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Britain and EU to try to rescue post-Brexit trade talks By Reuters

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© Reuters. FILE PHOTO: Britain’s Chancellor of the Duchy of Lancaster Michael Gove arrives for a Cabinet meeting, in London

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By Paul Sandle and Jan Strupczewski

LONDON/BRUSSELS (Reuters) – Britain and the European Union will on Monday attempt to breathe life into post-Brexit trade talks that appeared all but dead last week, with each side telling the other it needed to fundamentally change course.

British Prime Minister Boris Johnson said on Friday there was no point in continuing talks and it was time to prepare for a ‘no-deal’ exit when transitional arrangements end on Dec. 31.

But Michael Gove, one of his senior ministers, struck a more conciliatory tone on Sunday, saying the door was still ajar to a deal if the bloc was willing to compromise.

EU chief negotiator Michel Barnier had been due in London for talks with his British counterpart David Frost this week. Instead, they will now speak by telephone on Monday to discuss the structure of future talks, Barnier’s spokesman said.

Negotiations broke down on Thursday when the European Union said Britain needed to give ground.

Issues still to be resolved include fair competition rules, dispute resolution and fisheries.

Gove said on Sunday that the bloc had squandered some of the progress that had been made because it had not been willing to intensify talks or produce detailed legal texts.

“We hope that the EU will change their position; we’re certainly not saying if they do change their position that we can’t talk to them,” he said.

Asked by Sky News if Barnier should come to London, Gove said the ball was “in his court”.

EU diplomats and officials cast Johnson’s move as little more than rhetoric, portraying it as a frantic bid to secure concessions before a last-minute deal was done, and European leaders have asked Barnier to continue talks.

“A DEAL, BUT NOT AT ANY PRICE”

German Chancellor Angela Merkel said compromises on both sides would be needed. French President Emmanuel Macron said Britain needed a Brexit deal more than the 27-nation EU, which remained united.

“We are ready for a deal, but not at any price,” Macron said.

A “no deal” finale to the United Kingdom’s five-year Brexit crisis would disrupt the operations of manufacturers, retailers, farmers and nearly every other sector – just as the economic hit from the coronavirus pandemic worsens.

“It is not my preferred destination,” Gove said in an opinion piece in the Sunday Times.

“But if the choice is between arrangements that tie our hands indefinitely, or where we can shape our own future, then that’s no choice at all. And leaving on Australian terms is an outcome for which we are increasingly well prepared.”

Critics say that an “Australian-style” deal is simply code for no deal at all with Britain’s largest export market.

Britain is launching a campaign this week urging businesses to step up preparations for a no-deal exit. In a statement accompanying the launch, Gove says: “Make no mistake, there are changes coming in just 75 days and time is running out for businesses to act.”

More than 70 British business groups representing over 7 million workers on Sunday urged politicians to get back to the negotiating table next week and strike a deal.

“With compromise and tenacity, a deal can be done. Businesses call on leaders on both sides to find a route through,” they said.





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Economy

U.S. group urges Biden to use financial regulation to control climate change By Reuters

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© Reuters. FILE PHOTO: Democratic presidential candidate Joe Biden attends a Voter Mobilization Event in Cincinnati

By Valerie Volcovici

WASHINGTON (Reuters) – A climate advocacy group comprised of high-profile backers of Democratic presidential candidate Joe Biden on Tuesday urged the former vice president to consider using U.S. financial regulation as a tool to fight global warming if he is elected.

Evergreen Action, a group of former staffers of Washington Governor Jay Inslee and Senator Elizabeth Warren who have advised the Biden campaign on a range of issues, handed the campaign a policy memo detailing how he could use the U.S. financial system to counter climate change within his first 100 days in office if he defeats Republican President Donald Trump.

The U.S. election is on Nov. 3.

“We can’t just focus on the Environmental Protection Agency or the Interior Department. We really need to start thinking more expansively about tackling climate change,” said Maggie Thomas, political director of Evergreen Action.

The recommendations http://www.evergreenaction.com/climatecrash include appointing nominees to key posts like the Treasury secretary, a new Federal Reserve chair in 2022, and others, who prioritize climate action and are likely to support measures to increase transparency around the financial risks posed by global warming.

Progressive (NYSE:) policy groups have pushed for Warren or Sarah Bloom Raskin, former deputy Treasury secretary under Democratic President Barack Obama, as candidates for Treasury secretary under a possible Biden administration. Raskin consulted on the Evergreen Action memo.

The memo also calls on the next administration to catch up with other countries whose central banks have taken action to measure and mitigate climate risks to financial markets. It also recommends creating a climate “stress test” for large financial institutions, and urges the financial sector to prioritize clean investments in communities of color.

The Federal Reserve has only recently begun to acknowledge the potential for climate change to destabilize the financial system and consider possible responses.

Meanwhile, the Trump administration has sought to discourage institutional investors from favoring clean energy over fossil fuels, calling it discriminatory, stymie investor pressure to address climate change, and limit required environmental risk disclosures.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Zeta regains hurricane strength, set for Louisiana landfall By Reuters

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© Reuters. Residents prepare for the arrival of Hurricane Zeta in New Orleans

(Reuters) – Zeta has strengthened again into a hurricane and is expected to make landfall in southeastern Louisiana on Wednesday afternoon, the U.S. National Hurricane Center (NHC) said.

Hurricane Zeta, located about 365 miles (585 km) south-southwest of the mouth of the Mississippi River, is packing maximum sustained winds of 75 mph (120 kph), the NHC added.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Israeli-Japanese VC fund Aristagora raises $60m

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The fund focuses on deep technologies and will invest $500,000 to $1.5 million as an initial investment in each selected initiative.


Israeli-Japanese seed-stage tech investment Aristagora VC has announced its first $60 million fund. The fund focuses on deep technologies and will invest $500,000 to $1.5 million as an initial investment in each selected initiative. As a fund with deep financial capabilities, Aristagora VC will support its portfolio companies’ growth through next-stage funding rounds and will serve as a feeder for later-stage and growth-stage funds and will focus on multi-stage exit strategies.

Aristagora VC will also bring another significant advantage to its portfolio companies. As one of the fund’s active general partners hails from Japan and manages private equity and investment activities in Tokyo, the fund will also provide a foot in the door for its portfolio companies to make connections and secure significant business relationships within the Japanese market, known to be hard for foreigners to penetrate..

The fund’s Israeli managing partners are Anat Tila Cherni and Moshe Sarfaty, both experience venture capital investors, while the chairman of the fund’s Investment Committee is Gideon Ben-Zvi. The fund’s fourth partner, Takeshi Shinoda, operates out of Japan and Singapore.

He said, “From my vantage point in Japan, I know exactly what needs to be done to penetrate the Japanese and Asian markets. My local team and I will ensure that the fund’s portfolio companies are brought to the local market at the right time and in the best possible way. We will help Israeli entrepreneurs with their diverse Israeli mentalities to adapt themselves to the local market while also holding on to the many benefits that led us to focus on the Israeli market in the first place.”

Published by Globes, Israel business news – en.globes.co.il – on October 27, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020



Aristagora VC partners  / Photo: Doron Latzter

Aristagora VC partners / Photo: Doron Latzter



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