FT News Briefing Brexit watch, China-Australia tensions, 2020 corporate winners and losers
Dec 24, 2020
Britain and the EU are finalizing a major post-Brexit agreement, setting the stage for new trade dynamics. Meanwhile, China is targeting Alibaba with an antitrust investigation, indicating a tightening grip on tech giants. Australia's coal export ban is causing power shortages across China, showcasing the economic ripple effects. The pandemic has reshaped corporate landscapes, revealing stark contrasts between thriving companies and struggling sectors. Insights into recovery trends reveal how e-commerce and remote work are transforming the economic landscape.
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Post-Brexit Trade Deal Finalized
- The UK and EU finalized a post-Brexit trade deal preserving tariff-free trade.
- The deal includes a five-and-a-half-year transition for EU fishing access to UK waters.
China Investigates Alibaba
- China launched an antitrust investigation into Alibaba, accusing them of monopolistic behavior.
- This follows the halted Ant Group IPO and increased scrutiny of tech companies.
China's Coal Ban Backfires
- China's ban on Australian coal is hurting its own industries, like power plants and steel mills.
- Power plants upgraded for Australian coal struggle with less efficient alternatives, causing power rationing.