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Brexit Creates Turmoil

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Brexit
Britain’s unexpected vote to leave the European Union has left many unanswered questions, some of which may not be resolved for years as Britain and the EU iron out the details of the split. Meanwhile, in the wake of the announcement, oil prices dropped, global stock markets have taken a significant hit, the Euro and the British Pound plunged.

Fitch said today that overall, Britain’s decision is broadly “credit negative” for most U.K. sectors.

During a Eurasia Group conference call this morning, Europe associate Charles Lichfield asserted, “The U.K. has lost relevance to Washington.” In the past, he explained, the United States has worked closely with Britain on many European issues, but will now bolster relations with Germany, Spain and other countries, bypassing Britain.

According to the Wall Street Journal:

The move triggered a selloff across markets dragging down the British pound, commodities and shares in U.K.-listed banks, utilities and oil-and gas companies including BP PLC and Royal Dutch Shell PLC, whose shares fell 6.2% and 4.9%, respectively.

A spokesman for Shell said the company will work with the U.K. government and European institutions on navigating a British exit from the EU, known as Brexit. The Bank of England announced it was prepared to use its $371.85 billion war chest to stabilize the market.

The uncertainty in the marketplace after the referendum could hurt oil companies by exacerbating the already-challenging environment created by lower oil prices.

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In the aftermath of the vote, U.K. Prime Minister David Cameron announced plans to step down.

The referendum is expected to jolt the U.S. economy, likely driving up the value of the dollar.

Members of the insurance industry and their buyers are wondering what the impact on Lloyd’s and the London market will be. So far, Lloyd’s has maintained a cool façade.

“I am confident that Lloyd’s will stay at the center of the global specialist insurance and reinsurance sector, and I look forward to continuing our valuable relationship with our European partners,” Chairman John Nelson said in a statement on the vote. “For the next two years our business is unchanged.

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Lloyd’s has a well prepared contingency plan in place and Lloyd’s will be fully equipped to operate in the new environment.”

The Financial Times, however, expects the insurance sector to be “hit hard” by the vote and that the impact could have a negative impact on the London market.

According to the FT, “One of the big attractions to insurers of operating via Lloyd’s is that it has passporting rights into the EU. Many of the insurers who do business there at the moment say that after a Brexit they will simply shift some of their business to subsidiaries within the EU, bypassing the Lloyd’s market in the process.”

Brexit is also expected to have more impact on the life insurance market than property/casualty. “The impact on the non-life insurers was more muted, given that many of them have little cross-border business and hold very conservative investment portfolios.

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Shares in Direct Line, RSA and Admiral were all down in mid-single digits,” according to the FT.

The Nations Most Likely to Default

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This week, President Barack Obama is visiting Britain, France, Poland and Ireland, which is the first stop on his European tour and the site of a driving snafu today in which the presidential stretch, armored Cadillac got stuck on a ramp. Whoops. (See video above … via HuffPo)

Obviously, chief among the commander in chief’s reasons for talking to EU leaders face-to-face is to get a better understanding of the ongoing sovereign debt crisis in the region that is straining relations on the continent and may continue to threaten global economic recovery.

We have heard much about the so-called PIGS economies (Portugal, Ireland, Greece and Spain) — and rightfully so; Athens and Dublin in particular both have a lot of economic finagling to do to figure out some real solutions to what is a major long-term challenge for each country. And while Obama will certainly trying to be figure out what the United States can do to help smooth the austerity and economic transitions Ireland will have to make (in addition to exploring his personal roots), there are many other locations across the world with troubles of their own.

Along these lines, Business Insider ranks the 21 countries most likely to default in terms of the cost to insure each country’s debt. Here’s their list in full. Head over there for more detailed economic profiles of the nations.

21. Russia
20. Poland
19. Israel
18. Kazakhstan
17. Belgium
16. Turkey
15. Italy
14. Lithuania
13. Bulgaria
12. Romania
11. Hungary
10. Croatia
9. Spain
8. Vietnam
7. Lebanon
6. Ukraine
5. Argentina
4. Ireland
3. Portugal
2. Venezuela
1. Greece

High Suicide Risk for British Veterinarians

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Of all the high-stress careers you could think of, being a veterinarian usually doesn’t spring to mind. But a new paper has revealed that veterinarians in Britain are four times as likely as the general public to commit suicide. According to the paper’s author Dr. David Bartram of the University of Southampton’s School of Medicine this means that veterinarians have the highest suicide rate of any other occupational group.

While the reasons for the increased suicide rate remain unclear, Dr. Bartram put forth a number of explanations.

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• The stress begins while they’re still in training. Typically, entrance to veterinary schools is limited to high achievers, whose personality traits may include neurosis, conscientiousness and perfectionism, all risk factors for suicidal behaviors.

• Their working environment can be stressful, marked by long hours, high psychological demands, low levels of support from managers and high expectations from clients. Many work in solo practices, which can leave them professionally and socially isolated and therefore more vulnerable to depression and suicide.

• Ready access to lethal means and knowledge of how to apply them can also put them at risk. Veterinary clinics typically store lethal drugs, such as barbiturates, on premises. Thoughts of suicide, which are often impulsive, can be acted on immediately. At least half of the male veterinarians who committed suicide between 1982 and 1996 in England and Wales used barbiturates, the report said, with deliberate poisoning accounting for 80 to 90 percent of veterinarians’ suicides.

• Veterinarians may consider euthanasia to be a way of alleviating suffering and may therefore come to look upon it as a positive solution to their own difficulties.

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• “Suicide contagion” caused by direct or indirect exposure to suicides among colleagues may leave veterinarians more vulnerable to killing themselves.

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Although research on suicide rates by profession in the United States has been termed confusing and inconclusive (for instance, some say the highest rates can be found among physicians while others say dentists), similar results among veterinarians have been found in other countries. Bartram says the findings indicate a need for more studies into the actual risk factors at play and the development of programs to mitigate the problem. This information would likely be useful for other occupational groups with high suicide risk.