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Regulatory cooperation: The two sides made a joint declaration to support enhanced cooperation on financial oversight. They aim to agree on a Memorandum of Understanding by March. Instead, it has a re-balancing mechanism: Either side will be able to impose with tariffs if they diverge too much.
They will also be subject to arbitration by an independent panel -- not the European Court of Justice. In line with EU law, the U. Dispute ResolutionSummary: One of the biggest stumbling blocks in the negotiations was the question of how to settle disputes over trade in future. The mechanism is likely to work like this:Either side can hit the other with tariffs in particular areas if they think they are justified under the terms of the agreement.
If one side thinks the other is being unfair on such tariffs, they can take the issue to an independent arbitration panel. Individual chapters of the trade agreement can be reopened to renegotiate particular areas where there are disputes. CustomsSummary: Both sides pledge to limit customs red tape, including through programs for trusted traders known as authorized economic operators AEOs have benefits including fewer controls.
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The accord largely commits the EU and Britain to follow international practices aimed at minimizing customs costs for businesses. Aviation and TruckingSummary: The EU has stopped short of granting automatic recognition to British aerospace designs and products, according to a synopsis published by the U. Personal data shipped to the U. If the U. EnergySummary: The U.
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This was expected but there will be new arrangements in place by April to make sure that trading is smooth and efficient on interconnectors -- huge power cables that run between the U. As an island nation, making sure trading across these interconnectors is efficient is important to Britain. The deal includes guarantees on security of energy supply.
This is a loss for the U. Business TravelSummary: There are provisions so U.
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This includes the ability for U. However, there will be new requirements at the border, adding costs and hurdles for shippers. Organic products: There will be an equivalence agreement allowing for foods certified organic in one market to be recognized in the other, the U. An arbitration panel may rule on some areas and can order one side to resolve the problem or offer compensation. Law EnforcementSummary: The deal will allow cooperation between the U. There will be cooperation between U.
Extradition: The U. For more articles like this, please visit us at bloomberg. The UK has sent more troops to help clear a backlog of lorries at Dover after a blockade imposed by France over the discovery of a new coronavirus strain. Bloomberg -- Pavel Maslovskiy, co-founder and former chief executive officer of gold-miner Petropavlovsk Plc, was put under arrest by a Moscow court for two months on embezzlement charges.
Maslovskiy will be held through Feb.
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The decision is expected to be appealed, the news service said. Petropavlovsk was founded in by Maslovskiy and Peter Hambro. Maslovskiy, a former professor at the Moscow Aircraft Technology Institute, met the British banking scion on a visit to London looking for investors to develop a gold deposit near the Chinese border. After a debt-for-equity swap, a significant stake passed through the hands of billionaires from Russia and Kazakhstan, with shareholder battles erupting over the past three years.
The Russian billionaire sold his stake a year later to Kazakh tycoon Kenes Rakishev, who brought some of the team back. Updates arrest details in the first, second paragraph For more articles like this, please visit us at bloomberg. A further troops have been sent to Dover to help thousands of lorrydrivers stuck at the French border. That nameless guy on top of the greatest trophy in sports, the Borg-Warner Trophy, agreed to an exclusive interview this Christmas and related his favorite moments from Indianapolis history.
There will also be the chance to land some big players on pre-contract agreements for the summer, with Lionel Messi unlikely to sign a new deal at Barcelona following his extraordinary fallout with the club. Manchester City look odds-on to land the Argentine legend with Pep Guardiola in charge, but a reunion with Neymar at PSG is also a distinct possibility. Another player who will be available on a free next year is David Alaba, who is attracting plenty of Premier League attention.
Police in Nashville, Tennessee, say a blast that damaged buildings and set cars alight may have been "an intentional act".
The Queen in her Christmas speech has praised people for rising to the challenges of a difficult year. Turkey's parliament began debating a draft law on Friday that would increase oversight of non-governmental organisations and which, according to rights campaigners, risks limiting the freedoms of civil-society groups. The bill would allow the interior minister to replace members of organisations who are being investigated for terrorism charges.
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Civil-society groups, including Amnesty International and the Human Rights Association, said terrorism charges in Turkey were arbitrary, and that the draft law would violate the presumption of innocence and punish those whose trials were not finalised. Russia will impose a two-week quarantine on travelers arriving from the U.
K, and Hong Kong extended its mandatory quarantine for most visitors to three weeks. Germany, Switzerland and Japan joined a growing number of countries that have identified their first cases of the coronavirus variant that has emerged in the U. South Africa rejected claims that a mutated strain found in the country has contributed to a second wave of infections in the U.
Beijing is advising its residents not to leave the city during the holidays due to a recent resurgence of infections. Key Developments:Global Tracker: Cases pass Click CVID on the terminal for global data on coronavirus cases and deaths. NY Queen Elizabeth II used her annual Christmas message to thank medical staff on the front lines of the battle against Covid, and said the pandemic has helped bring communities together despite the need for social distancing. NY Switzerland should implement broader, stricter measures and bolster testing and tracing to hinder the spread of the new strain, according to the Swiss Covid science taskforce.
NY Japan has confirmed its first cases of people infected with a new Covid strain that emerged in the U. The five people infected with the new strain had traveled from the U.
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Hong Kong Infections and deaths in Africa may be much higher than official figures show, according to researchers from Boston University and the University of Zambia, who tested corpses for the virus in the biggest referral hospital in Lusaka. The disease was detected in nearly one in five of the bodies tested, according to a study published on medRxiv, an online archive and distribution service for complete but unpublished manuscripts that have yet to be peer reviewed.
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