Brexit negotiations begin despite Theresa May facing growing revolt over 'Hard Brexit' plans

• Adam Bienkov
 

• 8h
• 1,711

Prime Minister Theresa May is under pressure to drop Hard Brexit plans. Leon Neal / Getty

• Brexit negotiations begin on Monday morning.
• Brexit secretary David Davis will meet with the EU's chief negotiator Michel Barnier in Brussels.
• Leading business groups call on prime minister Theresa May to drop "Hard Brexit" plans.
• Poll finds majority support for a softer Brexit.
• The Chancellor says no deal would be "very, very, bad" for Britain.
• PM has yet to secure a hung parliament deal with the DUP.
• Cabinet in "civil war" over May's Brexit plans.
• May faces possible leadership challenge as poll puts Labour three points ahead.
• Davis says negotiations begin with "positive and constructive tone"

LONDON — Brexit negotiations will begin on Monday morning despite a widening Cabinet rift over Britain's negotiating aims and growing doubts about the future of prime minister Theresa May.

Brexit Minister David Davis will this morning meet with chief EU negotiator Michel Barnier in Brussels for the first day of what he described as "historic" talks that will set Britain on the road to leaving the EU.

"Today marks the start of negotiations that will shape the future of the European Union and the United Kingdom, and the lives of our citizens," he is expected to say.

Brexit Minister David Davis. REUTERS/Neil Hall

"While there is a long road ahead, our destination is clear — a deep and special partnership between the UK and the EU. A deal like no other in history."

The early stages of the talks are expected to focus on Britain's 'divorce' from the EU, the future of EU citizens living in the UK, and the Northern Ireland border. Talks on Britain's future relationship with the bloc are to be held back until later in the year.

At a press conference held before negotiations begin, Davis said "we are starting this negotiation in a positive and constructive tone."

Responding to Barnier's call to "tackle the uncertainties caused by Brexit," Davis said that "there is more that unites us than divides us," between the UK and its "closest allies in Europe."

The negotiations begin despite May yet failing to have agreed a deal with the DUP to support her government's Queen's Speech next week. It also comes as May faces open criticism from senior Cabinet members about her failed election campaign and growing pressure to drop her plans for a "Hard Brexit," which would see Britain leave the EU Single Market and Customs Union.

Both Davis and May remain committed to plans to crash out of the EU if no deal is secured in two years, saying that "no deal is better than a bad deal."

May's foreign secretary Boris Johnson has insisted previously that such an outcome would be "perfectly ok."

However, five leading Business groups have sent an open letter to the government pleading with it to soften its approach and "put the economy first" in talks.

The letter from the British Chambers of Commerce, Confederation of British Industry, EEF, Federation of Small Businesses, and Institute of Directors, calls on the government to accept continued membership of the Single Market and Customs union until any new trade deal is signed and implemented — a process that trade  experts suggest could take up to a decade.

A poll on Sunday also found majority support for a softer form of Brexit. Survation found that a majority of voters back staying in the Customs Union and holding a second referendum on the final deal May secures with the EU.

Hammond attacks MayConservative party leader Theresa May and Chancellor Philip HammondStefan Rousseau/PA Wire/PA Images

May reportedly faces "civil war" inside her Cabinet, over whether she should continue with her hardline position on Brexit. Senior members are believed to want May to ditch her pre-election negotiating stance. However, other senior figures have threatened to force a vote of no confidence in her leadership if the plans are watered down.

May's chancellor Philip Hammond became the first  distanced himself from May's hardline position yesterday, saying that crashing out of the EU without a deal would be "very, very bad" for Britain.

In a scathing attack on May's failed election campaign, Hammond also told the Andrew Marr Show that he had been prevented from selling the government's record on the economy.

"It was a mistake for the campaign not to focus more on an area where we have a great story to tell — our record on the economy,” he said. “I think it was a mistake that we didn’t spend more time and resources taking apart Jeremy Corbyn’s economic proposals and his spending plans, which are frankly incredible and would do enormous damage to this country, to our jobs, to our economy. I think that was a mistake."

May has been told she has just over a week to recover her position, or face a leadership challenge, according to a report in the Sunday Times. 

Labour ahead in new poll

It comes as a new poll puts Labour three points ahead of the Conservatives. According to the Survation poll, Labour has 44% of the public's support, ahead of the Conservatives on 41%.

Survation Poll

• Labour: 44% (+4)*
• Conservatives: 41% (-1)
• Liberal Democrats 6% (n/c)
• UKIP 2% (-1)

*Changes with 2017 general election. 

NOW WATCH: The Obamas just shelled out $8.1 million for the DC mansion they've been renting since leaving the White House

h

More: Theresa May David Davis Michel Barnier Brexit negotiations 

PlayStation and Xbox owners use their consoles for things other than gaming half the time

• Jeff Dunn
 

• Jun. 12, 2017, 7:13 PM
• 3,418

 More Charts

 
•  
 

The big news at E3, the video game industry's annual trade show that's going on this week in Los Angeles, is Microsoft's introduction of a new Xbox game console. 

The new gadget is called the Xbox One X, and it's designed to deliver high-fidelity, PC-quality games on a device that's easier to use than a computer. That kind of power won't come cheap. The new console will cost $499, which is well above every other current console, including Sony’s competing, but technically less capable, PlayStation 4 Pro.

Even if price weren't an issue, it's an open question whether gamers will really be interested in a more powerful machine. Instead of playing games, US owners of both the Xbox One and PlayStation 4 spend roughly half their console-using time doing things that don't require a super-charged game machine, such as streaming video and watching movies on disc, according to a recent report from Nielsen that's charted here by Statista.

While the Xbox One X should be able to display 4K and HDR videos with aplomb, so too can its more affordable sibling, the $249 Xbox One S, For now, the Xbox One X seems to be aimed squarely at Microsoft’s most ardent Xbox fans.

Mike Nudelman/Business Insider/Statista

SEE ALSO: TV is still media’s biggest platform — but the internet is quickly gaining ground

NOW WATCH: These secret codes let you access hidden iPhone features

h

Follow Tech Chart Of The Day and never miss an update!

A psychologist with 20 years of experience says there are 5 simple ways to improve your self-esteem

• Lindsay Dodgson
 

• Mar. 7, 2017, 11:16 AM
• 27,249
 

Follow Business Insider:

Be kinder to yourself.Unsplash / Haley Phelps

Self-esteem is a wonderful but delicate thing. When our self-esteem is high, we feel more resilient, we're less vulnerable to anxiety and rejection, and less cortisol — the stress hormone — is released into our bloodstream.

The positives are obvious, but improving self-esteem can be challenging, especially if we've experienced setbacks in the past. In a blog post on TED, the psychologist Guy Winch, who has 20 years of experience working with patients, says the problem is that our self-esteem is rather unstable anyway, as it can fluctuate daily, even hourly.

Another complication is how our careers shape our perception of our own worth. For example, a chef would more likely be offended if you didn't like the meal they cooked for you than someone who doesn't cook for a living. Winch says this is because cooking is a significant aspect of their identity.

He outlined five ways to help improve self-esteem and how to better deal with the blows we experience.

View As: One Page Slides

1. Use positive affirmations in the right way.

Unsplash / Bảo-Quân Nguyễn

Positive affirmations are a method of practising "You are what you think." The idea is that you fill your mind with positive thoughts until you believe them.

It's a popular way of going about building your self-esteem because it's simple, but Winch says there's one major problem: Positive affirmations tend to make people with low self-worth feel even worse, because anything that's said as an affirmation — such as "I am beautiful" or "I will be successful" — can often be too contrary to their existing beliefs about themselves.

Winch suggests changing "I'm going to be successful" to something more manageable, like "I will persevere until I succeed."

2. Identify what you're good at.

Unsplash / William Stitt

Winch says self-esteem grows when we demonstrate real ability and achievements in the areas of our lives that matter to us. Maybe you're good at running — sign up for some local races and train for them. Keen on cooking? Throw more dinner parties.

The key, he says, is to figure out your core skills and talents and find opportunities — and even careers — that emphasise them.

3. Learn how to accept compliments.

Unsplash / Katie Treadway

When we feel bad about ourselves, it's hard for anyone else to drag us out of that rut. Winch says we tend to be more resistant to compliments at these times, even though this is when we need them the most.

He says that instead of shrugging off compliments as lies, you should set a goal of tolerating compliments when you receive them. Even if you feel uncomfortable — and you probably will — it'll be worth it in the long run.

The best way to stop yourself from batting compliments away, he says, is to prepare set responses to certain things and force yourself to use them until it's automatic. These responses could be simple things like "Thank you" or "How kind of you to say."

The impulse to laugh off compliments will eventually fade, which will be a sign that it's working and that you're starting to believe the nice things people say about you.

4. Don't criticise yourself.

Unsplash / kosal ley

Don't kick yourself when you're already down.

Winch says this is what we're likely to do. When our self-esteem is low, we can damage it even further by being self-critical.

Winch says we should combat this with self-compassion. When you feel your inner self starting to criticise, ask yourself whether you'd say these things to a close friend.

As a rule, we tend to be much more compassionate to friends than we are to ourselves, so think twice next time you start telling yourself all the things you do wrong. Winch says doing this will help avoid damaging your self-esteem, allowing you time to focus on building yourself up instead.

5. Remind yourself of your real worth.

Unsplash / Olu Eletu

If your confidence sustains a blow, Winch says this is the best way to revive it.

If you get rejected by someone you've been dating, make a list of your qualities that make you a great partner, such as loyalty or emotional availability. If you didn't get the promotion you were after at work, jot down everything that makes you a valuable employee, such as being reliable or dedicated.

Write a brief paragraph or two about why a specific quality is important and why other people would appreciate it. Winch says to do this exercise every day for a week or whenever you feel you need a pick-me-up.

Building up self-esteem isn't easy, and it requires a bit of work, but Winch says the return is invaluable if you do it correctly — you'll find yourself developing healthier emotional habits, and you'll bounce back easier when you suffer knocks in the future.

SEE ALSO: Why rejection hurts so much — and what you can do to ease the pain

More: Features Psychology Sociology Humans 

Wall Street is handing Amazon $13.7 billion to buy Whole Foods

• Matt Turner
 

• Jun. 16, 2017, 9:25 AM
• 6,720

Goldman Sachs CEO Lloyd Blankfein.REUTERS/Gary Cameron

AMZN Amazon.Com

 987.71 23.54 (+2.40 %)

DisclaimerGet real-time AMZN charts here »

BAC Bank of America

 0.00 0.00 (+0.00 %)

DisclaimerGet real-time BAC charts here »

GS Goldman Sachs Gr

 221.81 -1.42 (-0.60 %)

DisclaimerGet real-time GS charts here »

Amazon is buying Whole Foods.

The online giant is buying the high-end grocer for $42 a share, valuing the company at $13.7 billion.

Shares of the grocer were trading at $33.06 a share before the deal was announced, so the deal represents a 27% premium on its closing price yesterday.

In a filing on Amazon's website, the company revealed that it expects to pay for the merger with debt financing from Goldman Sachs and Bank of America Merrill Lynch. 

Here's the relevant extract:

"The Company expects to finance the Merger with debt financing, which could include senior unsecured notes issued in capital markets transactions, term loans, bridge loans, or any combination thereof, together with cash on hand. In connection with entering into the Merger Agreement, the Company has entered into a commitment letter (the “Commitment Letter”), dated as of June 15, 2017, with Goldman Sachs Bank USA, Goldman Sachs Lending Partners LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Bank of America, N.A. (collectively, the “Commitment Parties”), pursuant to which, subject to the terms and conditions set forth therein, the Commitment Parties have committed to provide a 364-day senior unsecured bridge term loan facility in an aggregate principal amount of up to $13.7 billion (the “Bridge Facility”), to fund the consideration for the Merger."

Goldman Sachs will have the "lead left" role, giving it the lead role on the financing. The bank is lending $6.85 billion, with the bank itself committing $3.5 billion, and GS Lending Partners putting in $3.35 billion. Bank of America is signed up to lend $6.85 billion. 

The filing also said that Goldman Sachs will be the only firm to receive any "brokerage fees, commissions or finder's fees" for the merger.

Get the latest Bank of America stock price here.

SEE ALSO: Amazon is buying Whole Foods for $13.7 billion

NOW WATCH: HENRY BLODGET: This chart explains everything that's wrong with the economy today

h

MORGAN STANLEY: Bitcoin isn't a currency

• Graham Rapier
 

• Jun. 15, 2017, 7:11 AM
• 9,281

Bitcoin may have appreciated 300% in the last 12 months, but Morgan Stanley still isn't convinced the cryptocurrency will be a viable currency in the long run. 

In new research published this week, analysts at the bank say that bitcoin (and its counterparts like ethereum) are still more like investment vehicles than fiat currency that you could spend on goods and services. In addition, it said there are few reasons to use bitcoin instead of a debit or credit card, as it represents a "marginally more inconvenient way to pay."

Here's Morgan Stanley:

Most regulators and investors view cryptocurrencies more as assets than actual currencies. Their values are too volatile and too hard to actually use for payment for most to consider them currencies. Our conversations with some merchants indicate that, while cryptocurrencies might actually be attractive for them to operate their businesses, they find that the cryptocurrencies are far too volatile to be used.

The price of bitcoin has exploded in the past year. Markets Insider

The huge rise in the price of bitcoin is perplexing to the bank, which says other factors should have brought bitcoin's value down. These include the SEC's rejection of a bitcoin ETF proposed by the Winklevoss twins, declining trading volumes, and a Chinese crackdown on bitcoin miners, without which "transaction time for Bitcoin could increase substantially," says Morgan Stanley. 

"It is not clear why cryptocurrencies are appreciating so rapidly (apart from the appreciation itself drawing in more speculation against a potentially inefficient ability to sell)," the bank said in a note. 

Still, Morgan Stanley has some guesses as to why bitcoin has seen such a catastrophic rise:

1. ICO's, or Initial Coin Offerings: Instead of traditional public offerings or funding rounds, a handful of companies have begun offering investors digital tokens in exchange for cash. In on high-profile case, a tech startup called Aragon raised $12.5 million in less than 15 minutes in its ICO. 
2. China: There are strict limits on currency outflows in the country, and Morgan Stanley assumes many people are using cryptocurrencies as a way to bypass the limits. 
3. Korea and Japan: Bitcoin was just legalized by the Japanese government, so it makes sense that it would be gaining popularity in the country. "In Korea, however, there is not a clear explanation for the surge," the bank writes. 

Get the latest Bitcoin price here.

NOW WATCH: JIM ROGERS: I like depressed markets like Russia, China, and Japan

h

More: Bitcoin Blockchain Morgan Stanley Cryptocurrencies

More people now subscribe to Netflix than cable TV in the US

• Jeff Dunn
 

• 17h
• 3,834

 More Charts

 
•  
 

Netflix is becoming as much a staple of the American home as cable TV — even more so.

In the first quarter of this year, the number of US Netflix subscribers overtook the number of American cable TV subscribers for the first time, according to a recent study by Leichtman Research Group charted for us by Statista. While Netflix has rapidly gained new subscribers, cable has been slowly losing them. 

To be sure, Netflix has a ways to go to outpace all traditional multi-channel pay TV services. If you added subscribers to satellite services like DirecTV and phone-based systems like Verizon's FiOS to cable subscribers, Netflix would trail far behind. 

Even setting that aside, Netflix's gain isn't necessarily cable's loss. Netflix and cable offer access to different things, so plenty of people subscribe to both. And it’s worth remembering that many of the same firms that offer cable TV also provide the internet connections consumers use to tune in Netflix.

But Netflix's milestone is yet another sign of the growing appeal of streaming video.

Mike Nudelman/Business Insider/Statista

SEE ALSO: Snapchat is struggling to get marketers interested

NOW WATCH: We drove a brand-new Tesla Model X from San Francisco to New York — here's what happened

h

Follow Tech Chart Of The Day and never miss an update!