. The U.S. dollar increased in value, and "that's not always a good thing," White-King said. A higher dollar makes U.S. exports more expensive for buyers in other countries. It also means stocks and U.S. investments are more expensive for international buyers.
