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After winning a majority vote in the election on Thursday, Britain’s Prime Minister Boris Johnson will use his control of parliament to overpower extension schemes of the Brexit transition period beyond 2020.
“Our manifesto made clear that we will not extend the implementation period and the new Withdrawal Agreement Bill will legally prohibit government agreeing to any extension,” said a government official on Tuesday.
The United Kingdom will enter a transition period being an EU member while it irons out with the EU a trade deal to set their post-Brexit relationship. The transition will follow right after Britain exits on Jan. 31.
If the UK and the EU failed to come up with a trade deal, the trade relationship of the two will be taken to the World Trade Organization, which will be more problematic for businesses of both sides.
The European block will start to negotiate with Britain in March 2020 and will try to produce a trade agreement for the rest of the year.
Thailand's finance ministry on Thursday cut back its 2020 economic forecast to a record 8.5% contraction in GDP. This is a substantial contrast from a 2.8% growth it expected in January as the COVID-19 situation continued to worsen. The ministry’s ...
European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost ...
Britain on Wednesday signed a supply deal for up to 60 million doses of a possible COVID-19 vaccine that is being developed by pharmaceutical companies GlaxoSmithKline (GSK) and Sanofi. The financial details of the agreement were not disclosed. However, ...
European stocks traded slightly higher on Tuesday ahead of a U.S. decision to roll out additional stimulus plans despite the underwhelming quarterly earnings reports from the luxury goods market. The pan-European STOXX index inched higher ...
On Friday, Axios Media Inc. reported a document acquired by tech watchdog group Tech Transparency Project which indicates that multiple U.S. states were investigating Apple (AAPL) due to deceptive trade practices. According to the report, ...
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