Economy

Thursday, December 14th 2017 - 17:39 UTC
EU warns UK there is no “backtracking” on the divorce deal reached by PM May in Brussels

Britain and the EU face a “furious race against time” to agree a transition deal and future trade relations within the next 10 months, European Council president Donald Tusk has said. In a letter to the leaders of the 27 remaining EU states ahead of a crucial summit on December 14-15, Mr Tusk urged them to show continued “unity” as Brexit negotiations enter their second phase.
Thursday, December 14th 2017 - 13:54 UTC
Federal Reserve increases interest rate by a quarter of a point

The US Federal Reserve has increased interest rates by a quarter of a percentage point - the third rate hike this year. It comes as Fed chair Janet Yellen prepares to leave the role
after Donald Trump decided to replace her.
Thursday, December 14th 2017 - 11:45 UTC
UK government defeated in Brexit key vote; ministers call it a “minor setback”

The British government has been narrowly defeated in a key vote on its Brexit bill after a rebellion by 11 Tory MPs. In a blow to Prime Minister Theresa May, MPs voted to give Parliament a legal guarantee of a vote on the final Brexit deal struck with Brussels.
Thursday, December 14th 2017 - 05:53 UTC
Mercosur/EU accord will have to wait until 2018; Europe needs more time to assess latest proposal

Negotiations for a trade deal between the European Union and Mercosur will extend into next year, officials from both sides said on Wednesday, after the Europeans asked for more time to analyze proposed changes.
Thursday, December 14th 2017 - 05:22 UTC
The long shadow of Trump frustrated the WTO ministerial meeting in Argentina

The World Trade Organization meeting in Buenos Aires concluded a ministerial meeting Wednesday with nothing significant to boast -- a meager outcome for its first gathering in the Donald Trump era.
Wednesday, December 13th 2017 - 08:29 UTC
US, EU and Japan target China on market distorting trade practices and policies

The United States, European Union and Japan vowed on Tuesday to work together to fight market-distorting trade practices and policies that have fueled excess production capacity, naming several key features of China’s economic system.
Wednesday, December 13th 2017 - 08:14 UTC
Russia and EU ready to discuss mutual lifting of trade restrictions, says Moscow

Russian Economy Development Minister Maxim Oreshkin said after the meeting with EU Trade Commissioner Cecilia Malmstrom on the sidelines of the World Trade Organization (WTO) ministerial conference in Argentina that Russia and the European Union have agreed to discuss the mutual lifting of trade restrictions.
Wednesday, December 13th 2017 - 08:03 UTC
Mercosur/EU ever so close but the accord has yet to be grasped, maybe 2018

The talks between the European Union and Mercosur will likely extend into next year after European negotiators said they needed more time to respond to improved offers, a source from Mercosur negotiators said on Tuesday.
Tuesday, December 12th 2017 - 23:55 UTC
EC warns Brexit will affect most airline services to, from UK

The European Commission stressed Tuesday that licenses to operate flights between Britain and Europe will cease to be valid. Other major changes are also foreseen since open-skies agreements made with the United States and other countries via the European Union will not be forceable post Brexit.
Tuesday, December 12th 2017 - 10:37 UTC
US questions workings and rules of WTO which favor “litigation over negotiations”

The United States President Donald Trump’s trade chief said on Monday that the World Trade Organization (WTO) is losing its focus on trade negotiations in favor of litigation, and was going too easy on wealthier developing countries such as China.