Beyond Brexit

October 12, 2016

UK tourism in search of silver lining

New agreements maintaining market access for United Kingdom airlines operating in Europe must be quickly put in place or they will lose the legal right to operate services, Parliament will be told…

October 12, 2016

The City takes its fight to the House

Up to 35,000 jobs and £5 billion of annual tax revenue could be at risk if the May Government pursues a hard Brexit, a parliamentary committee will be told today. Miles Celic,…

October 12, 2016

The English Premier League of Nations

It was proposed and widely commented upon last week that the British Government had in mind to count and publish levels of foreign labour employed by businesses in the UK. On Sunday,…

October 12, 2016

Rise of the Anglosphere

As Britain begins to turn more sharply away from a future “across the Channel”, the idea that its best future can be found “across the oceans” is emerging as a key rallying…

October 12, 2016

Carmakers on a road less travelled

The number 66 has iconic status in automotive circles, evoking the spirit of freedom and expansion along America’s most famous highway. While Route 66 shot long and straight across the US, Britain’s…

October 12, 2016

October economic round-up

It is official The economic weather following the Brexit referendum on June 23 was generally mild. Earlier stormy forecasts proved to be off the mark, though a few areas have witnessed significant…

October 5, 2016

Trade withers as populism grows

The cheers that greeted Theresa May’s declaration at the Conservative party conference on the weekend when she declared Britain would return to being a “fully independent, sovereign country” rang hollow not just…

October 5, 2016

Deutsche Bank: death by a thousand cuts?

Deutsche Bank remains between a rock and a hard place. It has yet to persuade US authorities to lower their demand for $14 billion to settle allegations that it mis-sold mortgage-backed securities…

October 5, 2016

Brexit could be bad for your health

Brexit has serious implications for the NHS. The ways it could disrupt health and social care services are spelt out in a leaflet from the NHS Confederation that represents all levels of…

October 5, 2016

Brexit uncertainty fails to dent London art market

The lucrative London art market remains the most attractive art capital in Europe and expects to retain that position in spite of Brexit. The UK, with London as its core, accounts for…

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Europe unveils new military support for Kyiv ahead of defence summit
European allies have announced a “surge” of military support for Ukraine, with the British government unveiling £450m ($580m) in UK-led aid. The support is partly aimed at strengthening the country’s position ahead of any peace deal with Russia. The UK will provide £350m this year, with Norway contributing further funding, Britain’s ministry of defence said on Friday. The funding will provide repairs and maintenance to vehicles and equipment as well as radar systems, anti-tank mines and hundreds of thousands of drones. The UK and Germany are to host a meeting of 50 nations at Nato’s headquarters in Brussels on Friday. British defence secretary John Healey and his German counterpart, defence minister Boris Pistorius, will co-chair the 27th Ukraine Defence Contact Group, a role previously performed by the US defence secretary until Donald Trump’s return to office. The Guardian, April 11

EU could tax Big Tech if Trump trade talks fail, says von der Leyen
The EU is prepared to deploy its most powerful trade measures and may impose levies on US digital companies if negotiations with Donald Trump fail to end his tariff war against Europe. European Commission president Ursula von der Leyen told the FT that the EU would seek a “completely balanced” agreement with Washington during Trump’s 90-day pause in applying additional tariffs. But the Commission president warned she was ready to dramatically expand the transatlantic trade war to services if those talks failed, potentially including a tax on digital advertising revenues that would hit tech groups such as Meta, Google and Facebook. “We are developing retaliatory measures,” von der Leyen said, explaining these could include the first use of the bloc’s anti-coercion instrument with the power to hit services exports. “There’s a wide range of countermeasures … in case the negotiations are not satisfactory.” She said this could include tariffs on the services trade between the US and the EU, stressing the exact measures would depend on the outcome of talks with Washington. “An example is you could put a levy on the advertising revenues of digital services.” The measure would be a tariff applied across the single market. Financial Times, April 11

The US and China heading for a ‘monumental’ split
A dizzying escalation of tariffs has ruptured a trade relationship between the US and China forged over decades, jeopardizing the fate of two superpowers and threatening to drag down the world economy. Many economists cautioned that the full repercussions would not be felt for weeks. President Trump clarified that he had raised tariffs on Chinese goods by a total of 145 per cent, as tensions between Beijing and Washington showed no signs of easing. The S&P 500 tumbled 3.5 per cent yesterday, signalling renewed investor concern about the worsening trade war and the destabilizing effects of President Trump’s tariff policies. Treasury bonds began to sell off again, oil prices dropped and the stocks of Big Tech companies like Apple and Nvidia fell. New York Times, April 11

China says it will raise tariffs on US goods to 125%
China said it would raise tariffs on US goods to 125 per cent, further deepening a trade war between the world's two largest economies. "The US's imposition of abnormally high tariffs on China seriously violates international trade rules, basic economic laws and common sense," Beijing's State Council Tariff Commission said in a statement shared by the finance ministry, adding that the new levy comes into effect on Saturday. China will "ignore" further tariff hikes by the United States because US goods would no longer make economic sense for importers, it added. State media also reported China would file a lawsuit with the World Trade Organization over Washington's fresh tariffs. France 24, April 11

UK economy grew more than expected in February
The UK economy grew by more than expected in February, according to the latest official figures. The economy expanded by 0.5 per cent, with the services sector having a strong month, the Office for National Statistics said. Economists had predicted growth of just 0.1 per cent, but the ONS said several factors contributed to the surprise rise which was driven by a boost in manufacturing and production. The better-than-expected figures come as the UK economy braces itself for the impact of tariffs imposed on goods being imported to the US, with analysts warning that growth could prove short-lived. The government has made growing the UK economy its top priority in its effort to improve living standards. Liz McKeown, director of economic statistics at the ONS, said February's surprise growth was due to computer programming, telecoms and car dealerships in the services sector all having "strong months". BBC news, April 11

Breakthrough breast cancer drug approved for NHS
A pill that stops the spread of advanced breast cancer has been approved for routine NHS use in a “triumph” for British science. About 1,100 women each year in England and Wales will benefit from capivasertib, which is taken as a twice-daily tablet, and is proven to double the time patients live without their tumours growing. Capivasertib has been approved for those with the most common type of advanced breast cancer, called hormone receptor-positive, HER2-negative breast cancer. The drug is the first of its kind, and works by blocking the action of the abnormal protein molecule AKT, which drives cancer cells to multiply. The drug is a British success story - it is manufactured by AstraZeneca, based in Cambridge, after decades of research by a team at the Institute of Cancer Research in London, who first discovered the structure of AKT in 2002. The Times, April 11

Markets jump as Trump pauses tariffs
Just hours after President Trump imposed steep tariffs on dozens of America’s trading partners, he reversed course. The president announced yesterday afternoon that nearly all of his so-called reciprocal tariffs would be paused for 90 days, and that he might consider exempting some US companies from the tariffs. Nearly every US trading partner instead faces a 10 per cent blanket tariff, on top of 25 per cent tariffs on cars, steel and aluminium - but China, which had sharply retaliated, will have an even higher 125 per cent tariff, up from a 104 per cent figure proposed yesterday. Neither side wants to look weak by backing down, but a collapse of their trade ties could have profound consequences. Slumping markets quickly rallied. The S&P 500 ended the day up 9.5 per cent, its largest daily increase since 2008. The tariffs, which Trump had raised to the highest level in a century, had caused economists to warn of recession risks. Markets in Asia soared in the countries that were spared. White House officials repeatedly tried to suggest that the change in policy was a premeditated strategy devised to secure favourable deals. But Trump himself acknowledged that his decision was made in response to the market turmoil, particularly in the bond market. New York Times, April 10

Macron says France could recognise a Palestinian state 'in June'
France plans to recognise a Palestinian state within months and could make the move at a UN conference in New York in June on settling the Israeli-Palestinian conflict, President Emmanuel Macron said on Wednesday. "We must move towards recognition, and we will do so in the coming months," Macron, who this week visited Egypt, told France 5 television. "Our aim is to chair this conference with Saudi Arabia in June, where we could finalise this movement of mutual recognition (of a Palestinian state) by several parties," he added. "I will do it … because I believe that at some point it will be right and because I also want to participate in a collective dynamic - which must also allow all those who defend Palestine to recognise Israel in turn, which many of them do not do," he added. Such recognition would allow France "to be clear in our fight against those who deny Israel's right to exist - which is the case with Iran - and to commit ourselves to collective security in the region," he added. France 24, April 9

Zelensky claims 155 Chinese fighting for Russia in Ukraine
Ukrainian President Volodymyr Zelensky says at least 155 Chinese citizens are fighting for Russia in the war. His comments come after two Chinese fighters were captured earlier this week - marking Kyiv's first official allegation that China was supplying Russia with manpower. Speaking to journalists on Wednesday, Zelensky reiterated his claim that there are "many more" Chinese nationals engaged in the conflict, based on information gathered by his government. China has previously denied many of its citizens are fighting for Russia, saying the claim has "no basis in facts". Beijing has yet to respond to Zelensky's latest figure. On Wednesday, China's foreign ministry's spokesman Lin Jian said they were still "verifying the relevant situation with Ukraine" and appeared to suggest that the Chinese soldiers were operating in a private capacity. "Let me stress that the Chinese government always asks Chinese nationals to stay away from areas of armed conflict, avoid any form of involvement in armed conflict, and in particular avoid participation in any party's military operations," said Lin Jian. He also urged Ukraine to "view correctly China's effort and constructive role for the political settlement of the Ukraine crisis". BBC news, April 10

Britain and India ‘closer than ever’ to free trade deal
Britain and India are “as close as we’ve ever been” to agreeing to a free trade agreement which would reduce tariffs on whisky, cars, and food. Businesses were told on Wednesday that a deal with the nation of 1.4 billion people had been 90 per cent agreed, after pressure from US tariffs gave new impetus to the talks. “We are nearly there,” a government source told The Guardian, which first reported the development. “We are as close as we’ve ever been, but conversations at the political level cut both ways.” It is understood that one of the main outstanding issues, relating to visas, had been mostly resolved. The Times, April 9

Government offers to buy coal for British Steel as negotiations continue
The British government has offered to buy the coking coal for British Steel that is needed to keep the country’s last blast furnace facility open while it negotiates a deal with its Chinese owners. The move would allow the company to prolong production at the remaining furnaces at its main site at Scunthorpe in Lincolnshire while the future of the plant is resolved, said people familiar with the matter. The offer comes as part of talks this week between British Steel’s owner Jingye Group and business secretary Jonathan Reynolds to discuss options to stave off a collapse of the lossmaking company. Talks between the two sides are set to resume on Thursday afternoon, the people said. The company is preparing to idle one of its two blast furnaces as soon as next week to preserve raw materials. Coking coal and iron ore need to be imported and can take weeks to arrive. Shipments of coking coal and iron pellets have arrived in the UK but not yet been fully paid for, according to one person familiar with the matter. Finan c ial Times, April 10

Royal Mail trials postbox with parcel hatch, solar panels and barcode scanner
Royal Mail has unveiled a solar-powered “postbox of the future” with a built-in barcode reader and a hatch to accept parcels larger than letterbox size. In the “biggest change to postbox design since their introduction more than 175 years ago”, the hi-tech pillar box looks as if it is wearing a jaunty beret. The black, chequered lid is in fact solar panels that power the scanner. The postbox’s extra-large opening hatch offers a new way for the postal service to cash in on a roaring parcel trade. While letter volumes are in steep decline, Britain is in the grip of a secondhand selling boom as consumers use sites such as Vinted to make extra cash. In a process that will be familiar to those with side hustles, the postboxes can be used to drop off packages that have barcoded postage. Once customers have scanned their code - the postbox’s batteries store energy to power its scanner when there is no sun - the drawer on the front opens. They can then use the Royal Mail app to request “proof of posting”. The Guardian, April 10

Chief-Exec.com

Making Information Valuable

Beyond Brexit

UK tourism in search of silver lining

The City takes its fight to the House

The English Premier League of Nations

Rise of the Anglosphere

Carmakers on a road less travelled

October economic round-up

Trade withers as populism grows

Deutsche Bank: death by a thousand cuts?

Brexit could be bad for your health

Brexit uncertainty fails to dent London art market