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Pound exchange rate: How will GBP Sterling be impacted by Brexit vote TONIGHT? | City & Business | Finance

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Sterling has remained volatile to any sudden movements in Britain leaving the EU, with analysts suggesting there is a correlation between political uncertainty and the pound plunging against major currencies. The pound was showing surprise strength versus the euro and US dollar today, having earlier reached €1.1247 and $1.2876 respectively. But with MPs set to participate in the so-called ‘meaningful vote’ this evening, will Sterling still be standing tall after the dust settles in the Commons? Exchange rates are notoriously difficult to forecast with the nature of rapid fluctuation, but experts have raised concerns over the deal being crushed this evening.

The vote on Brexit has proved contentious, with Remainers and Leavers at loggerheads over the best option for Britain.

Originally meant to take place in December, the vote was sensationally called off after Mrs May confessed the chance of losing was too high.

MPs continue to be divided on the plans, with a number of pro-Remainers calling for the deal to be voted down.

Some Leavers are pushing for the same result, arguing that a no-deal Brexit is not something to be scared of.

Bookmakers are widely tipping a defeat for the Prime Minister, with aggregate website Bookmakers.tv predicting the chances of the deal being passed at an abysmal three percent.

Should the Prime Minister prove the odds wrong and secure a victory tonight, the pound could be set to rally.

Paul Meggyesi, head of currency strategy at J.P Morgan, predicts Sterling could rise by as much as five percent against major currencies.

He told currency news website Pound Sterling Live: “Our central scenario is that GBP could rally by perhaps 3-5 percent assuming that parliament approves the withdrawal agreement.

“Albeit this is unlikely to happen at the first time of asking.”

However, it could be bad news for the pound should Mrs May leave the Commons tonight without her deal in place.

If she loses the ‘meaningful vote’, Sterling could be subject to further volatility with some analysts predicting a drop in the pound.

TorFX Senior Account Manager Luke Trevail said: “The pound edged slightly higher yesterday as markets took stock of the situation ahead of the ‘meaningful vote’ on Theresa May’s Brexit deal.

“Sterling briefly rose at the tail end of the session however following reports that a pro-Brexit faction within the Conservative Party may back the government’s deal.

“The vote itself is set to take place later this evening and is expected to result in considerable volatility in the pound if it is rejected as expected.”

Global Markets Analyst, Jesse Cohen, said the pound could plunge to its weakest level in almost two years should Mrs May lose the vote.

He said: “Pound traders should brace for volatility as headlines start to come out later this evening after the vote in parliament.

“In the event of no agreement, we could see the pound reach its weakest level since the beginning of 2017.

“I wouldn’t be surprised if the UK and EU simply try to kick the can down the road for as long as they possibly can.”

If the vote is lost, there are several eventualities that could then kick off.

An amendment passed by Parliament means that the Government must come back with its Plan B three days following the vote.

The prospect of Labour putting forward a vote of no confidence in Mrs May has been mooted and a general election could take place should the Government lose.

ING economists James Smith and Petr Krpata predicted any further political instability would dent the pound.

They said: “Should a no-confidence vote lead to early elections, this would inevitably require an extension to Article 50.

“In our view, a snap election would be a bad option for the pound, as it would bring further uncertainty about the Brexit path.”

The sentiment was shared by Ian Strafford-Taylor, CEO of currency expert at FairFX, who said any further elections, including a second referendum on Britain leaving the EU, would be detrimental to Sterling.

He said: “If the outcome of tonight’s vote provides a catalyst for a second referendum, the UK faces even more uncertainty, and uncertainty is without doubt one of the biggest causes of volatility for currency.”

Voting will start this evening at around 7pm UK time and is expected to last up to two hours.

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Canadian Tire and NuPort Robotics to commercialize Canada’s first automated heavy duty trucks

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Canadian Tire Corporation and Toronto based start-up NuPort Robotics, Canada’s first autonomous trucking company, are partnering with the Ontario government to invest $3 million to undertake an automated heavy duty trucking project to test a “first-of-its-kind-in-the-world” technology. 

The breakthrough technology provides a transportation solution for the middle mile, the short-haul shuttle runs that semi-tractor trailers make between distribution centres, warehouses and terminals each day.

It is designed to enable next-generation automated trucks that are more fuel efficient, safer to operate, and provide an enhanced driver experience.

Backed by $1 million in support from the Ontario government through Ontario’s Autonomous Vehicle Innovation Network and matched by $1 million investments from Canadian Tire and NuPort Robotics, respectively, the two-year project is applying proprietary, artificial intelligence technology from NuPort Robotics to retrofit two conventional semi-tractor trailers – which will always be attended by a driver – with high-tech sensors and controls, a touchscreen navigation system, and other advanced features such as obstacle and collision avoidance.

Caroline Mulroney, Minister of Transportation, says: “Ontario is proud to be a global leader in automated and connected vehicle technology and this innovative project is an exciting milestone toward automated vehicle tech in the trucking industry.

“Ontarians rely on goods being delivered by trucks across the province every day and projects like this are demonstrating the ways that automated truck technology could help businesses meet delivery demands more efficiently while supporting a strong supply chain in Ontario.”

Vic Fedeli, Ontario Minister of Economic Development, Job Creation and Trade, says: “This project applies unique and made-in-Ontario Artificial Intelligence technology that offers increased safety and efficiency, with a reduced carbon footprint, to the goods supply chains on which we all rely.

“This is the latest example of how Ontario’s Autonomous Vehicle Innovation Network acts as a catalyst, fostering partnerships between ambitious technology start-ups and industry to develop and commercialize next generation transportation technologies that strengthen our economy and benefit society.”

Raghavender Sahdev, CEO of NuPort Robotics, says: “The trucks are currently transporting goods between a Canadian Tire distribution centre in the Greater Toronto Area and nearby rail terminals within a 12.5 mile radius, and early results are promising.

“The aim of the project is to develop a system that incorporates an autopilot feature for conventional trucks with a driver, leading to the most efficient way to drive and increase safety.

“The sensors work as a ‘safety cocoon’ to cover blind spots and prevent accidents and the end result is peak fuel efficiency, meaning lower carbon emissions, and peak driving performance for an overall more optimal transportation experience.”

NuPort Robotic’s approach to autonomous trucking is unique in the industry because it focuses only on solving the middle mile challenge, using a known set of predetermined trucking routes that are repetitive and high frequency as opposed to general highway driving.

Ultimately, when implemented on fixed routes in the future, Canadian Tire will benefit from faster commercial deployments and improvements in supply chain sustainability.

Gary Fast, vice-president of transportation, Canadian Tire, says: “Canadian Tire embraces innovation and is always testing new technologies to improve our operational efficiency and safety.

“As proud Canadian companies, the safety of all stakeholders, including drivers, employees, customers, and public will be the top priority as we work together towards deployment of this technology.”

Cari Covent, vice president of intelligent automation, Canadian Tire, says: “Over the last three years, Canadian Tire has made a significant effort to solve complex business problems by using the Canadian start-up Artificial Intelligence ecosystem, and NuPort Robotics exemplifies what we look for in a start-up with a focus on innovation, automation and artificial intelligence.”

Sahdev says: “As NuPort Robotics continues to develop new technologies to overcome middle mile supply chain problems and advance autonomous trucking, I am extremely grateful for the support of the Ontario Government through AVIN and the Ontario Centre of Innovation.

“With their continued support, we are striving to position Canada as the leader in autonomous transportation.”

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Constellation Software is money in the bank, this fund manager says

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If you’re looking for a long-term hold in Canadian tech then Constellation Software (Constellation Software Stock Quote, Chart, News, Analysts, Financials TSX:CSU) should definitely be on your radar. So says Jason Del Vicario of Hillside Wealth Management who likes not only Constellation but its recent spin-off Topicus (Topicus Stock Quote, Chart, News, Analysts, Financials TSXV:TOI) which Del Vicario says could do even better than CSU over the next ten years.

Software consolidator Constellation has been running on the same game plan for years, buying small vertical market software companies providing so-called mission critical software solutions globally. Over the years CSU has completed over 500 such acquisitions, buying the top names in their respective niche verticals and then using its clout and breadth to grow the business and expand into new markets. The resulting cash flow is then plowed back into more acquisitions and the cycle repeats.

The strategy has worked wonders for Constellation, which has grown its revenue from $631 million in 2010 to almost $4 billion for 2020 while taking earnings from $4.12 per share in 2010 to $20.59 per share this past year.

Shareholders were given a special treat last month when Constellation spun out recently acquired Topicus, giving CSU owners about 1.9 Topicus shares for every Constellation share as a dividend-in-kind. Constellation bought Netherlands-based software company Total Specific Solutions BV (or TSS) in 2013 and that subsidiary recently acquired Topicus BV, a Dutch information service company focusing on sectors such as healthcare, education and finance.

Topicus was singled out by Constellation founder Mark Leonard for its ability to grow without using outside shareholder funding. Leonard said the spin-out was part of the intention since a purchase agreement was struck last year.

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Nuvei wins price target raise from National Bank

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Strong quarterly results and an even brighter outlook for 2021 are reasons to celebrate for Canadian payments company Nuvei (Nuvei Stock Quote, Chart, News, Analysts, Financials TSX:NVEI), according to National Bank Financial analyst Richard Tse. In an update to clients on Wednesday, Tse left his rating unchanged at “Outperform” while raising his price target from C$85.00 to C$100.00.

Montreal-headquartered Nuvei is a provider of payment technology solutions to merchants and partners around the world, with a platform geared for high-growth mobile commerce and e-commerce markets. Nuvei’s solutions include a fully integrated payments engine with global processing capabilities, a turnkey checkout solution and a suite of data-driven business intelligence and risk management tools and services.

The company released its fourth quarter and full year 2020 financials on Wednesday, showing Q4 revenue of $115.9 million, up 46 per cent year-over-year, and adjusted EBITDA of $51.3 million, up 61 per cent year-over-year. Total dollar value of transactions processed by merchants (‘total volume’) with Nuvei rose by 53 per cent to $13.9 billion. (All figures in US dollars except where noted otherwise.)

The 2020 year featured revenue up 53 per cent to $375.0 million and adjusted EBITDA up 87 per cent to $163.0 million, with total volume rising a full 76 per cent year-over-year to $43.2 billion.

“Our performance continues to be driven by strong momentum in the high-growth verticals we serve, as well as by our customizable, scalable and feature-rich technology platform which provides one of the industry’s most complete payment technology solutions going well beyond merchant acquiring,” said Philip Fayer, chairman and CEO, in a press release.

The company said the fourth quarter represented the strongest growth yet experienced by Nuvei, driven by wallet share expansion from current merchants along with accelerated uptake of new merchants. New e-commerce business almost tripled compared to a year earlier, Nuvei said, while the company expanded its connectivity coverage over the quarter, introduced new product innovations on its platform and continued to execute on M&A.

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