EU member states are pressing Brussels to take tough retaliatory measures if the UK realizes its threat to suspend trade deals for Northern Ireland as part of the Brexit deal.
Representatives from five member states met European Commission’s Brexit negotiator Maros Sefcovic on Monday to demand that he come up with contingency plans for a possible trade war, diplomats told the Financial Times.
France, Germany and the Netherlands, a traditional ally of Britain, were the most vocal, backed by Italy and Spain, diplomats said.
Britain’s Brexit Minister Lord David Frost warned on Tuesday that London could attempt to suspend much of the Northern Ireland Protocol, which has been setting the region’s trade deals since Britain left the EU.
Measures discussed as EU retaliatory measures included restricting the UK’s access to the bloc’s energy supplies, imposing tariffs on UK exports or, in extreme cases, ending the trade deal. Frost will travel to Brussels on Friday for talks with Sefcovic.
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Five more stories on the news
1. Scottish rail workers on strike during COP26 Scottish railroad workers and garbage collectors have spoken out in favor of a potentially highly disruptive strike action that could shut down all train services during the COP26 global climate summit in Glasgow next month.
2. Britain invites foreign butchers to prevent mass killing of pigs The UK has given 800 foreign butchers the green light to work on seasonal visas to prevent mass killing of pigs. Farmers had warned that 10,000 animals would have to be destroyed every week due to a lack of slaughterhouse workers.
3. Saudi Arabia “serious” the Iran talks In a rare interview, Prince Faisal bin Farhan al-Saud, the Saudi foreign minister, said the kingdom was “serious” about talks with Iran East.
4. Citi and Morgan Stanley ride the dealmaking wave US banks benefited from a surge in deals, which boosted revenues in the third quarter and offset pressures from low interest rates and weak credit demand. Bank of America reported yesterday that investment banking fees rose 23 percent to $ 2.2 billion, helping it post double-digit overall sales growth.
5. Snipers kill six when violence breaks out in Beirut Six people were killed and dozens injured after unknown armed men opened fire on a rally by the powerful Lebanese Hezbollah and others in Beirut in what sparked the worst violence in the capital in years as tensions mounted over an investigation into the port explosion in 2020 in which more than 200 people died dead.
Economists cut Germany Growth forecasts for this year from 3.7 percent to 2.4 percent blame delivery bottlenecks and the ongoing effects of the pandemic.
England will switch from PCR checks to cheaper and faster lateral flow tests for vaccinated international comers from October 24th.
Ikea is the last retailer to warn of supply chain issues, saying the inventory shortage is likely to last for another year.
An advisor to the US Food and Drug Administration recommended approval Modernas Application for a booster dose of his Covid-19 vaccine.
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The next days
Dussehra Today the Hindu festival is celebrated. (Hindustan times)
US banks profits Goldman Sachs’ third quarter results will be a model for investment banking that has thrived from the merger and acquisition boom. PNC Financial Services also reports today. Due diligence has the latest news on global dealmakers – sign up here.
A marathon full of marathons On Sunday runners will start in Paris, Lisbon and Toronto. If you’re enjoying a strenuous run – like FT’s Laura Noonan – there are more than 300 to choose from in October, more than any other month this year, according to the Tracker Global Marathon.
The new look of the FT UK after Brexit Briefing will keep you updated on the latest post-Brexit developments, with original weekly insights from Peter Foster, Public Policy Editor and other senior FT writers. Register here.
What else we read
Living, working and the pursuit of happiness As the coronavirus pandemic subsides, people are fed up, burned out and quitting their jobs. Freed from everyday life, they also seek fulfillment in new professions. But behind the dates for “The Great Resignation” there is a dark side, writes Andrew Hill.
Japan’s prime minister deviates from Abenomics In his first interview with international media as Japan’s new Prime Minister, Fumio Kishida told the FT that he would move away from the neoliberal fundamentalism that has dominated the economy for nearly a decade and criticized his own party’s failure to achieve broad-based growth .
Stablecoin investors due for a wake-up call The critical attention given to companies like Tether is a welcome development, writes Gillian Tett. Tether represents about half of the stablecoin universe and is often referred to as the reserve currency of the crypto world. But its reputation is not as stable as its name suggests.
The supply chain crisis and US ports The queue of ships overcrowded with colorful containers in the congested ports of Los Angeles and Long Beach has become the symbol of the outdated and overwhelmed US supply chain. The Biden government is hoping to alleviate the bottlenecks, but much is at stake as the holiday season approaches.
Go deeper: Not only the USA is suffering from it, shipping traffic from Rotterdam to Shanghai is interrupted. Where are the worst port delays in the world?
Ngozi Okonjo-Iweala: The assumption of a global carbon price is essential A common approach to the costs of environmental pollution is a fair and uncomplicated solution, writes the Director General of the World Trade Organization. Risk of fragmentation creates trade conflicts and unpredictability for companies looking to decarbonise.
Are you looking for something to cook on the weekend? Try this salmon salad with herbal sauce by Sarit Packer and Itamar Srulovich at Honey & Co. Crispy leaves and cooling cucumbers, creamy avocados, pearly salmon flakes – this salad leaves nothing to be desired.
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