Pound Hits New Low On Deepening EU Exit Fears

The pound has plumbed new depths against the US dollar as it slid below $1.28 amid intensifying fears over the impact of the vote to leave the EU.

It was a new 31-year low for sterling which has already tumbled steeply in the wake of last month's poll result and slipped further, by as much as two cents, in latest overnight trading.

A weak pound means higher prices for British holiday makers and makes imported goods including many supermarket staples more expensive, though it can help exporters sell their wares abroad as they will be cheaper for foreign buyers.

Overnight trading also saw Asian stock markets turn lower with Japan's Nikkei down 1.8% and Hong Kong’s Hang Seng slipping by 1.2%.

Deepening fears about the fall-out from Brexit pushed investors towards bonds – parcels of Government debt seen as safe havens even though the returns they yield have shrunk sharply as demand for them pushes up their price.

There was a calmer start to London trading in the latest session, with the FTSE 100 Index edging slightly higher after a negative start and the pound recovering some of its earlier losses.

Sterling has been dragged lower in recent days as three British commercial property funds worth about £9bn suspended trading, after the referendum prompted a rapid increase in investors trying cash in their holdings.

Aviva Investors blamed "extraordinary market circumstances" as it halted dealing in its UK property trust, a day after a similar move by Standard Life Investments. M&G Investments also suspended a major property portfolio.

Meanwhile economic survey data pointed to a second quarter slowdown in gross domestic product (GDP) growth to just 0.2% - fuelling expectations that the Bank of England could cut interest rates as soon as next week.

The Bank has stepped up efforts to allay the potential volatility from Brexit by easing capital rules for banks, allowing them to expand lending to households and businesses by up to £150bn.

Governor Mark Carney said pre-referendum warnings about what might happen in the event of a Brexit vote had "begun to crystallise" - including a hit to commercial property - and that the UK "has entered a period of uncertainty and significant market adjustment".

Angus Nicholson, market analyst at IG, said: "Mark Carney, almost the only British leader who seems to not be resigning at the moment, emphasised the challenges the UK economy will suffer in the post-Brexit world.

"Carney's speech seems to have initiated the dawning of realisation of the longer-term impact of Brexit for many in the markets."

United States of Africa? African Union launches all-Africa passport

 European Union threatens to unravel in the wake of Britain's vote to leave, the African Union is pursuing a path of closer integration through the launch of a common passport that will grant visa-free access to all 54 member states.

The electronic passports will be unveiled at the AU summit in Kigali, Rwanda, later this month, where they will be issued to heads of state and senior officials. The Union aims to distribute them to all African citizens by 2018.

"This flagship project has the specific aim of facilitating free movement of persons, goods and services around the continent - in order to foster intra-Africa trade, integration and socio-economic development," the Union announcedin a statement.

The passports represent a key plank of the Agenda 2063 action plan, which emphasizes the need for greater continental integration, drawing on the popular vision of Pan-African unity. Freedom of movement has been a longstanding priority among member states, as enshrined in previous agreements such as the 1991 Abuja Treaty. Common passports have already been adopted for several regions, such as the Economic Community of West African States (ECOWAS). 

Open door policy

Currently, just 13 African states are open to all African citizens without advance visas, with many placing severe restrictions on travel. A recent report from the African Development Bank advised that easing entrance requirements would support economic growth, citing the case of Rwanda, which saw GDP and tourism revenues climb after abolishing visas. 

AU Director for Political Affairs Dr. Khabele Matlosa believes opening borders will have a profound effect for workers at the lower end of the scale.

have a problem now that young people are risking their lives to cross the Sahara Desert or travel on boats to Europe," says Matlosa. "If we open opportunities in Africa we reduce that risk."

The Director has been studying the example of Europe, but believes a closer African Union will not be so threatened by concerns about immigration or loss of sovereignty. 

"Africa is a continent of migrants so we are not as suspicious of refugees," he says. "This is a test of our Pan-Africanism, the doctrine which underpins the African Union's existence. We are committed to this philosophy."

However Matlosa acknowledges the target of providing all citizens with the passports by 2018 is ambitious, conceding that full coverage may not be achieved until several years later.

Risks and rewards

Analysts have highlighted logistical challenges of the initiative.

"Not all countries have the same level of technology needed for the biometric system and to register their citizens," says David Zounmenou, senior research fellow at the Institute for Security Studies. "The timeframe is too short -- 2020 would be a fine effort."

Zounmenou adds that the closer union will face a complaint familiar to European counterparts -- that of more powerful states overriding smaller members.

"Not every country will buy into it," he says. "Visa revenue is an important source of income for some countries and removing it will affect the local economy unless there is compensation."

But Zounmenou believes that common passports will support international trade within the continent, reducing the widespread dependence on Western goods, and offer new opportunities to many citizens.

"Many people ask 'what are the practical benefits of being a member of the AU?'" he says. "This can be one of the most important social and economic responses, which allows business to flow, students to travel, and people to move from one corner of the continent to another."

Critics have suggested open borders risk strengthening terror groups and organized crime, but Zounmenou disagrees.

"One key advantage is that we will have centralized records to show who is going where," he says.

Hate Crime In London Up 50% Since Brexit Vote

The number of hate crimes reported in the capital has risen by more than 50% in the days since the EU referendum result, the latest figures show.

Scotland Yard has confirmed the average number of hate crimes reported daily in London has risen to 67 - a 52% increase on the pre-referendum average of 44.

A total of 599 incidents of race hate crime were reported to the Metropolitan Police between 24 June and 2 July.

Commander Mark Chishty, head of community engagement at the Met, said the force recognises that people "are feeling anxious at the perception of increased intolerance against certain communities".

He said: "We are carefully analysing every incident to see what is happening across London and these figures may change as victims come forward and report incidents after the event.

"The vast majority of these incidents involve abusive and offensive language.

"I would strongly urge both victims and witnesses to come forward and report any such incidents to police as soon as possible."

Figures from last year also highlight a rise in reports of hate crime in the capital over a longer period.

Prior to 24 June 2015, 40 hate crimes a day were reported to police, an average which rose to 44 incidents in the subsequent period.

June 2016 showed a 19% increase in hate crime reported in comparison to June 2015, with 216 more alleged offences brought to police.

The latest figures come as the Archbishop of Canterbury, Justin Welby, hit out at the spreading of intolerance and hatred in the days following the EU referendum result.

He said: "Since the referendum, we have seen an outwelling of poison and hatred that I cannot remember in this country for very many years."

Crime reports have shown an increase in hate crime incidents following the referendum elsewhere in the country.

Avon and Somerset police figures showed that 10 incidents were being reported per day after the referendum, compared to four before the vote.

A national police portal received a fivefold increase in reports in the days following the referendum.

A total of 331 incidents were reported to True Vision, a police-funded website for reporting hate crime, between 23 June and 29 June.

The 47-a-day average, disclosed by the National Police Chiefs' Council, compared with a previous weekly average of 63 reports.

Hate Crime In London Up 50% Since Brexit Vote

The number of hate crimes reported in the capital has risen by more than 50% in the days since the EU referendum result, the latest figures show.

Scotland Yard has confirmed the average number of hate crimes reported daily in London has risen to 67 - a 52% increase on the pre-referendum average of 44.

A total of 599 incidents of race hate crime were reported to the Metropolitan Police between 24 June and 2 July.

Commander Mark Chishty, head of community engagement at the Met, said the force recognises that people "are feeling anxious at the perception of increased intolerance against certain communities".

He said: "We are carefully analysing every incident to see what is happening across London and these figures may change as victims come forward and report incidents after the event.

"The vast majority of these incidents involve abusive and offensive language.

"I would strongly urge both victims and witnesses to come forward and report any such incidents to police as soon as possible."

Figures from last year also highlight a rise in reports of hate crime in the capital over a longer period.

Prior to 24 June 2015, 40 hate crimes a day were reported to police, an average which rose to 44 incidents in the subsequent period.

June 2016 showed a 19% increase in hate crime reported in comparison to June 2015, with 216 more alleged offences brought to police.

The latest figures come as the Archbishop of Canterbury, Justin Welby, hit out at the spreading of intolerance and hatred in the days following the EU referendum result.

He said: "Since the referendum, we have seen an outwelling of poison and hatred that I cannot remember in this country for very many years."

Crime reports have shown an increase in hate crime incidents following the referendum elsewhere in the country.

Avon and Somerset police figures showed that 10 incidents were being reported per day after the referendum, compared to four before the vote.

A national police portal received a fivefold increase in reports in the days following the referendum.

A total of 331 incidents were reported to True Vision, a police-funded website for reporting hate crime, between 23 June and 29 June.

The 47-a-day average, disclosed by the National Police Chiefs' Council, compared with a previous weekly average of 63 reports.

Hate Crime In London Up 50% Since Brexit Vote

The number of hate crimes reported in the capital has risen by more than 50% in the days since the EU referendum result, the latest figures show.

Scotland Yard has confirmed the average number of hate crimes reported daily in London has risen to 67 - a 52% increase on the pre-referendum average of 44.

A total of 599 incidents of race hate crime were reported to the Metropolitan Police between 24 June and 2 July.

Commander Mark Chishty, head of community engagement at the Met, said the force recognises that people "are feeling anxious at the perception of increased intolerance against certain communities".

He said: "We are carefully analysing every incident to see what is happening across London and these figures may change as victims come forward and report incidents after the event.

"The vast majority of these incidents involve abusive and offensive language.

"I would strongly urge both victims and witnesses to come forward and report any such incidents to police as soon as possible."

Figures from last year also highlight a rise in reports of hate crime in the capital over a longer period.

Prior to 24 June 2015, 40 hate crimes a day were reported to police, an average which rose to 44 incidents in the subsequent period.

June 2016 showed a 19% increase in hate crime reported in comparison to June 2015, with 216 more alleged offences brought to police.

The latest figures come as the Archbishop of Canterbury, Justin Welby, hit out at the spreading of intolerance and hatred in the days following the EU referendum result.

He said: "Since the referendum, we have seen an outwelling of poison and hatred that I cannot remember in this country for very many years."

Crime reports have shown an increase in hate crime incidents following the referendum elsewhere in the country.

Avon and Somerset police figures showed that 10 incidents were being reported per day after the referendum, compared to four before the vote.

A national police portal received a fivefold increase in reports in the days following the referendum.

A total of 331 incidents were reported to True Vision, a police-funded website for reporting hate crime, between 23 June and 29 June.

The 47-a-day average, disclosed by the National Police Chiefs' Council, compared with a previous weekly average of 63 reports.

Hate Crime In London Up 50% Since Brexit Vote

The number of hate crimes reported in the capital has risen by more than 50% in the days since the EU referendum result, the latest figures show.

Scotland Yard has confirmed the average number of hate crimes reported daily in London has risen to 67 - a 52% increase on the pre-referendum average of 44.

A total of 599 incidents of race hate crime were reported to the Metropolitan Police between 24 June and 2 July.

Commander Mark Chishty, head of community engagement at the Met, said the force recognises that people "are feeling anxious at the perception of increased intolerance against certain communities".

He said: "We are carefully analysing every incident to see what is happening across London and these figures may change as victims come forward and report incidents after the event.

"The vast majority of these incidents involve abusive and offensive language.

"I would strongly urge both victims and witnesses to come forward and report any such incidents to police as soon as possible."

Figures from last year also highlight a rise in reports of hate crime in the capital over a longer period.

Prior to 24 June 2015, 40 hate crimes a day were reported to police, an average which rose to 44 incidents in the subsequent period.

June 2016 showed a 19% increase in hate crime reported in comparison to June 2015, with 216 more alleged offences brought to police.

The latest figures come as the Archbishop of Canterbury, Justin Welby, hit out at the spreading of intolerance and hatred in the days following the EU referendum result.

He said: "Since the referendum, we have seen an outwelling of poison and hatred that I cannot remember in this country for very many years."

Crime reports have shown an increase in hate crime incidents following the referendum elsewhere in the country.

Avon and Somerset police figures showed that 10 incidents were being reported per day after the referendum, compared to four before the vote.

A national police portal received a fivefold increase in reports in the days following the referendum.

A total of 331 incidents were reported to True Vision, a police-funded website for reporting hate crime, between 23 June and 29 June.

The 47-a-day average, disclosed by the National Police Chiefs' Council, compared with a previous weekly average of 63 reports.

Hate Crime In London Up 50% Since Brexit Vote

The number of hate crimes reported in the capital has risen by more than 50% in the days since the EU referendum result, the latest figures show.

Scotland Yard has confirmed the average number of hate crimes reported daily in London has risen to 67 - a 52% increase on the pre-referendum average of 44.

A total of 599 incidents of race hate crime were reported to the Metropolitan Police between 24 June and 2 July.

Commander Mark Chishty, head of community engagement at the Met, said the force recognises that people "are feeling anxious at the perception of increased intolerance against certain communities".

He said: "We are carefully analysing every incident to see what is happening across London and these figures may change as victims come forward and report incidents after the event.

"The vast majority of these incidents involve abusive and offensive language.

"I would strongly urge both victims and witnesses to come forward and report any such incidents to police as soon as possible."

Figures from last year also highlight a rise in reports of hate crime in the capital over a longer period.

Prior to 24 June 2015, 40 hate crimes a day were reported to police, an average which rose to 44 incidents in the subsequent period.

June 2016 showed a 19% increase in hate crime reported in comparison to June 2015, with 216 more alleged offences brought to police.

The latest figures come as the Archbishop of Canterbury, Justin Welby, hit out at the spreading of intolerance and hatred in the days following the EU referendum result.

He said: "Since the referendum, we have seen an outwelling of poison and hatred that I cannot remember in this country for very many years."

Crime reports have shown an increase in hate crime incidents following the referendum elsewhere in the country.

Avon and Somerset police figures showed that 10 incidents were being reported per day after the referendum, compared to four before the vote.

A national police portal received a fivefold increase in reports in the days following the referendum.

A total of 331 incidents were reported to True Vision, a police-funded website for reporting hate crime, between 23 June and 29 June.

The 47-a-day average, disclosed by the National Police Chiefs' Council, compared with a previous weekly average of 63 reports.