Connect with us

Business

Reeves wants ‘reset’ with EU to boost growth

Published

on

At a press conference after the meeting, Reeves declined to say exactly which parts of the UK’s relationship with the EU she wanted to change – such as a food standards agreement or greater travel freedoms for younger people.
“Today was not about starting a negotiation… today was about rebuilding relations,” she said, adding that negotiations would begin “in the New Year”.
The British Chambers of Commerce (BCC), which represents about 50,000 businesses, said that in order for the economy to grow “we must export more” but UK firms “are struggling under huge regulatory and paperwork burdens”.
At the Eurogroup finance ministers meeting in Brussels, Reeves proposed building a “mature, business-like relationship” between Britain and the EU.
Ahead of the meeting, Reeves told journalists that she would be fighting for the “British national interest”, but that “means having closer relationships, particularly trading relationships”.
Growth is not a “zero sum game”, she added, saying that both the UK and EU countries have struggled over the past decade.
“We all want to see our economies grow faster and be more competitive globally.”
While this speech is not expected to result in any changes on Labour’s manifesto promise not to re-join the EU’s single market or customs union, it is likely to mean an agreement on food and farm exports, with the UK having said it is seeking a veterinary agreement.
It could also mean less red tape on more complex pan-European supply chains in manufacturing and textiles, but big trade-offs may be necessary.
The EU would like to see a scheme for young Europeans to live and work both there and in the UK – something Sir Keir Starmer has ruled out in the past.
Closer alignment to European food standards could also complicate any attempt by the UK to forge closer relations with the US on Donald Trump’s re-entry into the White House in January.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

A billion laser points helped bring Notre Dame back to life

Published

on

By

After a catastrophic fire five years ago, the Notre Dame Cathedral de Paris reopened this month looking almost the same as it did when it was first constructed in 1163.

The massive reconstruction project was a testament not just to the hard work of the French people – but also to the lasers, drones and other advanced technology that gave rebuilders a window into the building’s past.

“The time frame wouldn’t have been possible without the record of what existed,” Amy Bunszel, executive vice president of architecture, engineering and construction at 3D-software company Autodesk, told CNN. Her company was a major part of creating a model of the building as it existed before the fire, giving the reconstruction effort a sort of guide for what to do. “It would’ve required a lot more guesswork. Imagine taking millions of tourist photographs (as a reference point) versus having one consolidated perfect representation.”

Continue Reading

Business

Inflation was the cause, not the result, of the ‘hot’ labor market, research shows

Published

on

By

Back in 2022, when the labor market was so hot that Beyoncé even released a song about it, Americans were job hopping in large numbers, boosting their salary in the process.

The Great Resignation was in full swing.

That fueled fears of a “wage-price spiral” — where wages and prices perpetually rise and feed off each other.

But what appeared to be a hot job market was actually a symptom — not the cause — of the recent bout of inflation, according to new research that explored the consequences of unexpected rising prices on the labor market.

Continue Reading

Business

The Container Store files for bankruptcy

Published

on

By

The Container Store has filed for bankruptcy. It is the latest well-known retailer to fall victim to customers cutting back on discretionary spending.

The 46-year-old company said in a statement late Sunday that filing for Chapter 11 bankruptcy protection will help it “bolster its financial position, fuel growth initiatives, and drive enhanced long-term profitability.” The Container Store revealed in court documents that it has about $230 million in debt and just $11.8 million in cash on hand, but will receive $40 million in fresh financing.

The chain’s 102 locations and website will remain open for orders during the process, which is expected to take 35 days to complete.

“The Container Store is here to stay,” said CEO Satish Malhotra in a statement. “Our strategy is sound, and we believe the steps we are taking today will allow us to continue to advance our business, deepen customer relationships, expand our reach, and strengthen our capabilities.”

Payments to vendors and suppliers will be made as normal and all customer deposits and orders will be honored and delivered, the company said. The Container Store plans to emerge as a private company when the Chapter 11 process is complete.

The company’s Sweden-based Elfa brand, described as a “premium customizable storage system,” isn’t included in the bankruptcy.

The filing comes a few weeks after a deal with Beyond, the parent company of Bed Bath & Beyond and Overstock.com. The Container Store was expected bring Bed Bath & Beyond-branded products to some stores, but that deal appears to be in jeopardy. Beyond previously said that the financing deal was in doubt because the Container Store was struggling to reach an agreement with its lenders.

The Container Store’s stock has already been delisted by the New York Stock Exchange because it failed to meet the exchange’s financial standards.

Continue Reading

Trending