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Tomorrow, Brexit begins. Today, this is what happened. Spoiler: Contains some Brexit.
Introducing the Bloomberg Brexit Barometer. For an at-a-glance guide to what’s going on in the U.K.’s economy as Brexit looms, we crunch the numbers to give you a single figure each day that will tell you just how good — or bad — things are looking. This custom index is made up of indicators for employment, inflation, growth and uncertainty. Today, the figure stands at 30.7. The more it goes up, the better things are. And vice versa.
“Brexit means Brexit – our industry won’t be exempt.” Lufthansa CEO Carsten Spohr expects Brexit to hit U.K. aviation hard. Connections across the continent could face disruptions as the industry adjusts to new rules. Virgin Atlantic is already feeling pain from the pound’s slump after the Brexit referendum, with the airline expecting a loss this year. And there’s trouble ahead on the other side of the Atlantic, too.
Finding opportunities in Brexit. The $12 billion fund that manages the wealth of the family behind Lego wants more U.K. real estate. That reflects a bet that Britain’s departure from the European Union might make the London property market more accessible. The pound has lost about 12 percent against the euro since the referendum last June. Meanwhile, the London property market is searching for an identity.
Taking aim at the Paris treaty. President Trump will sign an executive order today that begins unraveling the Obama administration’s rules and directives to combat climate change. He’s pledged to rip up the 2015 Paris climate treaty, and reorient the government so that U.S. oil and coal producers thrive. Most of the policy changes will face legal battles from environmentalists.
Facebook copies Snapchat. For a fourth time. When Snap went public, analysts warned that copycatting by other companies was a major threat. One of Snapchat's most well-known features – the ability to post pictures that self-destruct after 24 hours – has already been replicated in WhatsApp, Instagram and the Messenger mobile apps. Now Facebook itself has added the feature. But at least they’re honest. “This is something that Snapchat has really pioneered,” said Conor Hayes, a product manager at Facebook.
Wealthy Venezuelans are seeking haven in Madrid. With their home country falling further into economic chaos, the number of Venezuelan exile investors turning to Spain rose more than 50 percent in 2015. It doesn’t hurt that since Trump’s election, U.S. cities like Miami are losing their allure for rich South Americans.
Seven ways you’re ruining your steak dinner. Buying your meat from the supermarket is your first mistake. But it’s easy to ruin even the best cut you can lay your hands on. Here’s what not to do, according to one of the hottest names in the beef business.