Will 2021 herald the end of the trade wars? December 22, 2020 2020 began with hope of a fragile truce in the US-China trade war. The Phase 1 trade deal between Washington and Beijing was signed in January. However, this talked only about product purchases; it did not cover the most contentious issues around security and intellectual property theft. As a result, the deal effectively handed the [...]
US finally passes $900bn stimulus deal as hopes for recovery increase December 22, 2020 Congress last night squeezed through approval of a $900bn stimulus deal intended to give the US economy a much-needed boost. The package has been the subject of tortuous negotiations over recent weeks but an agreement was struck over the weekend. Read more: Could 2021 be the FTSE’s year? The stimulus package will re-capitalise a small [...]
Congress in race against time to finalise $900bn US stimulus deal late tonight December 21, 2020 A stimulus deal for the US economy, including direct cheques of $600 to many Americans, is set to be voted on tonight in Washington. Bipartisan agreement was finally found over the weekend on the deal, which has been the subject of tortuous negotiation and delay over recent weeks. The deal must be signed by midnight [...]
Best of 2020: Europe hurtles into decline, almost unnoticed December 21, 2020 As the year winds down, City A.M. is looking back at the columns that tell the story of our year. For a Europe that has made managing rather than solving economic crises into an art form, the time for paying the piper is fast approaching. The continent’s long-stagnating economy is perched at the edge of [...]
Exclusive: Siemens UK boss explains why the pandemic has been a ‘helpful’ distraction from Brexit December 21, 2020 Despite the many difficulties, the pandemic also brought some good, such as a distraction from Brexit, Siemens UK CEO Carl Ennis tells City A.M. in an exclusive interview. Read more: Siemens UK chief executive Juergen Maier announces early retirement Brexit The fact that the virus pushed Brexit down the hierarchy of news was helpful, in Ennis’ [...]
Westminster year in review: Who is up and who is down in 2020? December 21, 2020 As the UK ushered in 2020 it looked as if Boris Johnson had an unshakeable grasp on Westminster and the Conservative party. Johnson’s election landslide win last December and his victory in dragging the UK out of the EU in January made him look infallible. Before the Open newsletter: Start your day with the City [...]
US agrees $900bn Covid stimulus package December 21, 2020 Congressional leaders in the US have agreed a $900bn coronavirus stimulus package to help individuals and the economy affected by the coronavirus pandemic. The package would be the second-largest economic stimulus in US history, following a $2.3tn aid bill passed in March. It comes as the pandemic accelerates, infecting more than 214,000 people in the [...]
The End of the Affair: The EU and UK have very different foreign policy destinies December 21, 2020 As the year draws to an end, City A.M. is looking back at the columns that illuminated the world around us. In The End of the Affair (1951), Graham Greene — to my mind the most underrated novelist of the twentieth century — perfectly encapsulates the chaotic feelings lying behind romantic breakup and emotional calamity. [...]
UK registers record rise in coronavirus cases as Tier 4 comes into force December 20, 2020 The number of coronavirus cases jumped by the most since the start of the pandemic on Sunday, with 35,928 new instances of Covid recorded as of 9am. A further 326 people have died within 28 days of testing positive for coronavirus in the UK, the government said. It was down from the 534 recorded on [...]
Pound traders brace for tense week as Brexit talks continue December 20, 2020 Sterling traders are gearing themselves up for another nervy week amid fears that a collapse in Brexit talks could spark a sharp sell-off in the pound. Negotiations are ongoing, but noises from both camps suggest they remain stuck on fishing rights and competition policy. British health secretary Matt Hancock this morning told Sky News that [...]