Asia reacts to Brexit

Asia reacts to Brexit

30/03/17

Paul Nicholson, Corporate Services Manager

Newspapers across Asia reported the UK’s triggering of Article 50 of the Lisbon treaty in Brexit features in ‘world’ sections, with many highlighting the references to security contained in the UK PM Theresa May’s letter to EU President Donald Tusk.

The Times of India lead on the row over security fears that the UK, without an EU deal, would no longer be part of Europol, weakening the fight against international terrorism.

Singapore’s Strait Times also highlighted the uncertainty surrounding international security triggered with Brexit, as well as the Great Repeal Bill that will overturn the European Court of Justice’s rule over UK law.

Hong Kong’s South China Morning Post leads with reports that investment banks in London sent memos to staff Wednesday on coverage policy with EU 27 clients, with Goldman Sachs, Nomura and Morgan Stanley all messaging contingency and continuity plans.

In an Asia focused analysis, the SCMP suggested that Brexit ‘far from being a pebble in a far away pond’, could promote nationalist sentiment, undermine ASEAN intergration and strengthen China’s hand in the region.

The China Daily Europe edition reported on mixed reactions on London Streets to Brexit, quoting city bankers and construction workers: “We knew this was coming. I’m sure my job is safe, but I wish we hadn’t done this. It will make it harder for sure for some businesses in my sector,” said a financial worker. “I voted to leave, because our jobs have gone to foreigners,” said an electrician quoted in the article.