LONDON: Britain’s business minister said Friday that UK-EU trade talks are at a “difficult” point, as British officials poured cold water on hopes of an imminent breakthrough – and France said it could veto any agreement it didn’t like.
UK Business Secretary Alok Sharma said Britain was “committed to reaching an agreement.” “But, of course, time is short and we are in a difficult phase. There’s no denying that,” he told the BBC. “There are a number of tricky issues that still have to be resolved.”
EU chief negotiator Michel Barnier, his British counterpart David Frost and their teams remained locked in talks in a London conference center Friday after a week of late-night sessions fueled by deliveries of sandwiches and pizza.
UK officials sought to dampen hopes of an imminent deal, briefing media outlets that the EU had set back negotiations by making last-minute demands – an allegation the bloc denies.
The UK left the EU early this year, but remains part of the 27-nation bloc’s economic embrace during an 11-month transition as the two sides try to negotiate a new free-trade deal to take effect Jan 1.
Any deal must be approved by lawmakers in Britain and the EU before year’s end.
Talks have dragged on as one deadline after another has slipped by. First, the goal was a deal by October, then by mid-November. On Sunday, Britain said the negotiations were in their final week. Now the two sides say they could stretch into the weekend or beyond.
European Council President Charles Michel noted that it wasn’t the first time that deadlines had slipped.
“We will see what will happen in the next days,” he said in Brussels.
“But the end of December is the end of December and we know that after the 31st of December we have the 1st of January, and we know that we need to have clarity as soon as possible.”
A trade deal will allow goods to move between Britain and the EU without tariffs or quotas after the end of this year, though there would still be new costs and red tape for businesses on both sides of the English Channel.
If there is no deal, New Year’s Day will bring huge disruption, with the overnight imposition of tariffs and other barriers to UK-EU trade. That will hurt both sides, but the burden will fall most heavily on Britain, which does almost half its trade with the EU.
Crossing borders can pose a risk of COVID-19 spread unless appropriate steps are taken to mitigate it at airports and ground crossing points. In Kyrgyzstan, WHO conducted a survey at 3 international airports and 4 ground crossing points to determine the level of implementation of prevention measures on the ground.
Airport staff and ground staff were asked to complete a self-assessment questionnaire based on a checklist of key questions and considerations. The survey was designed to assess knowledge and equipment needed for responding to COVID-19 transmission risks, as well as to provide advice on how to reduce those risks among travelers, aircrew and ground staff.
Nurgul Akbaeva, who has worked at the Torugart border crossing for almost 26 years, says the cold climate, and the virus, makes her work difficult. “My role involves checking the temperatures of all drivers and travelers crossing here,” she explains, “and to remind them to maintain physical distancing, practice hand washing and respiratory hygiene, as well as wear masks.”
She says that, at the start of the pandemic, staff felt as though they struggled to get clear information about COVID-19, but the WHO and Ministry of Health provided printed materials and training which helped them to understand it better.
WHO Country Preparedness and International Health Regulations Officer, Akbar Esengulov, explains that the authorities in Kyrgyzstan developed an action plan outlining coordination mechanisms for points of entry into the country. “The authorities also reviewed lines of communication across ministries, partners, civil society and various levels of government,” he says, adding that the joint assessment will help to strengthen these measures.
The assessment observed all measures taken at the points of entry. These included the reporting and referral of travelers suspected to have COVID-19 infection, initial patient care, and the use of risk communication materials advising inbound travelers on when and where to seek medical care if needed. An updated national action plan will seek to address any gaps and improve the management of suspected COVID-19 cases.
The questions and considerations for the checklist are based on WHO’s interim technical guidance issued in the context of COVID-19, as well as technical guidance released by the European Centre for Disease Prevention and Control (ECDC) and the International Civil Aviation Organization (ICAO) for the COVID-19 pandemic. They are also aligned with the core capacity requirements of the International Health Regulations (IHR 2005) core capacities for airports.
“We reached out to Turkey in October and our assessment is negative with the continuation of unilateral actions and hostile rhetoric. We will have a debate during the European summit on December 10 and we are ready to use the means at our disposal to impose sanctions over the situation,” Charles Michel said in a news conference Friday.
? LIVE NOW – press conference: “Taking stock of the past year and looking forward to future challenges” https://t.co/OSStth6ml3
“Faith, Science and Youth: A call for an ambitious climate summit”
On the occasion of the 5th anniversary of the Paris Agreement and in view of the upcoming Climate Ambition Summit 2020, the Vatican Covid-19 Commission and its partners, including the Commission of the Bishops’ Conferences of the European Union (COMECE), invite you to participate in the webinar “Faith, Science and Youth: A call for an ambitious climate summit”, to be held on Wednesday 9 December 2020 at 14h00 CET.
The webinar will highlight the need to urge governments to raise their ambition for tackling the climate emergency. For this reason, it will take place ahead of the Climate Ambition Summit 2020 – to be held on 12 December 2020 as a platform for world leaders to demonstrate their commitment to the Paris Agreement.
The event “Faith, Science and Youth: A call for an ambitious climate summit” will provide a platform for a high-level exchange on the climate crisis in the context of the efforts to build a just and sustainable recovery.
The webinar will gather leading global voices from faith, science, and youth proposing concrete ways to concurrently address the Covid-19 crisis and the climate crisis through a just and sustainable recovery of economies and society that truly puts people and the planet before profit.
Participants will be able to engage with the speakers through a Q&As session. Journalists and media operators interested in interviewing speakers are encouraged to write an email here.
“Faith, Science and Youth: A call for an ambitious climate summit”
Monks worship Lord Buddha under the Bodhi Tree at Mahabodhi Temple during Maha Kathina Civara Dana ceremony in…Read More
Nearly 100 monks, staying at monasteries of different countries, participated in the Maha Kathina Civara Dana (robe offering) function conducted by the Bodhgaya Temple Management Committee (BTMC) at the Mahabodhi Mahavihara on Monday morning. This was the first event organized at the temple amid the Covid-19 pandemic.
Kathina is a Pali word referring to the wooden frame used to measure the length and width by which the robes of Buddhist monks are cut. As the legend goes, thirty bhikkhus were journeying with the intention of spending Vassa with Gautama Buddha. However, the rains began before they reached their destination and they had to stop at Saketa. According to Buddha’s guidelines for Vassa, mendicant monks shouldn’t travel during the rainy season as they may unintentionally harm crops and/or insects during their journey. As such, the monks had to stop .
Earlier, around 500 monks from countries like Thailand, Myanmar, Bhutan and Sri Lanka used to attend the robe offering event, but no outsider was part of the function this year.
BTMC secretary Nangzey Dorjee welcomed the monks to the function that was also attended by committee members Mahashweta Maharathi and Krishna Manjhi. Chief monk Bhikkhu Chalinda, who led the participants offering prayers under the Bodhi Tree, told this newspaper, “After the three-month ‘varsha vaas’ or rainy retreat of the monks, devotees offer them robes and other items. During the period from July to September, they stay indoors and meditate in their monasteries.” According to Buddhism, offering robes (‘civara’) to the monks is the highest form of donation. The chief monk added, “The ‘civara’ is offered to one of the 10 monks of the BTMC every year. It was given to Bhante Manoj this year because he followed the ‘varsha vaas’ tradition properly.”
There is an equally strong Buddhist belief that a month after receiving his ‘enlightenment’, Buddha delivered his first sermon – called the Dhamma-CakkappavattanaSutta – to his five former companions on the full moon day of Ashadh at Sarnath and that he spent the first four-month Vassa at Mulagandhakuti. The Sinhalese Buddhists still practise Vas or ‘rains retreat’ though their calendar is adjusted to their monsoons, while the Thais call the period from July to October as Phansa and observe it rather religiously. Other Theravada Buddhists like the Burmese also observe Vassa, and Mahayana Buddhists like the Vietnamese Thiens and the Korean Seons fix themselves to one location, just as the Tibetans are supposed to.
After the Maha Kathina Civara Dana function, the monks were offered ‘sanghdana’ (meal).
The four months of Shravana, Bhadrapada, Ashvina and Kartika could even be trimmed to three months depending on the regional character of the rains and local needs.
6.1 billion EUR for sustainable fisheries and safeguarding fishing communities
Funding must not result in an increase in fishing capacity
Tailored support for small-scale coastal fishing, young fishermen and outermost regions
Fighting illegal, unreported and unregulated fishing
On Friday, EU legislators reached a provisional agreement on how EU countries will be able to spend funds allocated to fisheries and aquaculture for 2021-2027.
The European Maritime, Fisheries and Aquaculture Fund (EMFAF) for the period 2021-2027 amounts to 6.1 billion EUR (6.108 billion EUR in current prices). 5.3 billion EUR will be allocated for the management of fisheries, aquaculture and fishing fleets, while the remaining sum will cover measures such as scientific advice, controls and checks, market intelligence, maritime surveillance and security.
Member states will have to spend at least 15% of the money on efficient fisheries control and enforcement, including fighting against illegal, unreported and unregulated fishing. In line with the Green Deal, actions under the fund will contribute to the overall budget objective to dedicate 30% of funds to climate action.
Compensation for fishermen
If fishermen’s activities cease permanently, they can be supported to scrap or decommission a vessel. In order to receive compensation, the equivalent fishing capacity is permanently removed from the EU fishing fleet register and the beneficiary must not register any fishing vessel within five years of receiving support.
If fishing activities cease temporarily, fishermen may be granted compensation for a maximum duration of 12 months per vessel or per fisherman during the programming period.
Specific needs of small-scale coastal fishing and young fishermen
Member states will need to take into account the specific needs of small-scale coastal fishing, including simplifying administrative requirements. Also, first acquisition of a fishing vessel or partial ownership (of at least 33%) can be funded if the fisherman is no more than 40 years of age and has worked for at least five years as a fisherman or has acquired the equivalent qualification. Fishermen can purchase small-scale coastal vessels (total length less than 12 meters) that have been registered for three years or vessels up to 24 meters that have been registered for five years.
Small-scale vessels may also receive support to replace or modernise engines if the new or modernised engine does not have more power in kW than that of their current engine.
Improving safety, working conditions and energy efficiency
A fishing vessel that is not longer than 24 meters and older than 10 years can have its gross tonnage increased if this results in significant improvements, such as renovating accommodation and other facilities for the well-being of the crew, better on-board fire prevention and safety systems, increased energy efficiency or lower CO2 emissions.
Other key measures
– Engines can be replaced or modernised under strict conditions: for vessels between 12 and 24 meters and at least five years old, the new or modernised engine must not have more power in kW and a reduction of 20% CO2 emissions must be ensured; the fishing capacity withdrawn due to engine replacement or modernisation cannot be replaced.
– Focus on outermost regions: member states will have to prepare an action plan for each of their outermost regions; specific budget allocations are foreseen.
– Support may also be granted for storage of fisheries products in exceptional events generating a significant disruption of markets.
Quote
Rapporteur Gabriel Mato (EPP, ES) said: “We reached a balanced agreement on the future European Maritime, Fisheries and Aquaculture Fund. A fund that would enable the EU fleet to fish and farm better, not to fish more. A fund that would allow the sector to invest in workers’ safety and wellbeing and environmentally-efficient engines and vessels. And a fund that would allow for generational renewal, while avoiding overcapacity and overfishing. The fishing and aquaculture sectors and the whole seafood value chain need support now more than ever to face current and future challenges.”
Next steps
Parliament and Council are now expected to endorse the agreement. The provisions of the regulation will then apply as of 1 January 2021.
Background
The European Maritime and Fisheries Fund proposal was published by the Commission in June 2018 and refers to the Multiannual Financial Framework for 2021-2027. The previous EMFF budget covering the years 2014 to 2020 amounted to 6.4 billion EUR.
LONDON/FRANKFURT (Reuters) – After watching from the sidelines as a boom in the listing of special purpose acquisition companies (SPACs) reshaped U.S. capital markets, Europe is preparing to play catch up next year with around 10 such deals said to already be in the pipeline.
FILE PHOTO: Nikola’s logo pictured at an event in Turin, Italy, December 3, 2019. REUTERS/Massimo Pinca
SPACs are shell companies that use the proceeds from going public to buy another company, not yet identified at the time of listing. The resulting merger with a target company, often a start-up in a high-growth sector, offers it a faster and lower cost way to market than a traditional initial public offering (IPO).
Boosting the profile of a previously niche product, notable U.S. deals this year have included April’s merger between online sports betting company DraftKings and Diamond Eagle Acquisition, and June’s merger between electric truck maker Nikola and VectoIQ Acquisition Corp.
While $63 billion has been raised through 190 SPAC listings in the United States this year, according to Refinitiv data, by investors including Bill Ackman and Michael Klein, it has been slim pickings in Europe. Small cash shells priced in London and Amsterdam but the only attempt at a major deal — Martin Franklin’s $750 million The Harvester Holdings — was cancelled due to a lack of demand.
There was a glimmer of hope this week though when French telecoms magnate Xavier Niel and banker Matthieu Pigasse said they were looking to raise at least 250 million euros ($299.65 million) via a SPAC that will scour for sustainable and organic food companies that source locally.
Three banking sources working on potential SPAC deals told Reuters that a successful transaction could trigger a spate of issuance, with up to 10 SPACs in line to raise about $300 million on average.
They said listings destined for Europe tended to be focused on the healthcare, technology and consumer sectors, with Euronext’s exchanges in France, the Netherlands and Southern Europe set to see the most activity.
Saadi Soudavar, co-head of equity capital markets (ECM) at Deutsche Bank in EMEA said a “decent” pipeline of European SPAC deals was building for next year, without giving further details.
He added that a successful merger, or so-called “de-SPAC-ing”, phase in the United States would likely free up additional capital and give further confidence to U.S. and European investors that such vehicles are a viable alternative to traditional IPOs.
Niel’s 2MX Organic could target a first purchase in France as soon as 2021, ideally worth around 2 billion euros, and then expand by buying more companies, two sources said.
FEE BOOST
For European ECM bankers, a surge in SPAC deals would mean a fee boost. On average, banking fees for European IPOs stand at 3.4% of the deal value, while a SPAC would generate around 4.6%, paid in full at the merger stage, according to Refinitiv data.
So far, bankers say European SPACs have been hindered by a less flexible regulatory environment compared to the United States — where investors are typically allowed to redeem their shares if they don’t want to back the acquired company — and by a poor track record.
“It is legally more difficult to set up a SPAC in Germany and in some parts of Europe due to the legal structuring question – whether you are building a company or an investment fund – which comes with its own set of regulations”, said Credit Suisse’s Joachim von der Goltz, head of ECM Northern Europe.
SPACs led by European investors and targeting European companies, such as the one recently launched by private equity fund Investindustrial, have ditched European exchanges to list in New York, where investors are more familiar with the product.
“European investors would rather have an ability to take a view on the vehicle they will invest in to be sure they can place their trust in the management teams,” said Darrell Uden, global co-head ECM Europe at RBC Capital Markets.
“The rapid evolution and success of SPACs in the U.S. and expectations of a more conducive regulatory environment in some European countries are likely to facilitate the launch of European SPAC listings in coming months.”
For a graphic on Europe runs for the SPAC train:
Reporting by Clara Denina, Abhinav Ramnarayan and Arno Schuetze; additional reporting by Gwénaëlle Barzic in Paris. Editing by Kirsten Donovan
RAWALPINDI: The European Commission has decided to retain the ban on Pakistan International Airlines operations in its member countries and asked the country’s aviation authorities to remove safety deficiencies and improve the whole process of issuing licences to commercial pilots.
The European Union Aviation Safety Agency (EASA) had suspended the authorisation for the PIA to operate in European Union member countries for six months in July 2020.
The EASA ban was soon followed by similar action by the UK and US aviation authorities, crippling the PIA which was already suffering in the aftermath of the Covid-19 crisis. The EU had also put Pakistan on notice showing concern over the issue of pilots’ licences citing the aviation minister’s speech on the floor of parliament that one third of Pakistani pilots had suspicious licences.
The EU Air Safety Committee (ASC) met on November 17 and 18 in Brussels to update the list of airlines whose operations had been banned by the European Commission.
Spokesperson says national flag carrier has been working hard to comply with EASA observations
Following the unanimous opinion of the ASC, the European Commission formally adopted on Thursday a regulation amending Regulation (EC) No 474/2006 of March 22, 2006, establishing the list of air carriers, which are subject to an operating ban within the EU.
A letter sent to former secretary of aviation Hasan Nasir Jamy said the situation of the air carriers certified in Pakistan was examined during the ASC meeting. An excerpt of the regulation with the recitals pertaining to Pakistan was attached with the letter.
The European Commission reported to the ASC about the technical meetings held on July 9 and 25 September 25 and the numerous correspondences received between the end of June and November from the Pakistan Civil Aviation Authority (PCAA).
The EU said that the ASC deliberations confirmed a continued concern over the measures taken by the PCAA in terms of a proper root cause analysis and suitable corrective measures to prevent re-occurrence of the same or similar safety deficiencies.
According to the EU, concern persists about PCAA safety deficiencies, not only on the pilot licencing areas but on the whole licencing and authorisation processes, application and oversight of safety management systems and the establishment of the occurrence reporting system, among others.
It said it had also been recognised that the PCAA was making significant efforts to put in place and enforce some corrective measures to address the identified safety situation in Pakistan.
The European Commission and the ASC have noted the willingness of the PCAA to react to the case of the fraudulent licenses, and also appreciated its transparency and openness in recognising the deficiencies.
“In view of this, it has been decided not to make any changes to the list of air carriers subject to an operating ban with respect to air carriers certified in Pakistan,” the EASA said.
It urged the PCAA to maintain regular contact with the European Commission to keep it informed of the further actions to respond to and deal with the safety concerns.
The former aviation secretary was also informed that the European Commission would continue its monitoring and assessment of how the situation developed further, and this might include a visit to Pakistan when travel conditions would permit it.
The letter said the European Commission would remain committed to working closely with the PCAA to solve in a sustainable manner the identified safety issues with a view to achieving common objective of a safe international aviation system, while at the same time ensuring that any current safety risks were adequately contained.
On the other hand, European Union Aviation Safety Agency, in its letter to PIA Corporation Limited, said the agency had reviewed the material provided by the PIA regarding safety management system and found it satisfactory and sufficient as a fist important step.
The EASA said it would conduct an audit of the third country operator when it would consider the lifting of a suspension of PIA operations when the conditions were met. However, the conditions have not been met yet.
The EASA said in particular the investigation conducted by European Commission on the issuance of professional licenses was still ongoing which indicated that there was a possibility the audit would not have the expected positive results.
Commenting on the EC ban on air carriers certified in Pakistan, the PIA spokesman said that PIA had been working hard to comply with EASA observations as these were unprecedented times.
He said in routine things were taken differently but with added pressure of a ban, synergistic efforts were being made to adhere to the minutest of details.
He said: “Now we are eagerly awaiting regulatory compliance so that we could resume our flights to one of our most productive sectors.”
PIA closes offices
The PIA has closed its all offices in interior of Sindh that had no clients travelling across the country.
PIA spokesman Abdullah Hafeez said that the bulk of PIA operations was shifting to the northern areas, Islamabad and Lahore with most of PIA flights now originating from there and adjoining areas such as Peshawer, Swat, Mardan, Nowshera, Charsada, Rawalpindi, Gujar Khan and Jhelum belt, Kharian and Sialkot belt. Hence the major required staff is to be placed in Islamabad.
He said that there was no point in retaining a large work force in Karachi.
