Connect with us

World

Trump at G7 hints at ‘very big trade deal’ with Britain post Brexit

Published

on

U.S. President Donald Trump and Britain’s Prime Minister Boris Johnson arrive for a bilateral meeting during the G7 summit on August 25, 2019 in Biarritz, France.

Pool | Getty Images News | Getty Images

SAINT-JEAN-DE-LUZ, France — President Donald Trump met Britain’s Prime Minister Boris Johnson kicking off Group of 7 meetings in the French seaside town of Biarritz.

Clouding the G-7 gathering, which represents the world’s major industrial economies, is the U.K.’s uncertain removal from the European Union.

“He needs no advice, he’s the right man for the job,” Trump said when asked if he had any guidance for Johnson on how to deliver Brexit. “This is a different person and this is a person that is going to be a great prime minister in my opinion,” Trump added of the new prime minister.

In less than three months, Johnson will be at the helm of overseeing U.K.’s removal from the European Union, a move considered to be one of the most significant political and economic changes for the kingdom. And yet, it is still unclear, how, when or if Britain will still leave the European Union. The uncertainty around Brexit has rocked global markets and spooked allies.

Trump said that he would have a major trade deal with U.K. upon leaving the European Union.

“We’re are having very good trade talks between the U.K. and ourselves. We’re going to do a very big trade deal, bigger than we’ve ever had with the UK,” Trump said. “At some point, they won’t have the obstacle of, they won’t have the anchor around their ankle, because that’s what they had. So, we’re going to have some very good trade talks and big numbers,” he said without adding any more detail on a potential deal.

U.S. President Donald Trump and Britain’s Prime Minister Boris Johnson attend a bilateral meeting during the G7 summit on August 25, 2019 in Biarritz, France.

Pool | Getty Images News | Getty Images

Johnson said he was similarly looking forward to future trade deals with the United States and praised Trump’s work on the American economy.

“We’ll be having some pretty comprehensive talks about how to take forward the relationship in all sorts of ways, particularly on trade and we are very excited about that,” Johnson said. “And I just want to actually congratulate the president on everything that the American economy is achieving, it’s fantastic to see that,” he added.

Source link

World

Coffee, tea and beer are the most popular drinks at JD Wetherspoon, founder says

Published

on

The founder and chairman of JD Wetherspoon believes “it is almost sacrilege” to find that the most popular drink orders in one of Britain’s biggest pub groups are non-alcoholic.

Speaking to CNBC’s “Squawk Box Europe” on Friday, JD Wetherspoon’s Tim Martin said pubs were having to adapt to a rise of coffee shops and restaurants in the last three decades.

British pubs “used to have their own nice little monopoly,” he said, but changing trends — such as younger people consuming less alcohol — had forced pubs to offer more variety to their consumers.

“Millennials are drinking less. So, our number one draft product is Pepsi cola — which is almost sacrilege. And, we sell more coffee and tea combined, which isn’t a draft product, than Pepsi,” Martin said.

“So, that’s one of the trends that you are seeing. More variety is required as well … but I would say far more non-alcoholic drinks, far more coffee and more food in pubs. Those are the big trends.”

Brexit uncertainty

His comments came as JD Wetherspoon — which operates more than 900 public houses in Britain and Ireland — reported a rise in full year pre-tax profit on Friday, defying intensifying Brexit uncertainty.

Pre-tax profit after exceptional items rose to £95.4 million ($118.5 million) for the year ending July 28, up from £89 million a year earlier. However, before exceptional items it fell 4.5% to £102.5 million.

The new JD Wetherspoon pub the Hope and Champion which has opened at the M40 Services at Beaconsfield, Buckinghamshire.

Steve Parsons – PA Images | PA Images | Getty Images

The prospect of a “no-deal” Brexit on October 31 has fallen sharply in the last week, after British parliament voted to prevent Prime Minister Boris Johnson from taking the country out of the European Union in less than 50 days’ time.

But, the world’s fifth-largest economy still faces months of uncertainty and the outcome of Brexit remains unclear more than three years after a small but clear majority voted to leave the EU.

Earlier this week, the U.K. government was forced to release documents outlining its worst-case scenario “planning assumptions” in the event of a no-deal Brexit. The Operation Yellowhammer papers revealed that this cliff-edge scenario could result in rising food and fuel prices, public disorder and disruptions to supplies of medicine.

Martin, an ardent supporter of Brexit, told CNBC on Friday that it was “total nonsense” to think that producer prices would go up in the event of a no-deal departure from the bloc.

Source link

Continue Reading

World

Italian tax police place under home arrests Atlantia’s units officials

Published

on

A picture taken on August 16, 2018 shows the plaque of the headquarters of the Italian infrastructure company Atlantia in Rome.

FILIPPO MONTEFORTE/AFP/Getty Images

Italian tax police have placed under home arrest three officials of infrastructure group Atlantia‘s units in an inquiry into falsified reports over motorway viaducts’ safety checks.

Both Atlantia’s motorway unit Autostrade per l’Italia and its maintenance unit SPEA Engineering are involved in the probe, stemming from a separate investigation into the collapse of a motorway bridge in Genoa, which killed 43 people last year.

Source link

Continue Reading

World

China adds US agricultural products to tariff exemptions ahead of trade talks

Published

on

Chinese President Xi Jinping shakes hands with President Donald Trump before a bilateral meeting during the G20 Summit on June 29, 2019 in Osaka, Japan.

China News Service | Getty Images

China plans to exclude American farm goods, including soybeans, from tariffs in the latest move to ease trade tensions before the two countries restart trade talks next month.

The Chinese Ministry of Commerce said Friday China welcomed President Donald Trump’s decision to delay tariffs by two weeks and said it will exempt U.S. agricultural products such as soybeans and pork from additional tariffs.

These farm goods add to 16 types of U.S. products that will be exempt from tariffs.The exemption will be valid for a year through to September 16, 2020.

The move came after Trump said Thursday he would consider an interim trade deal with China, even though he would not prefer it.

China’s agriculture buying has been a sticking point in the trade battle as Trump has repeatedly accused China of not following through on its promises. China said Thursday that domestic firms have started making inquires about prices on U.S. soybeans and pork. Chinese importers reportedly bought a total of 600,000 metric tons of soybeans from U.S. Pacific Northwest export terminals from October to December.

Source link

Continue Reading

Trending