Ratings agencies rip into UK’s credit score after Brexit vote

A British flag flutters in front of a window in London,Britain suffered further blows to its economic standing on Monday as two top ratings agencies downgraded its sovereign credit score, judging last week's vote to leave the European Union would hurt its economy. Standard & Poor's stripped Britain of its last remaining top-notch credit rating, dropping it by two grades from "AAA" to "AA" and warning more downgrades could follow. Fitch Ratings also downgraded its ranking for Britain's creditworthiness by one notch, and similarly said more cuts could follow.



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Exclusive: Viacom board rejected offer for director to meet Sumner Redstone

Redstone poses for a photo at the Milken Institute Global Conference in Beverly Hills, CaliforniaNEW YORK/SAN FRANCISCO (Reuters) – Viacom Inc's board rejected an offer by Sumner Redstone's attorneys to have one of Viacom's independent directors meet face-to-face with the 93-year-old media mogul to get an understanding of his views on the media company, a spokesman for Redstone confirmed Monday. The board's dismissal of a possible route toward a settlement shows how far apart the two sides are in the legal fight for control over Redstone's $ 40 billion media empire, amid questions over whether the magnate is making his own decisions or is even of sound enough mind to do so. Redstone offered to meet Viacom independent director Charles Phillips in the days after Viacom lead independent director Fred Salerno filed suit over Redstone's June 16 move to oust him and four other directors, including Viacom CEO Philippe Dauman, from the Viacom board, Reuters exclusively reported Monday.



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Financial stocks reel under Brexit impact

Traders work on the floor of the New York Stock Exchange in New York CityJPMorgan fell 2 percent, while Bank of America was down 3 percent. European stocks were hammered for a second day and the sterling fell more than 2 percent. U.S. Treasury Secretary Jack Lew, however, said the market impact from Brexit had been orderly so far and there were no signs of a financial crisis arising from the vote.



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