Category Archives: International trade

Dover Port health body fears gangs of meat smugglers looking to bypass new post-Brexit checks

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Authority weighs up legal action against government over new checks on imported meat taking place 22 miles inland

The Port of Dover could become a target for criminals smuggling illegal and diseased meat into the country under new post-Brexit plans that will involve lorries from the continent being checked 22 miles inland, the port’s health authority has warned.

The Dover Port Health Authority (DPHA) is now considering legal action against the government over its decision to end physical checks of imported meat at a post within the port. Instead, lorries will be directed to a new checking facility half an hour’s drive up the M20 at Sevington, Ashford.

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China consumer prices plunge at fastest rate for 15 years as deflation fears deepen

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Plummeting food prices feed steep annual drop amid renewed calls to stimulate economy and offset weakening demand

China’s consumer prices fell at their fastest pace in 15 years in January, as the world’s second-largest economy sank deeper into deflation amid weakening demand.

Data released on Thursday showed that China’s consumer price index tumbled last month, falling by 0.8% compared with a year earlier. It marks the fourth consecutive month of declines, as well as the sharpest drop since September 2009, when the global economy was still grappling with aftershocks from the 2008 banking crisis.

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Lloyds and Santander accused of providing accounts for Iranian front companies

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Both banks deny helping Tehran-controlled oil firm PCC to move money in breach of sanctions

Two of the UK’s largest lenders, Santander UK and Lloyds Banking Group, allegedly held bank accounts for front companies that helped Iranian entities evade US sanctions, according to reports.

The news has rattled investors, who sold off shares in the two banks on Monday morning, amid fears that the lenders could face penalties if they are found to have in any way assisted Iran’s state-controlled Petrochemical Commercial Company (PCC).

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UK ditches post-Brexit Canada trade talks; Vodafone and Three UK merger under investigation – as it happened

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Live, rolling coverage of business, economics and financial markets as Canada says UK was unwilling to give access to agricultural products

Shares in US chipmaker Intel have slumped in pre-market trading after it revealed a weaker forecast of earnings.

Chipmakers have been flying in recent years as shortages followed by the huge hype over artificial intelligence – which is hungry for processing power – prompted investors to pile into the sector.

Although Intel beat estimates, investors’ disappointment in Intel’s datacentre GPU story’s growth can be primarily attributed to the slower-than-expected product delivery and ramp-up.

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New Brexit checks ‘pose existential threat’ to UK fruit and flower growers

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Exclusive: NFU warns blanket import checks from April could fuel long delays and damage future crops

The UK’s fruit and flower growers face an “existential threat” from new post-Brexit border checks that could damage business and affect next year’s crops, the country’s biggest farming body has said.

The National Farmers’ Union (NFU) warned that changes to import rules in April, which will impose checks at the border for nearly all young plants coming into the country, could cause long delays and result in plants being damaged or destroyed.

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Oil prices hit $80 a barrel as fears grow over Red Sea disruption to trade

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Experts warn of economic impact of sustained shipping attacks and Middle East tensions

Oil prices have hit $80 (£62.83) as fears grew about the economic impact of disruption to international trade through the Red Sea and escalating tensions in the Middle East.

Raising concerns about a possible inflation shock for the world economy, Brent crude prices jumped by about 4% to a high of $80.75 a barrel on Friday, while US West Texas Intermediate crude also increased after US and UK airstrikes against Houthi rebel sites in Yemen.

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Tesla pauses German production after Red Sea shipping attacks

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Delays in delivery of parts result in suspension of manufacturing at factory near Berlin for two weeks

The electric car manufacturer Tesla is to halt most production at its factory near Berlin for two weeks because of delays in deliveries of parts because of attacks on ships in the Red Sea.

Shipping delays in the Red Sea, caused by attacks by Iranian-backed Houthi militants, has caused Tesla to suspend most production at its German factory from 29 January to 11 February.

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Global economy faces period of prolonged weakness, UN warns

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Secretary general urges countries to increase investment to avoid falling behind on climate action and sustainable development

The world faces a protracted period of weak economic growth that will undermine progress on sustainable development, the UN has warned, as it urged countries to raise investment to tackle the climate emergency.

Its annual assessment of the state of the global economy presents a sombre outlook for growth as countries grapple with the impact of higher borrowing costs, geopolitical tensions and heightened risk of climate disasters.

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Hard cheese: Canada rejects British attempt to secure tariff-free exports

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Many UK cheese makers could face 245% duty from 1 January, making exporting unaffordable

A priceless opportunity to sell “more affordable high-quality cheese to Canada” was one of those many Brexit boons that Boris Johnson championed with his customary blather as prime minister.

A bespoke UK-Canada trade deal was going to open up the Canadian market to cheddar, stilton and wensleydale in a way that had never been possible under a trading agreement struck between the EU and Canada.

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UK and Switzerland agree to deepen ties between City and Swiss banking system

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Treasury says post-Brexit tie-up to be signed on Thursday will ease cross-border market access for financial services

The UK and Switzerland will agree to forge closer links on Thursday in a post-Brexit accord that aims to deepen ties between the City and the Swiss banking system.

In a move that brings Europe’s largest financial centres closer together, the mutual recognition agreement will be signed on Thursday by the chancellor, Jeremy Hunt, during a visit to Berne.

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Marles will ‘make right decision in Australia’s interest’ over deploying navy vessels to Red Sea, Farrell says – as it happened

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Up to 49 tonnes of illicit drugs prevented from reaching Australia

Australian federal police and international law enforcement partners have prevented up to 49 tonnes of illicit drugs from reaching Australia throughout the past financial year.

The AFP cannot overstate the amount of harm that 29 tonnes of methamphetamine could have caused to the community if it had not been intercepted by law enforcement.

On average, close to 12,000 Australians are hospitalised from methamphetamine, cocaine and heroin use every 12 months.

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EU set to suspend Brexit tariffs on EVs for three years in major boost for car industry

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Commission moves to delay 10% sales charge after intense lobbying by EU and UK carmakers

The European Commission looks set to propose a three-year delay to a 10% tariff on sales of electric vehicles between the EU and the UK, in a major boost for car industries across Europe.

Duties were due to kick in on 1 January 2024 but all the major carmakers in the UK and Europe including BMW, Volkswagen and Stellantis have been lobbying for a temporary reprieve.

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EU expected to issue veiled warning to China over supply of cut-cost goods

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European Commission chief Ursula von der Leyen to meet Chinese president Xi Jinping at summit on Thursday

The EU is to tell China that its €400bn (£343bn) trade deficit is not sustainable long term amid fears that it will flood the bloc with subsidised electric cars, solar panels and medical devices, threatening European manufacturing and jobs.

Ursula von der Leyen, the European Commission chief, and Charles Michel, the European Council president, will meet Xi Jinping at a summit on Thursday, the second of its kind this year.

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Moody’s cuts China credit outlook to negative as economy slows

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Rating agency says Beijing may need to bail out local governments as property sector collapses

China’s ability to repay its government borrowing has been downgraded by the credit rating agency Moody’s, which said the ripple effects from a crisis in the property sector would undermine efforts to revive its flagging economy.

Moody’s warned that Beijing would need to bail out local and regional governments and state-owned enterprises that were struggling with rising debts, hampering efforts to boost investment and growth.

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EU hatches backup plan to lessen impact of 10% Brexit tariff on EVs

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Exclusive: ‘Cushion’ for carmakers facing looming tariff under deal for vehicles traded between EU and UK from start of 2024

The European Commission has hatched confidential Plan B proposals to “cushion” the impact of a looming 10% tariff on imports and exports of electric vehicles, the Guardian has learned.

The proposal was presented to member states on Monday in response to pressure from carmakers to amend some of the conditions imposed when the UK left the EU in January 2021.

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Maersk to cut 10,000 jobs as shipping demand drops

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Danish company has axed 6,500 of those roles already, with global economic slowdown taking toll

One of the world’s largest shipping companies, Møller-Maersk, is cutting 10,000 jobs because of a drop in demand triggered by the global economic slowdown.

The Danish company said it had already started cutting staff but was planning on “intensifying” cost-saving measures in order to safeguard its financial performance as price forecasts worsened.

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French police detain Russian tycoon over alleged financial and sanctions violations

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Alfa Bank founder Alexey Kuzmichev was sanctioned by EU for ‘well-established ties’ to Vladimir Putin

Police in France have detained the Russian tycoon Alexey Kuzmichev and raided two of his properties in connection with alleged tax evasion, money laundering and sanctions violations.

The French financial prosecutor’s office said on Tuesday that searches had taken place a day earlier at Kuzmichev’s Paris home and an estate in in the Mediterranean Var region.

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China launches tax investigations into Apple iPhone maker Foxconn

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Tax audits and land use inquiries follow company founder announcing run for Taiwan presidency

China’s tax authorities have launched multiple investigations into the company that makes the iPhone, months after its billionaire founder announced he would run in Taiwan’s presidential elections.

Foxconn faces tax audits of its operations in China, as well as investigations into land use in two Chinese provinces, according to reports by local media.

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Australia and China suspend WTO wine tariff dispute before Anthony Albanese’s trip to Beijing

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Countries agree to halt World Trade Organization dispute pending outcome of China’s ‘expedited review’ of duties imposed on Australian wine in 2020

China has agreed to review the tariffs it places on Australian wine producers after a breakthrough in negotiations before Anthony Albanese’s trip to Beijing next month.

Albanese said on Sunday the two countries had agreed to suspend their long-running World Trade Organization dispute while Beijing undertakes an “expedited review” of duties, which is expected to take five months.

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Australia rules out cancelling Chinese company’s lease over Port of Darwin

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Government also presses for removal of imposts on wine ahead of Anthony Albanese’s visit to Beijing next month

Australia is moving to repair ties with China ahead of Anthony Albanese’s trip to Beijing, ruling out cancelling a Chinese company’s lease over the strategically important Port of Darwin.

The move, which is likely to be welcomed by the Chinese government, comes as Australia also prepares to scrap tariffs on imports of Chinese wind towers, potentially defusing one of Beijing’s trade complaints.

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