Opening Bell: The pound is down again, Irish investors caught in Brexit freeze, Berlusconi says AC Milan has been sold

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The British pound has dropped to its lowest value in 30 years, below the $1.30USD mark - oil prices and other commodities are also down as well as US Treasury bond yields.

Sterling is down by a whole penny against the euro - €1 currently buys 0.86p.

Amid the ongoing market turmoil, investors have been flocking to buy safe-haven assets and stable sovereign debt.


Thousands of Irish investors have been affected by the decision of Aviva's UK property fund to stop trading following its decision to suspend activity for six months.

Some 4,500 investors from Ireland cannot cash out funds in the Aviva Life and Pensions Fund.

"Aviva Investors has today temporarily suspended dealing in its UK Property Trust. This means it cannot accept instructions to buy, sell, transfer or switch units in the Trust until further notice," a spokesperson told The Irish Independent.

"As a result of this decision, Aviva Life and Pensions Ireland has deferred for a period of six months and with immediate effect, encashments and switches out of its UK Property Funds, which currently invest in the UK Property Trust," the statement continued.


Former-Italian Prime Minister Silvio Berlusconi says that AC Milan has been sold to a Chinese consortium.

He told an Italian newspaper that the club will be sold for at least €400m - including debt this would value the iconic club at close to €750m.

Follow-up reports suggest that the deal has not been finalised and that the Chinese buyers want to take an immediate 80% stake in the club, before buying the remainder at a later date.

The sale could see the club listed in China, according to Reuters.


The updated National Broadband Plan has been welcomed by several rural TDs.

The plan will see broadband expanded to nine hundred thousand rural homes and businesses from next summer and will take up to five years to complete.

Communications Minister Denis Naughten, said it would be a private sector ownership model, as it would leave more money available to the government for other matters, such as housing and health.

The network will be privatised after the initial 25 year State contract is over.

Sinn Fein and Labour have hit out at the plan, saying that there is a risk that costs will be ramped up or that the service will be pulled, if it's not cost effective.

But Mattie McGrath, Rural Independent Group TD, says there are checks and balances to prevent this: