EU states unanimously back Brexit trade and security deal

Backing of EU27 paves way for new arrangements between UK and EU to come into force on 1 January

The post-Brexit trade and security deal has been unanimously backed by EU member states, paving the way for the new arrangements to come into force on 1 January.

At a meeting of ambassadors in Brussels, the 27 member states gave their support for the 1,246-page treaty to be “provisionally applied” at the end of the year. The decision will be formally completed by written procedure at 3pm central European time (1400 GMT) on Tuesday.

Continue reading...

Sunak suggests EU access for financial services will exceed Brexit deal

Chancellor aims to firm up agreements that would allow institutions to trade as if still in EU

Rishi Sunak has offered financial services firms the prospect of closer access to EU markets than outlined in the Brexit trade deal, after Boris Johnson conceded that this aspect of the agreement fell short of UK hopes.

With MPs and experts still poring over the 1,246-page details of the agreement ahead of votes in the Commons and Lords on Wednesday, increasing focus has fallen on the relative lack of provision for the service sector, which makes up about 80% of the UK economy.

Continue reading...

Facebook to close Irish holding companies at centre of tax dispute

Intellectual property to be repatriated to the US after IRS said it was owed $9bn in taxes

Facebook is winding up Irish holding companies it has used to channel billions of profits to avoid paying taxes in the US, the UK and hundreds of other countries.

The company’s main Irish subsidiary paid $101m (£75m) in tax while recording profits of more than $15bn in 2018, the last year for which records are available. Facebook companies around the world paid the Irish holding company for use of its intellectual property.

Continue reading...

Fishing chiefs cry ‘betrayal’ as MPs fear rush to ratify Brexit deal

‘UK caved in on fish to win a wider treaty’, industry bodies say, while leading Brexiter David Davis says one-day debate is ‘too fast’

Senior Conservative MPs late on Saturday expressed alarm at plans to rush the historic UK-EU trade deal through parliament in just one day, as fishermen’s leaders accused Boris Johnson of “caving in” at the 11th hour to clinch agreement on Christmas Eve.

And there were growing fears among senior Tories, who will spend the next three days poring over the 2,000-page agreement published on Saturday, that details in the fine print could still allow the EU to impose punitive tariffs on British exports if businesses fail to follow European rules.

Continue reading...

Future shock: how will Covid change the course of business?

The crisis poses a deadly threat to some sectors and creates opportunities for others. We examine how they will fare in 2021

Coronavirus has changed lives and industries across the UK, accelerating fundamental shifts in behaviour and consumption that were already on their way. Debates about home working, preserving local high streets and the ethics of air travel were bubbling away before coronavirus rampaged across the world, but the consequences of the worst pandemic in more than a century have either settled those arguments or boosted the momentum behind certain lifestyle changes. Here we look at how those debates have been changed – or resolved – by Covid-19.

Continue reading...

Blueprint for Biden? How a struggling Irish town gambled on its links to JFK

New Ross reinvented itself as a shrine to the Kennedy clan. Can towns linked to Biden, the most Irish American president since JFK, do the same?

After its factories died and its port withered, New Ross, a town perched by the River Barrow in south-east Ireland, decided in the 1990s to tap a unique asset: John F Kennedy.

The US president’s great-grandfather had sailed from the quays of New Ross to America during the 1840s famine, leaving behind a modest homestead that JFK twice visited, including a few months before his assassination in 1963. Like many Americans, not least the current US president-elect, Joe Biden, Kennedy was proud of his Irish connections and keen to re-emphasise the links.

Continue reading...

China to overtake US as world’s biggest economy by 2028, report predicts

Centre for Economics and Business Research says it expects this to happen half a decade sooner than it forecast a year ago

China will overtake the US as the world’s biggest economy before the end of the decade after outperforming its rival during the global Covid-19 pandemic, according to a report.

The Centre for Economics and Business Research said that it nowexpected the value of China’s economy when measured in dollars to exceed that of the US by 2028, half a decade sooner than it expected a year ago.

Continue reading...

UK scientists trial drug to prevent infection that leads to Covid

Exclusive: Antibody therapy could confer instant immunity to Covid-19 on at-risk groups

British scientists are trialling a new drug that could prevent someone who has been exposed to coronavirus from going on to develop the disease Covid-19, which experts say could save many lives.

The antibody therapy would confer instant immunity against the disease and could be given as an emergency treatment to hospital inpatients and care home residents to help contain outbreaks.

Continue reading...

Thousands apply to be a Finn for 90 days in migration scheme

Americans, Canadians and Britons among those lured by campaign to attract foreign tech workers

Finland has received more than 5,300 applications in a month for a groundbreaking scheme offering foreign tech workers and their families the chance to relocate to the Nordic country for 90 days to see if they want to make the move permanent.

“We’re not top of many relocation lists, but we know once people do come, they tend to stay,” said Johanna Huurre, of Helsinki Business Hub which devised the campaign. “There’s huge competition globally for talent, so we had to think creatively.”

Continue reading...

NSW premier calls on shoppers to avoid Sydney’s Boxing Day sales as Covid cluster grows to 108

Warning comes as all passengers on board a regional flight told to isolate, and alerts issued across Sydney for a gym, cafes, shopping centre, food court and Santa photos

  • NSW Covid hotspots – list of venues and case locations
  • Border restrictions: rules for NSW travellers
  • Second person from superyacht moored in Cairns tests positive
  • Sydney shoppers have been urged not to enter the central business district for the traditional Boxing Day sales after the state recorded seven new locally acquired coronavirus cases and the northern beaches cluster grew to 108.

    The Australian Retailers Association labelled the NSW premier’s plea for consumers to stay at home on “the biggest day on the retail calendar” as “incredibly disappointing”.

    Continue reading...

    Brexit deal: Boris Johnson poised to announce UK and EU have reached trade agreement – live

    Negotiations continued overnight between UK and EU at European commission’s headquarters in Brussels

    Boris Johnson is confident he can sell the trade deal to Brexiters, according to the FT (paywall).

    Sebastian Payne and George Parker report that Downing Street has been preparing the ground for weeks with the ERG, ensuring that senior backbenchers were aware of the shape of things to come and compromises being made.

    Senior members of the group have already welcomed Johnson’s imminent deal as the “Christmas Eve Agreement”, a reference to the 1998 Belfast Good Friday Agreement that secured peace in Northern Ireland.

    Indications from senior figures within the ERG suggest that many of its members will accept the compromises negotiated by Johnson and Lord Frost.

    If they want help from the party to stay in parliament, then they’ll back the deal.

    In case you’re just joining us, the final stage of the negotiations for a post-Brexit trade deal has been delayed after it emerged that the European commission was using out-of-date figures to calculate the reduction in the amount of fish that member states can catch in British waters after 1 January.

    A deal was due to be announced early this morning but the announcement had to be postponed when officials noticed a discrepancy between two sets of fishing figures and realised that the numbers used in the negotiation appeared to be out of date.

    Continue reading...

    Australia coronavirus live: NSW reports eight more Covid cases as premier modifies Christmas restrictions in Sydney

    Sydney to keep 10-visitor rule but from 24-26 December children under 12 not counted; lockdown continues in half of northern beaches, but small Christmas gatherings allowed. Follow all the latest news and updates, live

    The Northern Territory has revoked its categorisation of New South Wales region Illawarra as a coronavirus hotspot.

    Health minister Natasha Fyles made the announcement this afternoon following an emergency cabinet meeting, saying the decision was made because there were no cases from the northern beaches there.

    This is based on the evidence that they’ve had no cases from the northern beaches coronavirus cluster. I know people are anxiously awaiting other local government areas, but the advice from our chief health officer Hugh Heggie ... is that it is safe to remove that hotspot declaration for the Illawarra Shire local government area. The others will remain in place.

    Victoria is reminding people from greater Sydney, the Central Coast or the northern beaches to not attempt to enter Victoria, just in case you might have forgotten.

    If you have been in Greater Sydney, the Central Coast, or Sydney's Northern Beaches since Dec 11 please do not attempt to enter Victoria. Only people who have exclusively visited or travelled through other parts of NSW can apply for a Border Crossing Permit to enter Vic. (1/2) pic.twitter.com/bad8irfvqn

    As soon as it’s safe to open back up to NSW, we will. For now, we’re making sure Victoria can stay safe and stay open.

    For more information on the NSW outbreak and a map of locations in each zone, visit: https://t.co/sDimRWNc6F (2/2)#COVID19Vic #COVID19nsw

    Continue reading...

    Hungry and afraid: life for factory workers meeting UK demand for cheap clothes

    Pakistani workers describe trying to survive on the less than £50 a month many of them earn making items for firms such as Boohoo

    When Qasim Ahmed* arrived in Faisalabad a year ago, he didn’t want much – just enough money to pay for a roof over his head, buy food and send a little cash home each month.

    Today, that seems like a fantasy. Instead of having enough to get by, he claims, he has found himself struggling to survive, frequently going hungry, feeling abused by his boss and fearing he is working in a factory that could go up in flames. “It makes me sad that I can’t help my parents and siblings the way I hoped before coming here,” he says.

    Continue reading...

    Boohoo selling clothes made by Pakistani workers ‘who earned 29p an hour’

    Guardian investigation finds claims of safety issues, with workers saying they sometimes work 24-hour shifts

    The fast fashion brand Boohoo is selling clothes made by Pakistani factory workers who say they face appalling conditions and earn as little as 29p an hour, an investigation by the Guardian has found.

    In interviews in the industrial city of Faisalabad, workers at two factories claimed they were paid 10,000PKR (£47) a month, well below the legal monthly minimum wage for unskilled labour of 17,500PKR, while making clothes to be sold by Boohoo.

    Continue reading...

    Covid: France to reopen UK border for French and lorry drivers, reports say

    Professionals and French nationals will have to provide negative Covid test before crossing

    France is expected to reopen its border with the UK but only to its own nationals, French residents and professionals such as truck drivers, all of whom will have to provide a recent negative test, France’s public broadcaster has reported.

    Britons or other non-French nationals with a permanent residence in France will be able to return, but the border is set to remain closed to all other non-French citizens in the UK, France Info said. It was not yet clear how long the measures would be in place.

    Continue reading...

    Brexit deadlock: EU members asked by Brussels to think again on fishing offer

    France and Denmark thought to be most cautious about budging from current demands on fish caught in British waters

    EU member states with the largest fishing fleets are being asked by Ursula von der Leyen’s senior team to rethink their “final offer” after Downing Street made a significant move to break the Brexit deadlock.

    France and Denmark are understood to be the most cautious about making a counter-proposal, budging from their current demand that their vessels lose only 25% by value of the fish they catch in British waters.

    Continue reading...

    Von der Leyen takes control of Brexit talks in attempt to strike deal

    European commission president said to be in constant contact with Boris Johnson as fishing remains key issue

    Ursula von der Leyen took personal control of Brexit negotiations in an attempt to strike a deal before Christmas as talks went to the wire over tens of millions of pounds worth of fish.

    The European commission president is understood to be in constant contact through a series of unscheduled phone calls with Boris Johnson and the EU capitals as she battles to find a compromise.

    Continue reading...

    Google faces $400m fine over Fitbit takeover if it doesn’t wait for competition watchdog’s approval

    Australian Competition and Consumer Commission concerned tech giant could harm competitors in wake of deal

    Google faces a fine of up to $400m if it takes over Fitbit before the Australian competition regulator completes an investigation into the transaction.

    The Australian Competition and Consumer Commission (ACCC) on Tuesday rejected an offer from Google to enter into a court-enforceable undertaking limiting the way it would use data gleaned from the wrist-worn fitness tracking devices.

    Continue reading...

    ‘McMafia’ banker’s wife will have £22m seized unless she reveals source of wealth

    Supreme court upholds order against Zamira Hajiyeva, who spent £1m a year at Harrods

    A woman who spent £1m a year at Harrods will be forced to give up her £15m home unless she reveals the source of her fortune following the UK’s first McMafia-style “dirty money” investigation.

    Zamira Hajiyeva, the wife of a former boss of the Azerbaijani state bank jailed for fraud, has lost her final appeal against a court order forcing her to reveal how she came by so much money.

    Continue reading...

    UK faces Brexit limbo after talks deadline missed

    Britain risks weeks without trade transition plans from 1 January after missing EU parliament Sunday deadline

    Negotiators of a Brexit trade deal inched towards a compromise on fishing rights on Sunday but missed a major deadline, raising the prospect of weeks without arrangements from 1 January even in the event of agreement.

    The teams led by the chief UK negotiator, David Frost, and his EU counterpart, Michel Barnier, were expected to continue talks on Monday despite the European parliament’s notice that it would not vote on a deal if not secured by midnight on Sunday.

    Continue reading...