Know-how trade insiders have warned that the UK’s hopes of securing a fast deal to deepen digital commerce ties with the US have run into growing resistance in Washington, as Prime Minister Rishi Sunak visits to debate stronger financial relations with President Joe Biden.
In April final 12 months, the 2 nations had agreed to set out an “bold highway map” to deepen commerce ties, together with “harnessing the advantages of digital commerce”. Tech teams have been hoping for the 2 nations to forge a deal to spice up digital transactions, even when they’ve dominated out talks on a extra complete free commerce settlement for now.
However critics say the Biden administration is now soft-pedalling the prospects of a digital cope with the UK, as some lawmakers on the left aspect of the Democratic celebration more and more balk at provisions that may profit large expertise corporations.
“The truth is that nothing has occurred because the joint assertion in Aberdeen as a result of the US has been unwilling to interact substantively in digital commerce negotiations for home political causes,” stated Sabina Ciofu, head of the worldwide coverage and commerce programme on the foyer group TechUK.
Right here’s what else I’m protecting tabs on as we speak:
Financial knowledge: The OECD releases its Financial Outlook, Germany points industrial manufacturing figures for April and Halifax publishes its UK Home Worth Index.
Financial institution of Canada: The central financial institution pronounces its rate of interest choice.
Outcomes: Brown-Forman, Campbell’s and Inditex report.
5 extra high tales
1. The EU is contemplating a compulsory ban on member states utilizing Huawei and different corporations deemed to current a safety threat of their 5G networks, after solely a 3rd of the bloc’s nations had blocked the Chinese language firm from essential components of their communications regardless of Brussels’ suggestions. Read the full story.
2. A $1tn US authorities borrowing spree is ready to additional pressure the nation’s banking system, because the Treasury division seeks to rebuild its money steadiness within the aftermath of the debt ceiling combat. Here’s why traders and analysts are concerned.
3. Revised knowledge is ready to point out the eurozone financial system has shrunk over the previous two quarters, eradicating among the shine from its latest resilience within the face of an power and value of dwelling disaster. Here are economists’ expectations for the figures to be published tomorrow.
4. Certainly one of Canada’s largest asset managers plans to greater than double its headcount in London and make investments billions in Britain, together with on inexperienced initiatives, defying the prevailing gloom over the nation’s attractiveness after Brexit. More on the Alberta Investment Management Company’s vote of confidence in the UK.
5. The UK’s Promoting Requirements Authority has banned latest advertisements from Shell, Repsol and Petronas for deceptive the general public on the local weather and environmental advantages of the teams’ merchandise total by omitting “materials info” on their bigger polluting operations. Read more on the landmark rulings.
The Massive Learn
When he received the Labour management in 2020, Sir Keir Starmer insisted he would carry collectively the UK opposition celebration’s disparate factions after it had suffered 4 election defeats in a row, two of them below Jeremy Corbyn. As an alternative, three years on, Starmer has carried out a radical realignment, sidelining the left and driving the equipment of the celebration on to the political floor he thinks can win an election.
We’re additionally studying . . .
Chart of the day
Massive cash managers together with State Avenue, Constancy, Amundi and mutual funds had all minimize positions in Nvidia earlier this 12 months, lacking out on the eye-watering rally that lately pushed its valuation to $1tn. They’ve spent the previous two weeks catching up, racing to amass shares of the US firm that has become a go-to bet on artificial intelligence.
Take a break from the information
Does anybody really want Apple’s spectacular new “blended actuality” headset, the $3,500 Imaginative and prescient Professional? Technology correspondent Patrick McGee sets out to answer this question.
Further contributions by Benjamin Wilhelm and Gordon Smith