Nearly 50 European leaders on Thursday will descend on Blenheim Palace in Oxfordshire, England, for a one-day session of the European Political ...
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| | Top News  Getty Images Nearly 50 European leaders on Thursday will descend on Blenheim Palace in Oxfordshire, England, for a one-day session of the European Political Community. It'll be a big moment for new U.K. Prime Minister Keir Starmer, who is looking to amend the post-Brexit relationship with the European Union. Defense and security discussions are on the menu, but trade is also in focus, especially as the parties attempt to build closer cooperation on shared issues.
Quote: "Our government is committed to resetting the relationship with the European Union, to strengthen ties, reinforce our security and tackle barriers to trade," said Nick Thomas-Symonds, Minister for the Constitution and European Union Relations. "The EU and member states are among the U.K.'s closest friends and allies. With war in Europe, and shared global challenges, in areas such as climate change and illegal migration, a strong U.K.-EU alliance is vital."
Labour under Starmer has ruled out rejoining the EU single market or customs union, though it will seek to improve the bilateral relationship via renegotiations. Post-economic Brexit complaints have been seen across many sectors, ranging from agriculture and the creative industry to manufacturing and just-in-time supply chains. There has also been lots of additional paperwork and applications, the need to manage multiple sets of quality standards and VAT payments, as well as a divergence in regulatory frameworks that has impacted investment.
Different channels: The European Union has been more cautious about potential changes, maintaining that it would work within "existing agreements" that are the "cornerstone of EU-Britain relations." As expressed previously, the bloc doesn't want the U.K. to have all the upsides of being part of the EU, without the membership that comes with it. That will make cherry-picking terms a lot harder, and with large-scale renegotiations off the table, British policymakers will need to pull off a delicate balancing act to keep within Brexit agreements and promises. | | | | | Media Warner Bros. Discovery (WBD) is reportedly evaluating several strategic options, including selling assets or splitting its Max streaming service and movie studio businesses from its legacy TV networks. The move would leave its TV group with most of its $39B debt load. People close to WBD have also informally approached rival media groups to gauge interest in potential M&A options for some of its assets. Bank of America warned that a breakup could have a "devastating" impact on bondholders, similar to what happened after rival Lionsgate's spinoff of its studio business (LION) from Starz. (24 comments) | | Manufacturing Deere ( DE) is the latest company to review diversity policies, and has decided to end its participation and support for social awareness events. The farm machinery maker reaffirmed that diversity quotas and pronoun identification are not company policy. The decision came after political commentator Robby Starbuck argued that DEI policies were hurting Deere's business as the company implements job cuts amid weaker demand for farming equipment. Last month, Tractor Supply ( TSCO) eliminated DEI goals and carbon emission targets that it said were unpopular with its customers. ( 25 comments) | | Trending President Biden is losing the support of senior Democrats amid concerns over his ability to win the presidential election. He also just tested positive for COVID-19, which will sideline campaigning efforts, while the DNC kicked a virtual roll call on the nomination to August. Nearly two-thirds of Democrats want Biden to withdraw, and Stifel last week assigned a 40% chance of him dropping out. Betting markets are now favoring Kamala Harris to be the Democratic nominee after Biden said he was willing to transfer power to her if health issues prevent him from serving a second term. ( 10 comments) | | Today's Markets In Asia, Japan -2.4%. Hong Kong +0.2%. China +0.5%. India +0.8%.
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