Latest Ratings for TSLA DateFirmActionFromTo Feb 2021Morgan StanleyMaintainsOverweight Feb 2021Piper SandlerMaintainsOverweight Jan 2021Deutsche BankMaintainsBuy View More Analyst Ratings for TSLA View the Latest Analyst Ratings See more from BenzingaClick here for options trades from BenzingaAnalyst Who Predicted ,000 Bitcoin Sees Key Metric Indicating 'March To 0,000'How Square's Purchase of Jay Z's Tidal Could Popularize Blockchain© 2021 Benzinga.com. GBTC closed 10.31% lower at $41.40 on Thursday. The VanEck Vectors Social Sentiment ETF was down 4.3% in Thursday afternoon trade, in its debut. The new Prime Minister, Boris Johnson, now claims the backstop is “dead”. It was down 1% at $24.15 at 12:02 p.m.(Updates with latest figures, analyst comments. The Irish backstop has been highly controversial among some MPs, and is one of the main reasons why the withdrawal agreement has so far failed to pass through parliament. "[66], A humble address was placed before the House of Commons on 13 November 2018, requiring release of the legal advice given to the government regarding the proposed EU withdrawal agreement. EU negotiators saw the plan as unrealistic, and an example of the Conservative party negotiating with itself, with one EU official going so far as to call it "bonkers". Brexit backstop: Theresa May has proposed a withdrawal agreement (Pic: GETTY) (Image: GETTY) This means Northern Irish businesses would not face restrictions who placing products on the single market. Gold ~3% risk. “In 2020, the benchmark crypto gained legitimacy with declining volatility vs. the opposite in most assets. Dez… ‘Backstop’ option for Irish border after Brexit – the difference between EU and UK proposals explained June 8, 2018 10.23am EDT Nikos Skoutaris , University of East Anglia pic.twitter.com/OjMyWYU0Oa — Gary Black (@garyblack00) March 4, 2021 According to Black, if you asked 100 institutional investors in the Elon Musk-led company if they would prefer to invest $1.5 billion of excess cash in BTC or in Tesla stock, 95/100 would choose the stock. The United Kingdom's intention is to achieve these objectives through the overall EU-UK relationship. Many fear that barriers between the north and south could revive the tensions behind the Troubles – the 30-year conflict over Northern Ireland’s status as part of the UK. [40], The Irish government, in particular, was insisting on this backstop. All rights reserved. “As tech continues to get better/cheaper/faster there will be new applications and maybe even something that supersedes what we know as crypto today. "The backstop is an insurance to avoid a hard border on the island of Ireland unless and until an alternative is found", Mr Tusk tweeted. Gold Advocate Peter Schiff Criticizes Mark Cuban And Kevin O'Leary For Turning Positive On Bitcoin. Benzinga does not provide investment advice. “You have to have strong convictions to hold.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Plan A was to reopen the withdrawal agreement with the EU and renegotiate the backstop. [50], The protocol is also opposed by the Ulster Unionist Party[51] and the Traditional Unionist Voice. The arrangements must be such as to comply with section 10 of the European Union (Withdrawal) Act 2018, on 'Continuation of north–south co-operation and the prevention of new border arrangements'. OPEC+ had been debating whether to restore as much as 1.5 million barrels a day of output in April but decided to wait.The Saudi-led alliance closely monitors other major oil producers as it seeks to manage the entire global market, and surging production in North America was its biggest headache in recent years -- especially from U.S. shale but also from Canada.“The U.S., Saudi Arabia, Russia, Canada, Brazil and other well endowed countries with hydrocarbon reserves -- we need to work with each other, collaboratively,” Saudi Energy Minister Prince Abdulaziz bin Salman said after the group’s meeting on Thursday.Read More: Saudis Bet ‘Drill, Baby, Drill’ Is Over in Push for Pricier OilCanada’s contribution to balancing the market with less production, much like slowing output in the U.S., is not a deliberate market-management strategy but significant nonetheless.Even though the output cuts are short-term, the battered oil-sands industry shouldn’t be a concern for the Saudis in the long run either, judging from McKay’s outlook for the industry.“I can’t see much growth in the oil sands happening because there is going to be less demand in the future,” he said. READ MORE: No-deal Brexit ‘could wipe 9.3% off GDP growth’. Image: Dmitry Demidko via Unsplash See more from BenzingaClick here for options trades from BenzingaFantom Is Top Performing Cryptocurrency Again: Here's What You Need To KnowGoldman Sachs To Restart Crypto Desk After Abandoning The Idea In 2018© 2021 Benzinga.com. This would make some checks necessary on British goods entering Northern Ireland, but such a new barrier dividing it from the rest of the UK is strongly opposed by the DUP. There are two discrete but entangled elements to the impasse in Brexit negotiations over the Irish border: According to Schiff, the fact that gold won’t ever change is part of its appeal to investors. Brexit’s Irish border problem, explained. Irish premier Leo Varadkar says we need a backstop (Image: PA) Boris Johnson wants to replace the backstop with 'alternative arrangements', to kick in at a … His third stated reason for the backstop being unviable is that it "risks weakening" the Good Friday Agreement and the Northern Ireland Peace process. Joe Biden's stimulus check changes: Do you still qualify for $1,400? Of course, remaining in the EU customs territory and in parts of the single market while the rest of the UK was out of those structures is anathema to many, not least the DUP. “The first step is we have to get our carbon footprint down.”After years of rising output turned Canada into the world’s fourth-largest crude producer, expansion projects have nearly halted on the heels of two market crashes since 2014.Adding to its struggles, Canada’s oil industry is being shunned by some investors such as Norway’s $1.3 trillion wealth fund amid concern that the higher carbon emissions associated with oil sands extraction will worsen climate change. [19][20], On 7 September 2017, the European Commission with its chief negotiator Michel Barnier published guiding principles for the dialogue on Ireland / Northern Ireland which reiterated and expanded the principles given in 29 April guidelines, in particular the protection of the Good Friday Agreement and the continuation of the Common Travel Area. EXPLAINED: What is in the new Brexit deal and how does it solve the Northern Irish border and backstop issues? [75], In July 2019, Theresa May resigned and Boris Johnson became Prime Minister, with Boris Johnson saying that he wanted to replace the Irish backstop within the Withdrawal Agreement. The S&P 500 is up 27% over the past twelve months. All rights reserved. GameStop spikes as investors eye cryptic tweet by shareholder, Here comes Kanye West's Yeezy line at Gap, Tesla Should Sell Its Bitcoin and Buy Back Shares To Create 'Positive Momentum,' Says Analyst, Getting A Third Covid-19 Stimulus Check Just Got Tougher — But You Might Still Influence How Big Yours Is, The Nasdaq may be close to the end of its correction, according to market-timers’ views, Bitcoin Could Reach $1 Million or More, Kraken CEO Says. Such concerns among Conservative and DUP politicians are one reason the prime minister is now widely expected to lose a crucial Commons vote on her Brexit deal on 11 December. The Irish backstop has dominated much of the debate over Brexit for the past year, proving a deeply divisive issue in British politics. ", Following the vote Michel Barnier said the backstop is "part and parcel" of the UK's Brexit withdrawal agreement and would not be renegotiated. [7], The completion of the European Single Market in 1992 (initiated by European Commissioner Lord Cockfield) and the Good Friday Agreement (brokered by Irish-American Senator Mitchell) in 1998 were seen as making it possible to dismantle what had previously been extensive border infrastructure between Northern Ireland and the Republic of Ireland.[8]. There has been much noise, pretty much all of it negative, about the Irish Backstop contingency included within the Withdrawal Agreement. [82], This article is about the November 2018 'Northern Ireland protocol', now abandoned. Parliament forced the government to release its legal advice on the backstop this week, which revealed Britain could be stuck in a customs union “indefinitely” if a new UK-EU relationship could not be agreed. Should this not be possible, the United Kingdom will propose specific solutions to address the unique circumstances of the island of Ireland. Last month, GLJ Research analyst Gordon Johnson said the automaker had “run out of viable internal uses” of its capital. [3], The Northern Irish border will be the only land border between the European Union and the United Kingdom after Brexit. On Thursday, Kraken CEO Jesse Powell said that BTC could replace all of the world’s currencies and hit a million-dollar price target within the next ten years. It appears the breakdown is underway, and this could turn into an outright collapse into mid-March. Talks resumed on the following days, leading to publication on 8 December of a joint report setting out the commitments to be reflected in the Withdrawal Agreement. Meanwhile, Wood's ARK Innovation deepened its slide into correction on Thursday, off 6.6%. “The younger demographic is certainly taking notice of it and they see it as a better version of gold,” said Powell. GameStop shares closed up 6.4% at $131.93 after earlier hitting $147.87, their highest since a surge in the heavily shorted stock late last month. In Irish government meetings before the Brexit referendum in 2016, the border was identified as an important issue in the event of a vote to leave. [71][72] On 13 March 2019, the House of Commons voted down the Malthouse compromise by a margin of 374-164[73][74], As of June 2019[update], these alternative arrangements remain to be identified. The Northern Irish backstop is an agreement about what the UK and the European Union (EU) might do to manage the border between Northern Ireland and the Republic of Ireland once Brexit has happened. All rights reserved. Earlier this week, Mark Cuban commented on some of Schiff’s most recent remarks saying, “Gold is dead Peter. On 29 March 2017, Prime Minister Theresa May commenced the two-year Brexit negotiation process by serving notice under Article 50 of the EU Treaty. The Nasdaq Composite was negative for the year, down 1.4%. [54], One commentator says Britain is faced with a trilemma between three competing objectives: an open border on the island; no border in the North Channel; and no British participation in the European Single Market and the European Union Customs Union. In the new protocol, the whole of the UK comes out of the EU Customs Union as a single customs territory. [70] The proposal comprised two parts. [6], The Northern Ireland conflict broke out in 1969 and involved the deployment of the British army under Operation Banner carrying out security checks, closing over 100 border crossings and constructing observation infrastructure across Northern Ireland; these measures began to be reverted following IRA ceasefires in 1994 and 1997. Its top holdings currently are Ford Motor Co., Twitter Inc. and DraftKings Inc.Nonetheless, the rapid uptake suggests VanEck has succeeded in tapping into the increasingly powerful retail investing cohort.“Given the explosion of individual, younger retail traders, it makes sense to see a pile of volume,” said Dave Lutz, macro strategist at JonesTrading. Price Action: Tesla shares fell 3.43% in after-hours trading on Thursday to $600.10 after closing 4.86% lower at $621.44. Furthermore, Northern Ireland will maintain "regulatory alignment" with the EU Single Market, again until a mutually satisfactory alternative arrangement can be put in place for Single Market regulations as well as Customs and Excise.[35][36]. The Dow Jones Industrial Average was down more than 400 points, or 1.3%, and nursing a 0.8% year-to-date gain. Subsequently, in 2018, the EU version of the final withdrawal agreement omitted paragraph 50 on the basis that it is an internal matter for the UK. How to Play It. The prospect of a “hard border” on the island of Ireland has become a key issue in the Brexit negotiations. The late afternoon rally in GameStop began roughly around the time that Cohen tweeted what appeared to be a screenshot with the puppet dog advertising mascot of Pets.com, a famous casualty of the dotcom bubble two decades ago. I was wrong. ", "Brexit: EU and UK reach deal but DUP refuses support", "How Boris Johnson moved to break the Brexit deadlock", "Irish army identifies 300 border crossing points", "The Common Travel Area between Britain and Ireland", "Prime Minister's letter to Donald Tusk triggering Article 50", "EU leaders unanimously agree Brexit strategy", "European Council (Art. But many Conservative MPs hate the idea as in effect it keeps the UK… Cathie Wood's flagship ARK Invest ETF and a VanEck Vectors Social Sentiment backed by Wall Street bro Dave Portnoy are down by at least 4%. [45][46][47] Since 2018, the DUP has said the Northern Ireland backstop must be removed from the Brexit withdrawal agreement if they are to continue to support the Conservative government in the House of Commons,[48][49] although the party has said that it's open to a time limit on the backstop. The frontrunning proposal is a 0.1% trade on stock, bond and derivative transactions. But the subject has left many voters scratching their heads, with “What is Brexit backstop” one of the most common searches on Google about Brexit. Oil company stocks jumped, too, often much more than the commodity, because prices this high will give many of them operating leverage. Because capital costs are high in the industry, oil company margins expand considerably once prices rise above $50 and companies have fully paid for the cost of the equipment and labor they need to extract oil. Rob Merrick Why it’s wrong to blame second referendum campaign for Brexit crisis. Timeline of negotiations on the Irish backstop. Here is what is meant by the backstop plan, which formed part of the draft deal struck by UK prime minister Theresa May’s government and EU negotiators in November. Price Action: After a volatile week, the market-leading cryptocurrency was trading at $48,171 at the time of writing. Members of Parliament largely oppose it and are refusing to pass the Withdrawal Agreement through the House of Commons and the EU is refusing to renegotiate, leaving withdrawal negotiations at a standstill less than two months out from Brexit Day. This is because, in the absence of a trade agreement, the goods trade relationship between the UK and the EU (including the Republic) would revert to World Trade Organization (WTO) membership terms. What Happened: McGlone, who previously ascribed a $50,000 plus level for the cryptocurrency, said in a March outlook report that if the Grayscale Bitcoin Trust (OTC: GBTC) closing at its steepest discount ever is an indicator, then it may “signal [Bitcoin’s] march to $100,000.” The Greyscale premium, a metric watched closely, ended February with a 2.7% discount. [27][28][29][30] On the same day the government published Explainer for the agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union, stating that negotiations on the future UK-EU relationship were ongoing and that the (binding) Withdrawal Agreement would not be signed without an agreed (non-binding) Political Declaration on the future relationship "on the basis that nothing is agreed until everything is agreed".[31]. Boris Johnson has today called the Irish backstop "unviable" and has said it must be removed for a Brexit deal to be reached. In 2021, we see little to stop the process of old-guard gold allocators simply focusing on prudent diversification,” wrote the analyst. [65], Barnier said to France's RTL radio: "Time is too short to find an alternative arrangement to the Irish backstop and Britain's divorce deal with the European Union will not be re-opened for negotiation. See also: How to Buy Bitcoin (BTC) “The increasing probability of [exchange-traded] funds in the U.S., on the back of launches in Canada are adding pressure to the trust price, but we see sustaining the upward trajectory as the more likely outcome.” Bitcoin traded 8.48% lower at $47,120.70 at press time. His most recent comments on Twitter invited criticism from Mark Cuban, who commented that gold is hyped just as much as cryptocurrencies. Many Conservative MPs who campaigned for Brexit believe the backstop plan would leave the UK subject to unacceptable levels of EU regulation after leaving the bloc. [4], In February 1923, shortly after the creation of the Irish Free State, a Common Travel Area (CTA) consisting of the newly founded state and the United Kingdom was informally agreed, in which each side would enforce the other's external immigration decisions, thus avoiding the need for immigration controls between the two countries. Earlier this week, Bitcoin recorded a low of $43,867 and a high of $52,535. We've heard a lot about the Irish backstop in debates about Brexit. [42], On 15 January 2019, the UK parliament rejected a government motion to approve its draft withdrawal agreement. Both the UK and the EU negotiating teams stated their preference to avoid a 'hard border'[24] and proposed an agreed draft for a Withdrawal Agreement that included a backstop: 49. The Irish government and Northern Irish nationalists (favouring a united Ireland) supported the protocol, whereas Unionists (favouring the existing United Kingdom) opposed it. The Irish backstop was a protocol in the (rejected) 2018 draft of the Withdrawal Agreeement, that would have kept the United Kingdom (in general) in the European Union Customs Union and Northern Ireland (in particular) in some aspects of the European Single Market, … When I first learned about #Bitcoin I didn't think smart investors would be dumb enough to buy. [52], Sinn Féin, the SDLP, the Alliance Party of Northern Ireland and the Green Party in Northern Ireland all support the backstop. MicroStrategy Incorporated (NASDAQ: MSTR) meanwhile holds 90,531 BTC, purchased at an average price of $2.171 billion, as of late February now worth about almost $4.286 billion. 3 min read 17 October 2019. ld enter into the backstop, effectively remaining in a customs union with the EU, from December 2020 until such a trade deal had been agreed. #btc has ~20% risk, further out on the risk curve than almost any other asset class. The Democratic Unionist Party (DUP), whose votes the Conservatives rely on to get legislation through the House of Commons, has also strongly condemned the proposals. This is everything you need to know about what the backstop is and why it's so controversial. Photo: Paul Faith/AFP/Getty Images The Malthouse compromise was seen as a supplement, by some Leavers, to the Graham Brady amendment: in a nutshell, it aimed to replace the backstop with a different one, which would either allow a smooth transition to a deal or put in place a triple safety net if there is no deal. From the time the referendum result was clear, the Irish government told other EU countries that (in the words of The Guardian) "the [open] border was not just about protecting the single market, it was about peace. [53], In April 2019, a report commissioned by the German Green Party concluded that the backstop could allow the UK to undermine EU environmental, consumer, and labour standards, because it lacks sufficiently detailed controls. “Imagine the positive momentum [Tesla] would create if they announced the sale of their [Bitcoin] position, and authorized a [Tesla] stock buyback instead.” wrote Black. [16] In October 2016, The Guardian reported that British proposals to avoid a hard border (by having UK-compatible immigration controls introduced at Republic of Ireland ports and airports) had received "signals [of] support" by Enda Kenny's government. The protocol's stated means to achieve the objectives are specified (with reference to the European Union's internal market and the customs union) three paragraphs later on the same page: RECALLING that the Joint Report from the negotiators of the European Union and the United Kingdom Government on progress during phase 1 of negotiations under Article 50 TEU [Treaty of the European Union] on the United Kingdom's orderly withdrawal from the European Union of 8 December 2017 outlines three different scenarios for protecting North-South cooperation and avoiding a hard border, but that this Protocol is based on the third scenario of maintaining full alignment with those rules of the Union's internal market and the customs union which, now or in the future, support North-South cooperation, the all-island economy and the protection of the 1998 Agreement, to apply unless and until an alternative arrangement implementing another scenario is agreed...[32], To avoid a border between Northern Ireland and the rest of the UK, article 6 of the Northern Ireland protocol proposes that from the end of the transition phase (on 31 December 2020), the UK and the EU customs territories will operate as one until the parties agree jointly that a mutually satisfactory alternative arrangement has been reached. The backstop would have required keeping Northern Ireland in some aspects of the Single Market, until an alternative arrangement were agreed between the EU and the UK. [21] On 9 September 2017, the EU Commission published several negotiating papers, including "Guiding Principles on the Dialogue for Ireland/Northern Ireland". “Whether it is the WSB crowd embracing Dave Portnoy’s marketing of the ETF, or institutions playing it to bet on the direction of the trend (or hedge) -- we won’t know for a bit. [61][62], Paul Bew, a crossbench peer, observed that the top-down character of the backstop overturns the bottom-up character of the Good Friday Agreement and thus risks that "the current deterioration in North-South relationships might intensify in unpredictable and dangerous ways". Jack Dorsey-led Square Inc (NASDAQ: SQ) and Tesla combined have spent over billion to buy 151,919 BTC. [9] In response, the remaining EU countries (EU27) published their "phased" negotiation strategy which postponed any negotiations on the future relationship with the UK (the non-binding "Political Declaration"), until a binding withdrawal agreement had been concluded, covering: The Republic of Ireland has, after Luxembourg, the second-highest gross domestic product per capita in the EU, thanks to a favorable corporate tax system, and its membership of the European Single Market. The Irish backstop (formally the Northern Ireland Protocol) is a defunct appendix to a draft Brexit withdrawal agreement developed by the May government and the European Commission in December 2017 and finalised in November 2018, that aimed to prevent an evident border (one with customs controls) between the Republic of Ireland and Northern Ireland after Brexit. Work on the Horizon upgrader coincides with maintenance at other cites.Suncor Energy Inc. plans a major overhaul of its U2 crude upgrader, cutting output by 130,000 barrels a day over the entire second quarter. Military controls on the 500km border were only removed when the Good Friday Agreement brought peace in 1998, allowing more institutional collaboration, business and free movement across the divide. The government's response was presented to parliament by Attorney General Geoffrey Cox on 3 December. “Since reaching a low point in January, mortgage rates have risen by more than 30 basis points,” wrote Freddie Mac’s chief economist, in a release. Bloomberg reported last month that the exchange was in talks to raise new funding, which would double the company’s valuation to more than $10 billion.“Personally, I think $10 billion is a low valuation,” Powell said. Britain's transition period would also be extended so there was more time to agree the future relationship. Great dispersions often precede great reversions. Article 2(2) of the protocol states that it is a temporary measure[37] while the United Kingdom identifies and develops a mutually satisfactory technology that operates customs, excise, phytosanitary and other controls on the frontier between the UK and the EU, without any evident border infrastructure. The backstop would see the UK remain economically close to the EU, but Northern Ireland would be even closer and face additional European rules. — Peter Schiff (@PeterSchiff) March 1, 2021 Schiff’s criticism comes after Kevin O’Leary announced he would be allocating 3% of his portfolio to the digital asset while also looking at investing in the most energy-efficient Bitcoin mining companies. Investors who say #btc has less risk than govt bonds or gold haven’t done their research. The price of gold is down 11% over the past twelve months. [67], The full advice was later released showing that the terms of the backstop could mean that the UK could face "protracted and repeated rounds of negotiations". Read Next: 'Morons:' Crypto Enthusiasts Burn Banksy's Real Artwork To Turn It Into Digital Token See more from BenzingaClick here for options trades from BenzingaHow Square's Purchase of Jay Z's Tidal Could Popularize Blockchain'Morons:' Crypto Enthusiasts Burn Banksy's Real Artwork To Turn It Into Digital Token© 2021 Benzinga.com.