Breakfast on Wall Street: A Better Brexit?
A better Brexit?
Nearly 50 European leaders will gather at Blenheim Palace in Oxfordshire, England, on Thursday for a one-day session of the European Political Community. It will be a major moment for new British Prime Minister Keir Starmer, who is seeking to improve relations with the European Union after Brexit. Defense and security talks are on the agenda, but trade is also a focus, especially as the sides seek to strengthen cooperation on common issues.
Quote: “Our government is committed to rethinking our relationship with the European Union, strengthening our ties, enhancing our security and removing barriers to trade,” said Nick Thomas-Symonds, Minister for the Constitution and Relations with the European Union. “The EU and its member states are among the UK’s closest friends and allies. With war in Europe and shared global challenges, in areas such as climate change and illegal immigration, a strong UK-EU alliance is essential.”
Starmer’s Labour Party has ruled out joining the EU’s single market or customs union, but will seek to improve bilateral relations through renegotiations. Post-Brexit economic complaints have been seen across many sectors, from agriculture and the creative industry to manufacturing and just-in-time supply chains. There has also been a lot of red tape and additional demands, the need to manage multiple sets of quality standards and VAT payments, and a divergence in regulatory frameworks that has impacted investment.
Different channels: The European Union has been more cautious about potential changes, saying it will work within the “existing arrangements” that are the “cornerstone of the EU-Britain relationship”. As it has said before, the Union does not want the UK to enjoy all the benefits of EU membership without the membership that comes with it. This will make the choice of terms much more difficult, and with large-scale renegotiations off the table, British policymakers will have to strike a delicate balance in delivering on Brexit deals and promises.
Possible split
Warner Bros. Discovery (WBD) is reportedly weighing several strategic options, including selling assets or separating its Max streaming service and movie studios from its traditional TV networks. The move would leave its TV business with most of its $39 billion in debt. People close to WBD have also informally reached out to rival media groups to gauge their interest in potential M&A options for some of its assets. Bank of America warned that a split could have a “devastating” impact on bondholders, similar to what happened after rival Lionsgate spun off its studio business (LION) from Starz. (24 comments)
Goodbye DEI?
Deere (DE) is the latest company to overhaul its diversity policies, deciding to end its participation and support of social awareness events. The agricultural machinery maker reiterated that diversity quotas and pronoun identification are not company policy. The move comes after political commentator Robby Starbuck argued that DEI policies were hurting Deere’s business as the company cuts jobs amid declining demand for agricultural equipment. Last month, Tractor Supply (TSCO) eliminated DEI and carbon emissions targets that it said were unpopular with customers. (25 comments)
Resign?
President Biden is losing support among top Democrats amid concerns about his ability to win the presidential election. He also recently tested positive for COVID-19, which will sideline campaign efforts, while the DNC postponed a virtual roll call on the nomination until August. Nearly two-thirds of Democrats want Biden to step down, and Stifel estimated last week that there was a 40% chance he would withdraw. Betting markets are now favoring Kamala Harris to be the Democratic nominee after Biden said he was willing to hand over power to her if health issues prevented him from serving a second term. (10 comments)
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