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U.S. President Barack Obama said on Friday that he had spoken with British Prime Minister David Cameron about Britain's decision to leave the European Union and that he was confident the United Kingdom was committed to an orderly transition. "While the UK's relationship with the EU will change, one thing that will not change is special relationship that exists between our two nations," Obama said in a speech at a global entrepreneurs conference at Stanford University.
By Guy Faulconbridge and Kate Holton LONDON (Reuters) - Britain has voted to leave the European Union, forcing the resignation of Prime Minister David Cameron and dealing the biggest blow since World War Two to the European project of forging greater unity. Global stock markets plunged on Friday, and the British pound saw its biggest one day drop in history, as results from a referendum defied bookmakers' odds to show a 52-48 percent victory for the campaign to leave the bloc Britain joined more than 40 years ago. The United Kingdom itself could now break apart, with the leader of Scotland, where nearly two-thirds of voters wanted to stay in the EU, saying a new referendum on independence from the rest of Britain was "highly likely".
By Anthony Lin New York (Reuters) - As the reality of Britain's vote to exit the European Union sank in on Friday, international law firms began sending out emails, warning actual and potential clients of issues that could arise due to "Brexit." Some set up 24-hour hotlines to field queries. The uncertainty that comes with it has the potential to sap business and threaten London's leading position in the global profession. U.S. and U.K. firms dominate legal advisory work on large international transactions, and London has long been their European hub.