Category Archives: Brexit

Britain's Minister of State Lord David Frost delivers his speech on Brexit at the annual Conservative Party conference, in Manchester, Britain, October 4, 2021. REUTERS/Toby Melville

LONDON/BRUSSELS, Oct 10 (Reuters) - Britain and Ireland traded barbs on Twitter on Sunday after British Brexit negotiator David Frost restated his view that the EU must agree "significant change" to the Northern Ireland protocol that governs trade and border rules in the province.

The protocol was part of the Brexit settlement Prime Minister Boris Johnson negotiated with the EU, but London has repeatedly said it must be rewritten less than a year after taking force due to the barriers businesses face when importing British goods into Northern Ireland.

Ireland's foreign minister Simon Coveney on Twitter asked: "Real Q: Does UKG (UK Government) actually want an agreed way forward or a further breakdown in relations?"

That drew a rebuke from Frost: "I prefer not to do negotiations by twitter, but since @simoncoveney has begun the process..."

Frost dismissed Coveney's argument that he was making new demands, saying that Britain's concerns over the European Court of Justice's role in the process were set out three months earlier.

"The problem is that too few people seem to have listened," Frost said.

On Saturday, Frost had released extracts of a speech he is due to make this week again calling for change and signalling a desire to free the protocol from the oversight of European judges.

Responding to that, Ireland's Coveney said Britain had created a new "red line" barrier to progress that it knows the EU cannot move on.

The row comes at the start of an important week in the long- running debate over how to manage the flow of goods between Britain, Northern Ireland and the EU.

EU PACKAGE ON CUSTOMS, FOOD, MEDICINES

The European Commission is expected to present new measures on Wednesday tosmooth trade, while stopping short of the "significant change" London is demanding to the protocol.

The measures are designed to ease customs controls, clearance of meat, dairy and other food products and the flow of medicines to Northern Ireland from the UK mainland.

The Commission will also set out plans to engage more with politicians, business people and others in Northern Ireland.

The proposals could enable supermarkets to supply their Northern Irish stores with sausages and other chilled meat products from Britain that are banned from entry into the European Union - and so in theory into Northern Ireland.

While remaining part of the United Kingdom, Northern Ireland has stayed in the EU's single market for goods, meaning exports to the rest of the bloc face no customs checks, tariffs or paperwork. The result is an effective customs border in the Irish Sea, disturbing GB-Northern Ireland trade and angering the province's pro-British unionists.

Under the Commission's plans, British sausages, for example, would be allowed into Northern Ireland as long as they were solely intended for Northern Irish consumers.

On Tuesday, a day before that announcement, Frost is due to give a speech to the diplomatic community in the Portuguese capital, Lisbon.

He will say endless negotiation is not an option and that London will need to act using the Article 16 safeguard mechanism if solutions cannot be agreed rapidly.

Article 16 allows either side to take unilateral action if the protocol is deemed to have a negative impact.

Reporting by William James in London and Philip Blenkinsop in Brussels; editing by Jason Neely

Our Standards: The Thomson Reuters Trust Principles.

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Britain and Ireland argue on Twitter over Brexit deal - Reuters UK

We seek it here, we seek it there. Yet Brexit is nowhere to be seen. Neither Labour in Brighton nor the Conservatives in Manchester wanted to utter the B word. Superficially at least, one might be led to believe that the prime minister has been as good as his word and got Brexit done.

And yet Brexit is everywhere. Discussed, sotto voce (and out of earshot of ministers) as a possible cause of fuel and food shortages. Muttered about as a drag on future growth. Hinted at as the reason why the UK can now do things differently and create what we are promised will be a high-wage economy. Brexit is done, but Brexit is not over.

This relative silence stems from several sources. First, boredom. Personally, I dont understand how anyone can fail to be endlessly fascinated by the huge social experiment that is Brexit. But I am starting to realise I may not be wholly representative of the population. Five years of bitter debate and paralysing polarisation followed by 18 months of pandemic have left the public desperate to move on. Theres a reason why get Brexit done proved such a popular slogan.

Second, expectations. Whatever role Brexit might play in driving the shortages, its impact is relatively subtle and its interplay with other factors is complex. This, in other words, is a long way from the cliff edge of which many Remain campaigners warned us. The economic impact of Brexit was always likely to be more of a slow puncture than a dramatic blowout and its effects more slow burn than much anti-Brexit rhetoric implied. It is genuinely extremely difficult to tease out any Brexit drivers of our current economic malaise from the impact of lockdowns.

Third, there is polarisation and perception. As political scientist Sara Hobolt and her collaborators Thomas J Leeper and James Tilley have argued, one of the features of the affective polarisation that has characterised post-Brexit debates has been what they term evaluative bias in perceptions of the world. Simply put, Brexit identities shape our perceptions of what is going on. And indeed, their research suggests that Brexit identity has a greater effect than party identity in this respect. Little surprise, then, that Leavers do not really blame Brexit for the shortages.

Which takes us to the politics. You hardly need a doctorate in political science to realise the Conservatives are not about to point to Brexit as a cause of our economic travails. Given that Boris Johnsons success in the 2019 election was largely down to his ability to put together a Leave-backing electoral coalition, he can bank on his voters reluctance to see Brexit as a reason for any economic problems they may face.

Insofar as ministers mention Brexit at all, they have happened on the tactic of portraying it as the key to unlock a new, high-wage UK economy. Yet, and for obvious reasons, little attention is paid to the question of how long or how disruptive this transition (as the business secretary, Kwasi Kwarteng, termed it) might be.

As for Labour, the party has been reluctant to mention Brexit at all for much of the period since the Trade and Cooperation Agreement (TCA) came into effect. There were passing references at the party conference. Keir Starmer spoke of making Brexit work. Rachel Reeves, the shadow chancellor, drew links between cost of living crisis and the Tories Brexit mess. Yet there is precious little evidence of the kind of sustained and repeated attacks that would be necessary to entrench a link between the TCA and shortages on the shelves and at the pumps firmly in the public mind.

None of which is to say that this situation will endure. As economies recover from the shutdowns, they may well do so at different speeds and this might reveal something that looks like a Brexit effect. Thus HGV driver shortages are more severe in the UK than in other European states, partly as a result of Brexit. Broader labour shortages, notably in agriculture and social care, are also clearly linked to the decision to leave the EU. Should the UKs economic performance diverge from that of its neighbours, it might become harder for the government to argue that the problems are global.

Which brings us to Northern Ireland. Stephen Bush of the New Statesman has argued that one reason the Brexit minister, David Frost, is so anxious to renegotiate the infamous protocol is the fact that Northern Ireland seems to have been less severely affected by shortages than the rest of the UK. The Petrol Retailers Association has pointed out that there are no issues with the supply chain in Northern Ireland, attributing this to its different relationship with the EUs single market.

Absent the renegotiation of the protocol that Frost has demanded and the EU has flatly refused, such differences might come to undermine the governments claims that Brexit has not negatively affected the UK economy.

In addition, the full impacts of Brexit have yet to be felt. For one thing, the government has still not put in place the gamut of measures necessitated by the TCA to check imports from the EU into the UK, which will affect such trade.

Second, lockdown prevented most business travel. Consequently, service providers in particular havent experienced how the Brexit deal will transform visa requirements and other assorted paperwork in the sector.

Much will hinge on how the British economy fares in the months to come. In the event of inflationary pressures, or of continued shortages, and particularly if Labour is willing to hammer home a message linking these outcomes to the Brexit deal, the issue could come back to haunt the Conservatives. Indeed, there is already some, albeit limited, evidence that public perceptions of the Brexit process are shifting. A YouGov survey of 29 September revealed that 53% of people thought that Brexit was going badly.

And thats without mentioning the possibility of a crisis. The French are talking about retaliation against the UK for what they see as its failure to honour commitments on everything from fisheries to the Northern Ireland protocol.

And a UK decision to suspend part or all of that protocol would raise the spectre of a tit-for-tat trade spat. How that could affect the economy and public perceptions of the government is simply too soon to tell.

However, the bottom line is that, for all the absence of Brexit from conference season, there is little reason to believe the B word has been banished from our politics for good. Brexit may be done, but it has far from done with us.

Anand Menon is director of UK in a Changing Europe and professor of European politics and foreign affairs at Kings College London

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Brexit is all around us, yet politicians run scared of even uttering the B word - The Guardian

Covid rules began to ease, and the chatty dinner-party circuit within the Brussels elite began sprouting back to life. Over the finest wines and hors doeuvres, the diplomats, power brokers and lobbyists talked about everything everything, that is, except for the one subject that had been at the top of the citys agenda for years, but now was barely discussed: the United Kingdom, which has set off on its own perilous path in the aftermath of a Brexit that is causing food and fuel shortages.

The Europeans are moving on, says Rosa Balfour, Brussels-based Europe director of the Carnegie Endowment for International Peace. The curiosity towards British politics that grew around the referendum and in the years after is now beginning to wane. The UK is not high on the agenda.

While studied insouciance may be the dominant European attitude towards the UK and its current troubles, there is also a measure of schadenfreude a sense that the idea that the Brits made a mistake in opting to leave the European Union has been vindicated.

Newspapers such as Le Monde feature stories of the armed forces moving in to deliver supplies, and of soaring fuel prices and depleted supermarketstocks caused by global supply slowdowns and acute problems getting lorries into the UK. But on television, and in public chatter, far less attention is afforded to the troubles across the English Channel than, say, to the protests about police violence in the United States last year.

A lot of Europeans took Brexit in a rough way, says Michael Burda, an economist at Berlins Humboldt University. A lot of Europeans had to move back to the continent after Brexit. They feel like, if youre going to be like that, then to hell with you. You asked for it, and you got it.

Burda predicted years ago that Brexit would lead to supply shortages and price spikes like the ones now afflicting the UK. But they came far quicker than he thought they would. Theyre paying the price now, he says. Any economist could have seen it coming.

Fuel pumps out of use at a deserted petrol station forecourt in Bradley, West Yorkshire

(PA)

Burda says it will get worse, and others agree. The chief of German hardware firm Sortimo, Reinhold Braun, explained in an interview with the business journal WirtschaftsWoche that while it used to take his company a week to get components to its plant in northern England, it now takes up to three weeks, and that transport costs have jumped to three or four times what they were.

The customer in England will pay for that soon, Braun told the news outlet.

Burda says hes now wondering if the same fate will befall medicines, with supply problems caused by a lack of trucking capacity creating health problems for Britons.

Eight months after Brexit, European antipathy and apathy towards Britain shows little sign of abating. The negative tone has affected small lorry firms and drivers, who are shying away from working in the UK. The tightening of rules on the movement of EU nationals, such as the Bulgarians and Romanians who dominate the lower ranks of the lorry industry, have made it even less attractive.

During Covid, many of them left the UK and didnt come back afterwards, says Georgina Wright, director of the Europe programme at the Institut Montaigne, a Paris think tank. The lorry drivers are saying, I dont want to go back. I dont feel welcome.

The government of prime minister Boris Johnson claims that similar supply problems are affecting other nations, and there is perhaps a small sliver of truth to that. Slowdowns in production and transport, caused by the Covid pandemic, have contributed to shortages of items such as semiconductors and bicycles.

A lot of Europeans had to move back to the continent after Brexit. They feel like, if youre going to be like that, then to hell with you. You asked for it, and you got it

Michael Burda, economist

But there is no sign in Paris, Berlin or Rome of people scouring grocery stores for supplies, lining up at petrol stations for hours, or worrying about obtaining poultry for holiday dinners. Freedom of movement and integrated supply chains within the 27-member bloc of nations totalling 450 million people have blunted the impact of Covid-related disruptions.

The contrast between how Britain and the EU are weathering current shortages has only strengthened the EUs contention that there is strength in numbers and scale. Just after Brexit, there was talk of other countries clamouring to unshackle themselves from the Eurocrats in Brussels. Now its Brussels pressuring countries like Hungary and Poland to improve their standards on human rights and the rule of law, or get out.

The British government has been driven exclusively by the need to demonstrate that Brexit is a success story, says Balfour. The pandemic has helped it, because public attention was focused elsewhere and supply chains were disrupted.

Less than a year after Brexit, relations between European capitals and London are also at a fairly low point, say experts.

When Europeans turn their gaze towards Britain, they are confused by the triumphalist tone of its leadership

(PA)

Wright, a UK national, describes a post-Brexit period of mourning as London and European capitals wait for the dust to settle from a painful divorce and begin rebuilding relations.

France remains outraged over the Aukus alliance between the UK, US and Australia, which scuttled Pariss scheme to sell Canberra submarines. Germany remains offended by the idea that its growing political and economic clout drove the UK out of the EU.

When Europeans turn their gaze towards Britain, they are confused by the triumphalist tone of its leadership, and by the assumption in London that its somehow still a major world power.

Many Europeans look at what is happening in the UK and they dont understand, says Wright. They see a government talking about a new dawn. But when they look at the facts, they see empty shelves.

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You are on your own: Why exasperated Europe is happy to let Britain deal with its Brexit mess - The Independent

Former BBC producer Patrick Howse explores why the broadcaster is unwilling to speak truth to power over Brexit

A recent exchange on BBC Question Time told us a lot about the current state of the country, and the BBCs reporting of it. Supply chain problems resulting from a lack of lorry drivers was the issue being discussed. As the vast majority of people acknowledge, Brexit has undoubtedly played a role in this crisis.

A man in the audience told presenter Fiona Bruce that there was a bit of an irony in the current situation because, in his opinion, a lot of people voted Brexit because they didnt want foreign workers coming over here and taking their jobs. And now thats exactly what weve got weve got a lack of foreign workers, which is why weve got these shortages.

Bruce snapped back that she wanted to hear from someone who voted for Brexit, only to be told by the man in the audience: actually, I did.

Bruces clear irritation was accompanied by an almost throw-away remark with which she moved on the discussion. A majority of people here voted for Brexit, we select this audience very carefully to be representative.

I found this remarkable even though Ive had serious concerns about Question Time and its sister Radio 4 programme Any Questions for a long time. It raises two big questions: how do these programmes determine whether someone is pro-Brexit, and why do they feel its so important to ensure their audiences are stacked in this way?

The BBCs press office confirmed to me that the evaluation is based on referendum and election results. They did not elaborate on which elections they mean, nor how a Labour vote for example is interpreted: was a vote for Labour in 2019 pro- or anti-Brexit?

All of which suggests that the BBC is basing its calculations on the 2016 referendum. Ergo, the BBC has taken a decision that the people of the UK irrevocably made up their minds in 2016, voted Leave, and ended the debate. More than five years later, theres no room in a Question Time audience for anyone who has come to understand the reality of the project and has thus changed their mind.

Fiona Bruces clear exasperation at the audience member is telling. The BBC is frightened. It fears the wrath of the Government, but it is also terrified of Leave voters, and wants to avoid at any cost appearing to say that they got it wrong.

I have previously written for Byline Times about a feeling among some former colleagues that there was something approaching a BBC policy not to run stories that might undermine public trust in Boris Johnson.

Its likely that key people in the BBC have decided that Brexit must be respected, and that its not the BBCs job to take a view on it particularly if that means portraying the project in a negative way. Both the chairman and the director general are known to have been Conservative supporters, after all, with the former having donated more than 400,000 to the party.

Anyone who has worked at the BBC will confirm that the corporation is not cohesive. It is a diverse, loose coalition of hostile fiefdoms and mini empires. Even within news, there are competing factions: newsgathering against programmes against the World Service; radio against TV against online, and dozens of further, mind-boggling sub-divisions.

Former colleagues of mine tend to blame other departments for the reluctance to tackle Brexit-related issues. For example, one household name told me, its all coming from Millbank, a reference to the BBCs offices in Westminster a view that appears to be quite widely shared in the New Broadcasting House newsroom.

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Its clear, though, that the 2016 referendum took the BBC into anxious territory. I had left the BBC by this time, but friends tell me that the result shook the corporation. The result was taken to be an unambiguous statement of disillusionment from a large group of voters against the establishment. The BBC didnt understand this group, and feared that it wasnt addressing or serving it.

Since then, the BBC has desperately sought to represent these voices on air and crucially to not offend them. The net result has been fear-driven self-censorship at every level. This is not just a desire to appease the BBCs Government critics, but to placate Leave voters as well.

This has been felt across the BBCs output. Theres a clear reluctance to mention the B-word at all. That is unlikely to change any time soon because the BBC does not feel as though its job involves holding the Government to account over Brexit.

In normal times, with a government presiding over such a mess, you would expect Britains newspapers to be scenting blood. The BBC would be following in their slipstream, always taking care not to find itself at the head of the pack.

But we are not in normal times. The right-wing press is complicit, compliant, and silent on the grave problems looming ahead. Labour has shown that it doesnt really want to talk about Brexit. And at every level within the BBC, theres an institutional reluctance to fill the gap; to inform and educate the nation about the consequences of Brexit.

Aside from harming the country, this poses a danger to the BBC. When this all plays out, and the disastrous impacts of Brexit become clear as they are beginning to will the people of Britain feel they were well served by our public service broadcaster?

At the moment, the answer is an emphatic no.

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The BBC Has an Institutional Culture of Brexit Self-Censorship Byline Times - Byline Times

EMMANUEL Macron will today launch a bid to turn EU members against Britain as he escalates the Brexit fishing wars.

The French president is cajoling other bloc members to sign an incendiary summit statement denouncing Boris Johnson.

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But some fear his sabre-rattling will antagonise No 10 and undermine efforts to rebuild shattered cross-Channel ties.

Paris is escalating its attempts to strong-arm the PM into backing down over granting more licences for its fishermen.

Mr Macron is badgering other capitals to rally to his side and condemn No 10 for what he claims is a breach of the Brexit deal.

Fisheries minister Annick Girardin spent the weekend trying to bring around countries reluctant to pick a fight with Britain.

She's has drawn up a tough talking statement the French president wants EU states to sign at a summit in Luxembourg today.

It slams the UK for "a clear failure to comply" with the trade pact and calls for a U-turn from No 10 "as soon as possible".

And it condemns the decision to turn down some French boats for fishing licences as being "without valid justification".

But some capitals fear they're being dragged into doing France's "dirty work" and worry about the diplomatic fallout.

One source said: "For some reason European ministers are getting into bed with French fishermen."Britain has granted 98% of licences applied for by EU boats.

Of the remainder almost all are tiny French vessels that can't prove a history of fishing in our waters.

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Mr Macron, who faces a re-election battle next April, has threatened to shut off power to Jersey in retaliation.

French skippers are also vowing to blockade Christmas goods headed for Britain if they don't get more access.

A UK Government spokesman said: "Our approach has been reasonable and fully in line with our commitments in the Trade and Cooperation Agreement."

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France in fresh bid to turn EU members against Britain as it escalates Brexit fishing wars amid Xmas... - The US Sun

Brexit Headwinds Seen Weighing on Pound in 2022

The economic fallout from Brexit is crystallizing and the market looks set to put greater focus on the issue in 2022, weighing on sterling, Bank of America says. The U.K. is not only having to deal with a global rise in energy prices and supply-chain issues, but its own "idiosyncratic shock" due to Brexit, BofA analysts say. "The pandemic may have provided some cover for Brexit-related headwinds, but as global supply chain pressures ease next year, we believe the U.K.'s ability to readily dismiss continued supply chain issues will be hard," the analysts say. The Bank of England may have to rein in some of the market expectations on interest rate rises due to the implications of Brexit, they say.

Equals Group Revenue Increased in 3Q

Equals Group PLC said Monday that its revenue for the third quarter of 2021 increased amid strong demand for its services.

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Argentex Expects Higher 1H Revenue

Argentex Group PLC said Monday it expects revenue to increase 33% for the first half of fiscal year 2022 as client trading volumes recovered.

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Intercede Group 1H 2022 Revenue Boosted by New Orders

Intercede Group PLC said Monday that revenue for the first half of fiscal 2022 was up 9% on a constant currency basis compared with the same period last year, reflecting orders from both new and existing customers.

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Civitas Social Housing Says Performance Remains in Line With Views

Civitas Social Housing PLC said Monday that its assets and revenue continue to perform in line with expectations, and reaffirmed its dividend target for fiscal 2022.

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Spectra Systems Gets New Order; Expects to Beat 2021 Market Forecasts

Spectra Systems Corp. said Monday that it has received a new yearly order from a long-time central bank customer and therefore expects to beat market forecasts for this year.

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EDF's Pod Point Considers London IPO

U.K. electric-vehicle-charger provider Pod Point said Monday that it is considering an initial public offering on the London Stock Exchange.

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Harmony Energy Income Trust Intends to Raise GBP230 Mln in London IPO

Harmony Energy Income Trust PLC said Monday that it intends to float on the London Stock Exchange, with the fund targeting an initial placing and offer of up to 230 million new shares at a price of 100 pence each.

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Tungsten West to Raise GBP39 Mln in London IPO

Tungsten West said Monday that it has secured a 39 million-pound ($53.1 million) fundraising as part of its initial public offering in London.

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Pantheon Infrastructure to List on London's Main Market

Pantheon Infrastructure PLC said Monday that it plans to list on London's main market and that it expects to raise 300 million pounds ($408.5 million) via a placing, a subscription, and an intermediaries offer on admission.

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Autins Shares Rise as Shareholder Increases Stake to 11.99%

Shares in Autins Group plc rose Monday after Braveheart Investment Group PLC said that it has increased its stake in the company to 11.99%.

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Highway Capital Agrees to Reverse Takeover of Guinevere Capital

Highway Capital PLC said Monday that it has agreed to acquire Guinevere Capital Esports & Entertainment, a sports and esports investment and advisory firm, via a reverse takeover.

Bearish Momentum on UK Gilts Looks Set to Continue

1255 GMT - A fresh wave of selling is driving U.K. sovereign bond prices lower and yields higher Monday, with no signs of a reversal in sight, says Mizuho. "The bearish momentum is proving difficult to overcome," analysts at the bank say. Mizuho's positioning indicators show a "sizable" investor base selling U.K. sovereign bonds in the expectation that prices will fall further. "Relative to other markets we don't see particularly good risk-reward in Gilt longs," the analysts say, adding that tentative market moves are likely at least until the November's Monetary Policy Committee policy meeting. Meanwhile new supply of gilts keeps coming, with next Green Gilt bond likely to be launched on Oct. 19, they add.

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Senior PLC's 3Q Update Unlikely to Affect 2021 Consensus Forecasts

1151 GMT - Senior PLC's third-quarter update provided no surprises, Jefferies says. Consensus estimates for the U.K.-based engineering company aren't likely to change much following the update: pretax profit and EPS forecasts are in good shape, while projections on net debt are sensibly positioned, the bank says. There might just be some tweaking in division forecasts within consensus, it says. "Looking out to 2022 forecasts there are plenty of moving parts to consider (particularly at the moment) on the cost side, but we remain confident that the group's recovery is well-set, and top line momentum should be strong," Jefferies says. The bank has a buy rating on the stock, with a 200 pence target price.

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BOE Policy Comments Raise Alert of Looming Interest Rate Rises, says Societe Generale

1131 GMT - U.K. markets have opened this week on alert for early interest rate increases, says Societe Generale. Comments by Governor Andrew Bailey and policymaker Michael Saunders over the weekend stressing the risk of higher inflation and backing market pricing of expectations of increased interest rates this year "poured further fuel on the fire," says Societe Generale's Brian Hilliard. Still, he thinks the market forecasts of a November move are premature because the government and the markets seem to be ignoring the potential damage to activity from the energy situation. The French bank expects to review its current forecast of no rate increase until August 22 after this week's labour and GDP data because it looks "increasingly over-cautious," he adds.

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Just Eat Takeaway Likely to Start Strategic Review of US Business

1116 GMT - Just Eat Takeaway needs to show it can adapt at its upcoming capital markets day, which could include a strategic review of its US business, Jefferies says. The food-delivery platform needs to show it understands delivery, rather than the gross value of its marketplace, is now key and adopt a clear view on grocery delivery, Jefferies says. Just Eat only completed its acquisition of US business Grubhub in June but Jefferies notes Grubhub founder Matt Maloney is already departing. "The balance of probability suggests that the US is now non-core and will be put into strategic review," the investment bank says, suggesting the company will exit all non-Tier 1 markets. However, Jefferies says the company is likely to deliver good third-quarter growth.

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ArcelorMittal Seen Posting Record Earnings

1108 GMT - ArcelorMittal is expected to deliver a record third quarter, with Ebitda of $6.24 billion, up 24% quarter-on-quarter, Jefferies says. The steel maker should sound a confident tone on the medium-term outlook, despite slowing automotive demand, the brokerage says. Jefferies forecasts a 14% drop in Ebitda in the final quarter of the year, however, as any incremental strength in Europe and the Nafta region will be offset by the company's seaborne and ACIS production segments. ArcelorMittal reports earnings on Nov. 11. Jefferies confirms its buy rating with a EUR40 target price. Shares rise 4.6% to EUR26.29.

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Entain Investors Wonder Whether Upbeat Bid Is Likely

1026 GMT - Entain's share-price retreat implies skepticism on the part of investors over whether an attractive takeover bid is likely, says Peel Hunt ahead of the betting company's third-quarter trading update. While M&A discussions with DraftKings continue, the update is likely to prove a sideshow, Peel says. "Retail is recovering, but we expect a tough comparative and regulatory changes to hold back online growth," Peel analysts say. "There's an appealing long-term opportunity for Entain, but we want to see the 3Q statement before turning more positive. We reiterate our hold recommendation and 2,300 pence target price." Shares drop 0.8% to 2,115 pence.

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Anglo American's Earnings Momentum Seen as Cusp of Turning Positive

1023 GMT - Anglo American's commodity mix has been a headwind in recent months as iron ore and platinum group metals prices have sharply declined from their peaks of earlier this year, and the miner has been on a declining mark-to-market earnings trend, Jefferies says. However, platinum group prices should begin to recover when the global chip shortage eases; copper, nickel and diamond prices should rise in 2022; and most of the damage in iron ore prices is done, Jefferies forecasts. The bank says that Anglo American is now its top mining pick in the U.K., replacing Glencore.

Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at sarka.halas@wsj.com

(END) Dow Jones Newswires

October 11, 2021 09:26 ET (13:26 GMT)

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FTSE Rises, Brexit Headwinds Seen Weighing on Pound in 2022 - Morningstar.com

The European Union must stand ready to send aid to Britain when it is crippled by food and supplies shortages because of Brexit, the former prime minister of Finland has said.

Alexander Stubb, who unsuccessfully ran to be European Commission president in 2019, said the EU should help a stricken UK even though it was all Britains fault.

He said, "If the EU would play its cards right, it would offer assistance to the UK now or later when the supply of basic goods and services takes a turn for the worse.

This is what friends do, even if the pain has been self-inflicted, stupid and unnecessary.

Mr Stubb, who led Finland for 11 months and was the countrys finance minister, predicted the only way to save Britain would be for it to renew closer ties with the EU.

The former MEP and vice-president of the European Investment Bank suggested that the offer of help could tempt the UK back into the fold.

Mr Stubbs comments echo a widely held view in Brussels that the fuel, supply and truck driver shortages that have hit the UK are a direct consequence of the decision to leave the EU and its Single Market.

EU diplomats claim Northern Ireland has not faced similar problems because a Brexit treaty keeps it within the Single Market.

Mr Stubb, who is well known for his predilection for Iron Man endurance contests, said that things were only going to get worse for the UK the longer it stayed away from its former EU allies.

"Sorry, but the situation in the UK is going to go from bad to worse with no respite in sight, the 53-year-old said.

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EU must be ready to send aid to Brexit Britain, says former PM of Finland - Telegraph.co.uk

A Leave-voting fisherman insisted Brexit is going well, but the internet remembered he wanted a compensation for his industry as a result of Brexit.

Lance Forman, who was a Brexit Party MEP, said Brexit going just fine.

Blaming things that have nothing to do with brexit is a remainer derangement. Own it, he added.

But earlier this year, Forman said the government should compensate UK fishermen for temporary problems that occurred post-Brexit.

He told the Independent Business Network: Its a problem of our bureaucracy not being ready in time and they should have been ready.

In the meantime, I think that the government really has a duty to support those businesses to compensate them for the losses they might have incurred.

In the same thread as Forman insisted Brexit was going well, he threatened he would block a Twitter user if they ever mention Brexit again and journalist Otto English did not fail to spot the irony behind it.

Simon Gosden pointed out that Tory Brexit Britain has food shortages, fuel shortages, is culling 150,000 pigs, is pumping raw sewage into seas and rivers, is making poor people poorer and has next to no gas storage facilities.

Another Twitter user added: Brexiters complaining about the consequences of brexit whilst holding the belief that the consequences of brexit are nothing to do with brexit.

Any wonder this country is in the mess it is in.

Last week, a man who voted for Brexit has told LBCs James OBrien that he has regretted his decision ever since and recent fuel shortages have awoken him to the negative impact of leaving the EU.

The man, who was 27 at the time of voting, said he votes Tory because he comes from a really working class background, adding: Ive built myself a career and Ive done well and people say, vote Tory because all the Labour Party are gonna do is tax you to death.

But over the last year, he admitted it has been a very difficult pill to swallow because not all people who voted Brexit are racist.

He said: The thing is, I agreed with you about everything apart from the Brexit thing, and I never knew why I disagreed.

The only reason why I disagreed with you about Brexit is because I voted Brexit and it wasnt until I was sat in my car waiting for the thick end of an hour to put fuel in my car last week, that I sat there and I thought to myself, Oh my god, I think hes right.

Related: WATCH: Brexiteer tells James OBrien why he regrets voting Leave

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Leave-voting fisherman insists Brexit is going fine but it backfires - The London Economic

The Port of Poole in Dorset is expecting its first delivery via a new direct shipping route from Tangier in Morocco, which was established by United Seaways.

A shipment of 100 freights of organic seasonal fruit and vegetables is shortly scheduled northbound while the route will run once per week and largely comprise dry and refrigerated freight.

The route cuts overall journey times on goods to and from the UK to fewer than three days, compared to more than six days via road.

It will be used to encourage British importers to source fresh produce and other products directly from Africa, and export companies looking to enhance their southbound trade to Morocco and the surrounding region.

Trade relations between the UK and Morocco have a long-standing history of over 800 years and it is anticipated the link will further strengthen ties between the countries.

The route has been in planning for over two years and will help bypass post-Brexit traffic congestion and import procedures on goods arriving via Europe.

United Seaways will be able to offer the new direct line with competitive rates, significant emissions reduction, full logistics services, door-to-door services, customs clearance and warehousing services.

The maritime and transport specialist will shift from a RoRo service or unaccompanied cargo only to RoPax service which is accompanied cargo.

"The Port of Poole has been working closely with United Seaways to get this 'Brexit Buster' service up and running," Captain Brian Murphy, Marine and Port Director at Poole Harbour Commissioners said.

"The service will provide a greener and more time-efficient option for importers and exporters from both kingdoms and we look forward t receiving the first shipment from Tangiers shortly."

United Seaways has also announced the appointment of Mr Amine Laghidi as Board Member in charge of strategy, public affairs, maritime and foreign trade.

He is currently a representative of the African and the Moroccan Business Associations including being President of the ASMEX-Rabat (Moroccan Exporters Association).

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First freight shipment to arrive on 'Brexit buster' Morocco to UK route - Fresh Fruit Portal

As previously reported, the US chipmaker is looking to increase its output in the middle of the current ongoing global shortage. In late September the company broke ground on its USD 20 billion capacity expansion in Arizona, which will result in on two new chip factories. When these plans were first announced back in March, the CEO also stated that Intel was looking to accelerate its investments beyond Arizona, and that the next phase of capacity expansions in the U.S., Europe and other global locations would be announced within the year. This was teased further during a keynote at IAA Mobility in Munich, Germany in September this year when he said that the company is committed to announce our next major mega fab location in Europe and we hope to have this announced before the end of this year.He explained further that this location would consist of two fabs, which would start the so called mega site, which would grow over time, over the next decade or so, to eight fabs. Each of these fabs would represent an investment of EUR 10 billion, which means that Intels capacity expansion in Europe is a EUR 80 billion project over the next decade.Where the site will be located is still not decided, but something that is decided is that the UK is not being considered. Pat Gelsinger told the BBC in and interview that the company absolutely would have been seeking sites for consideration in the UK, however Brexit had changed this. Post-Brexit, the company is instead looking at EU countries and getting support from the EU."I have no idea whether we would have had a superior site from the UK," he told the BBC. "But we now have about 70 proposals for sites across Europe from maybe 10 different countries.

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UK off the table for potential Intel fab after Brexit - evertiq.com