Brexit deal ‘blocks’ UK-EU trade; German investor morale collapses – business lives on

for any old Etonians reading.)”,”elementId”:”d6be3f68-c1b2-4428-9bce-e0b48a963fe7″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,” html”:”

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  Vegetables and tubercle vegetables (not including ware or seed potatoes): Yams, beets, parsnips, turnips, rutabagas, carrots, yucca, kohlrabi, onions, garlic, celery the root.

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  The fruits of Fragaria L: Strawberry

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  The fruits of Malus Mill: Apples

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  The fruits of American Persian Mill: Avocado

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  The fruits of Pyrus L: A horse

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  The fruits of Vaccinium L: cranberry, babbling, bilberries (olives), lingonberry (cowberry), and berries.

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  The fruits of Rubus L: Raspberries, blackberriesand berries

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The change should mean that there will be no more friction at the border when these fruits and vegetables are imported into the UK.

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Jack reported last night that planned post-Brexit checks on fruit and vegetables imported into Britain from the EU have been delayed for a third time, until next July, so ministers can judge the impact of the new regulations.

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The future of shipmaker Harland & Wolff remains uncertain today, after the company announced on Monday it expects to fall into administration soon.

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The company’s interim executive chairman Russell Downs has said there is a strong case for keeping the company’s four shipyards under a single owner.

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He told the BBC’s Today programme that keeping the yards together was “sensible from an operating perspective”.

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He added:

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“Some yards may be owned by one owner with other yards owned by another, so we’ll just have to see where the process gets to.”

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Downs said all the yards currently have work ongoing, and a “strong and capable business plan”, that will see them flourish again in future, once the current financial difficulties have been overcome.

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After months of fraught negotiations as Harland & Wolff scrambled to find funding to upgrade the shipyards, the company announced yesterday that it is insolvent and expects to appoint administrators from Teneo soon.

“,”elementId”:”f2740da9-296c-4a5a-939b-b4b7093ccc32″},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”prefix”:”Related: “,”text”:”Owner of Belfast shipyard that built Titanic to enter administration”,”elementId”:”a4d7b540-4164-4ae2-92ad-09ddf4ba9c21″,”role”:”thumbnail”,”url”:”https://www.theguardian.com/business/2024/sep/16/belfast-shipyard-owner-harland-wolff-to-enter-administration”}],”attributes”:”{“pinned”:false,”keyEvent”:true,”total”:false},”blockCreatedOn”:1726559828000,”blockCreatedOnDisplay”:”03.57 EDT”,”blockLastUpdated”:172656132000 blockCreatedOnDisplay”:”03.57 EDT “:172656132000 “04.22 EDT”,”blockFirstPublished”:1726560236000,”blockFirstPublishedDisplay”:”04.03 EDT”,”blockFirstPublishedDisplayNoTimezone”:”04.03″,”title”:”H&W boss: ‘Something powerful’ to keep shippers”: “shippers together:”[],”primaryDate Line”:”17 Sep 2024 07.14 EDT”,”secondaryDate Line”:”Published 17 Sep 2024 02.25 EDT”},{“id”:”66e924e58f08e0b0b0d99eb”,”items[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Red tape on British businesses created by the Brexit trade deal has led to a sharp fall in UK-EU goods trade, a new report shows.

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Academics at Aston Business School have analysed the impact of the Trade and Cooperation Agreement (TCA) on UK-EU trade relations – and found that trade is down by over a quarter.

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They say:

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The findings reveal a sharp decline in both UK exports and imports with the EU, underscoring the enduring challenges posed by Brexit on the UK’s trade competitiveness.

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Between 2021 and 2023, monthly data show a 27% drop in UK exports and a 32% reduction in imports to and from the EU, the report shows.

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business chart”,”credit”:”Photo: Aston Business School”}},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”, “html”:”

It also shows that there has been a significant reduction in the range of goods that the UK trades with the EU, due to the “deeply and persistently damaging” effects of the TCA.

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This includes a “significant reduction” in consumer goods sent to the EU and goods imported from other countries to the UK, indicating that the UK is leaving EU value chains.

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However, the UK is still dependent on the EU for intermediate and financial goods.

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And worryingly, these problems are expected to worsen.

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The report says:

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\n

The study highlights that the negative effects of the TCA have increased over time, with 2023 showing a greater decline in trade than previous years. This suggests that the change in the UK-EU trade relationship after Brexit is not just a short-term setback but reflects deep structural changes that may continue.

\n

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The main problem is that the TCA, which was agreed on Christmas Day 202 by the government of Boris Johnson, has created many non-free measures (NTMs) – such as inspecting goods – added to the flow of business.

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Agriculture and food exports are particularly affected, the report shows.

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Last night, we reported that planned post-Brexit checks on fruit and vegetables imported into Britain from the EU had been delayed for a third time, amid concerns from traders that they could lead to higher prices for consumers .

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Elsewhere in the tech sector, Amazon has announced it would require employees to return to the office five days a week, from the start of next year.

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Andy Jassy, Amazon’s CEO, said in a note to employees.

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\n

“We’ve decided that we’re going to return to being in the office the way we were before the onset of COVID. When we look back over the last five years, we continue to believe that the advantages of being together in the office are significant.”

\n

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The e-commerce giant’s previous office attendance requirement for its workers was three days a week. Amazon workers can claim “extenuating circumstances” or request exceptions from senior leadership, according to Jassy’s memo.

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\n

“If anything, the last 15 months we’ve been back in the office at least three days a week has strengthened our conviction about the benefits.”

\n

“,”elementId”:”969533d3-113f-48f4-a55f-a1b10d0324cb”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

He cited improved collaboration and connection between teams as reasons for the new requirement as well as the ability to “strengthen our culture”.

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Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

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It’s a tale of two tech companies this morning, as Microsoft announces a monster cash return to shareholders… and Apple is hit by fears of weak demand for its new iPhone 16.

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Microsoft surprised Wall Street last night by unveiling a new $60bn (£45bn) stock-buyback program – a way of returning excess cash to investors – and raising its quarterly dividend by 10%.

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The plan matches Microsoft’s largest ever share buyback plan, according to Bloomberg.

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The scale of the move was unexpected, as Microsoft has been ramping up its investment to support artificial intelligence. The company had also disappointed shareholders at the end of July when it reported a slight slowdown in growth at its Azure cloud computing arm.

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Its net income in the last year rose 22%, to $88bn, leaving it with over $75bn of cash on its books.

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Microsoft is currently the world’s second largest company, worth around $3.2tn, behind Apple (at $3.3tn).

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That gap narrowed yesterday, as Apple’s shares fell by 2.8% following analyst report that demand for the iPhone 16 was weaker than hoped.

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Early pre-order data from BofA Global Research revealed shorter global shipping times for the iPhone 16 Pro models compared with last year’s 15 Pro models, in the first three days of pre-order sales.

“,”elementId”:”a152290b-abb5-4ab6-affc-474abb08c6f9″},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”prefix”:”Related: “,”text”:”Why you won’t be lining up for the new iPhone 16″,”elementId”:”a66c873d-cea2-4254-9f98-3c642686c692″,”role”:”thumbnail”,”url”:”https://www.theguardian.com/technology/article/2024/sep/10/techscape-iphone-16-cost-features”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

TF International Securities’ analyst Ming-Chi Kuo calculated that pre-order sales for the iPhone 16 are around 12.7% lower than for last year’s iPhone 15.

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Having analysed data on pre-order sales, delivery times and shipments, Kuo explained in a post on Medium:

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The key factor is the lower-than-expected demand for the iPhone 16 Pro series.

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“,”elementId”:”95edd858-1eff-4241-9aa7-5899147b6b0b”},{“_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”source”:”Twitter”,”id”:”1835766896282788088″,”elementId”:”f25001d4-8575-4875-a270-4a3516d5c2a2″,”hasMedia”:false,”role”:”inline”,”url”:”https://twitter.com/BNNBloomberg/status/1835766896282788088″,”isThirdPartyTracking”:false,”html”:”

Apple Shares Slump as Analyst Warns of Weaker iPhone 16 Demand https://t.co/QtI8oyQ9xK

— BNN Bloomberg (@BNNBloomberg) September 16, 2024

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However, not every analyst was concerned by the lack of meaningful growth in iPhone pre-orders.

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D.A. Davidson analyst Gil Luria points out that the phone’s AI features are being rolled out gradually.

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… which means the upgrade cycle will likely materialize over the next 12-18 months.”

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The agenda

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• \n

  10am BST: ZEW index of German economic confidence

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  1.30pm BST: US retail sales for August

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  2.15pm BST: US industrial production for August

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  3pm BST: NAHB index of US housing market

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Important events