UK and EU ditch deadline and pursue Brexit talks

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Updated 14 December 2020
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UK and EU ditch deadline and pursue Brexit talks

  • After a cross-Channel crisis call, the leaders agreed to ‘go the extra mile’

BRUSSELS: British and European negotiators were sent back to work Sunday after Prime Minister Boris Johnson and EU chief Ursula von der Leyen agreed to abandon their supposed make-or-break deadline.

The pair had said last week they would decide whether an agreement was possible by the end of Sunday, but after a cross-Channel crisis call they agreed to “go the extra mile.”

“We had a useful phone call this morning. We discussed the major unresolved topics,” von der Leyen said in a video message, reading out a joint statement agreed with Johnson.

“Our negotiating teams have been working day and night over recent days.”

The EU’s Michel Barnier and Britain’s David Frost held talks late on Saturday and early on Sunday. They have been alternating between the capitals but a European official said that, for the moment, they would remain in Brussels.

In their joint statement, the leaders said: “We have accordingly mandated our negotiators to continue the talks and to see whether an agreement can even at this late stage be reached.”

But speaking for himself, Johnson insisted that agreement was far from sure with less than three weeks to go until Britain leaves the EU single market at the end of the year.

“I’m afraid we’re still very far apart on some key things, but where there’s life there’s hope,” he told reporters.

“The UK certainly won’t be walking away from the talks. I still think there’s a deal to be done if our partners want to do it,” he added, four days after he and von der Leyen had said they would pull the plug on talks on Sunday if no breakthrough was in sight.

Johnson said Britain “would be as creative as we possibly can” — amid reports that the sides are nearing a deal on how to respond if their regulations diverge over time and threaten fair competition.

But Britain could not compromise on the “fundamental nature” of Brexit, controlling UK laws and fisheries, he said.

Without a trade deal, cross-Channel trade will revert to WTO rules, with tariffs driving up prices and generating paperwork for importers, and the failed negotiation could poison relations between London and Brussels for years to come.

Ireland stands to lose out more than most EU countries if trade with its larger neighbor is disrupted, and Foreign Minister Simon Coveney cautiously welcomed the reprieve for negotiations.

“Time to hold our nerve and allow the negotiators to inch progress forward, even at this late stage. Joint statement on Brexit negotiations is a good signal. A deal clearly very difficult, but possible,” he tweeted.


UAE joins dividend surge as global payouts hit record $1.75tn in 2024

Updated 41 sec ago
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UAE joins dividend surge as global payouts hit record $1.75tn in 2024

RIYADH: The UAE was among 17 countries setting new dividend records in 2024 as global payouts surged to a record $1.75 trillion, marking a 6.6 percent increase from the previous year, a new report showed. 

According to research by trading platform eToro, UAE-listed companies maintained steady dividend distributions, driven by strong performances in the banking, energy, and real estate sectors.  

This comes as Saudi-listed companies also made significant dividend moves in 2024, with energy firm Aramco declaring a total payout of $85.4 billion despite a drop in net profit, while Al Rajhi Bank’s total shareholder payments reached SR10.84 billion ($2.89 billion), combining a first-half cash dividend of SR5 billion and a second-half payout of SR5.84 billion. 

“The financial sector has been a standout performer, with UAE banks benefiting from higher interest rates and economic expansion. Abu Dhabi Islamic Bank, for instance, raised its dividend payout to 50 percent of its annual profit, reflecting the sector’s robust earnings growth,” said Josh Gilbert, a market analyst at eToro. 

Energy companies also played a significant role, with ADNOC Gas announcing a $3.41 billion dividend, supported by high oil prices and a commitment to 5 percent annual dividend growth. 

In the real estate sector, Emaar Properties doubled its dividend to 8.8 billion dirhams ($2.4 billion), backed by record property sales and strong market demand.  

For income-focused investors, dividends remain a core element of long-term strategies, providing consistent cash flow and potential for compounding returns.  

“While 2024 saw record dividend distributions, certain increases, such as Emaar’s 100 percent payout of its share capital, may not be repeated annually. These sectors are cyclical, and dividends could fluctuate with market conditions,” Gilbert added. 

Despite concerns about sustainability, UAE companies’ focus on shareholder returns highlights the market’s resilience. The country’s dividend growth outlook remains positive, supported by strong corporate earnings, favorable government policies, and continued investor interest. 

Whether targeting high yields or steady income, the UAE remains an attractive market for global investors. 


Lebanon finalizes 22 deals with Saudi Arabia ahead of high-level visit 

Updated 32 min 12 sec ago
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Lebanon finalizes 22 deals with Saudi Arabia ahead of high-level visit 

RIYADH: Lebanon has finalized 22 cooperation agreements with Saudi Arabia, setting the stage for a high-level visit next month to strengthen economic ties. 

The delegation could be led by President Joseph Aoun, Prime Minister Nawaf Salam, or both, according to Lebanese Deputy Prime Minister Tarek Mitri in an interview with Asharq. 

This comes as Saudi Crown Prince Mohammed bin Salman hosted President Aoun at the Royal Court in Al-Yamamah Palace on March 3 — Aoun’s first foreign visit since taking office — where they discussed Lebanon’s ongoing crisis and regional developments. 

The agreements, covering sectors from agriculture to intellectual property, are seen as crucial to securing broader international aid for Lebanon’s struggling economy. 

“This is a legitimate approach, and we must earn the trust of Arab nations and the international community,” Mitri said, emphasizing that Saudi Arabia’s support is vital for unlocking further international aid. He confirmed that the 22 agreements are fully drafted and ready for signing. 

On his arrival, Aoun had expressed hope that his talks with the crown prince would pave the way for a follow-up visit to sign agreements aimed at strengthening cooperation between the two nations. 

The deals cover a wide range of sectors, including intellectual property, consumer protection, and environmental management, as well as agriculture and water resources, Rabih El-Amine, chairman of the Lebanese Executives Council, told Arab News earlier this month. 

El-Amine also pointed to agreements involving the Ministry of Information, the General Directorate of Civil Aviation, and Banque du Liban. 

Mitri further revealed that Lebanon is working on an independent fund — separate from government institutions handling refugee affairs — in partnership with international organizations to oversee post-war reconstruction efforts. This move aims to boost credibility with donors, especially in the wake of the recent Hezbollah-Israeli conflict. 

A World Bank report commissioned by the Lebanese government estimates the country needs roughly $11 billion for recovery and reconstruction. The report assessed damage across 10 key sectors, projecting infrastructure repairs at $3 billion to $5 billion in public sector funding, while housing, trade, industry, and tourism would require $6 billion to $8 billion in private investments. 

Mitri also noted that France has expressed willingness to host a conference to support Lebanon’s recovery. French officials have proposed preparatory meetings or merging them into a single event, though no date has been set. The conference would prioritize humanitarian aid and reconstruction, while a separate investment-focused event aims to attract international figures. 


Qatar to supply gas to Syria with US nod: sources

Updated 46 min 49 sec ago
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Qatar to supply gas to Syria with US nod: sources

BEIRUT: Qatar is set to begin supplying Syria with gas via Jordan to boost the nation’s meager power supply, three people familiar with the matter said, in a move that a US official said had Washington’s approval.


PIF-backed Scopely acquires Pokemon GO maker for $3.5bn

Updated 48 min 14 sec ago
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PIF-backed Scopely acquires Pokemon GO maker for $3.5bn

RIYADH: Scopely, a US-based firm backed by Saudi Arabia’s Public Investment Fund, has signed a deal worth $3.5 billion to acquire the video game division of Niantic Labs.

In a press statement, Scopely said that the team employed to make games such as Pokemon GO, Monster Hunter Now and Pikmin Bloom are included in the acquisition. 

This takeover aligns with the Kingdom’s ambitions to establish itself as a global gaming destination, with a national strategy aiming to ensure that the sector will contribute $13 billion to gross domestic product by 2030. 

In April 2023, Savvy Games Group, wholly owned by PIF, acquired Scopely for $4.9 billion.

“Few games in the world have delivered the scale and longevity of ‘Pokemon GO,’ which reached over 100 million players just last year. The experience also stands apart for its unique ability to foster in-person connections, with Pokemon GO live events attracting millions of attendees,” said Tim O’Brien, chief revenue officer and board member of Scopely. 

Despite being launched nearly a decade ago, Pokemon GO is still one of the most popular games in the world, with over 20 million weekly active players. 

O’Brien added: “After spending time with the Niantic team, it quickly became clear that this organization shares our inclination to create industry-leading outcomes and exceptional player experiences. We look forward to a bright future ahead.” 

The games business of Niantic Labs generated over $1 billion in revenue in 2024, according to the statement. 

In a separate release, the US-based firm said it would distribute an extra $350 million to its equity holders under the deal, yielding a total value of approximately $3.85 billion for the company’s shareholders. 

Niantic added that it will also spin off its geospatial AI business into a new firm named Niantic Spatial, under the leadership of its founder and CEO, John Hanke.

The company will be funded with $250 million of capital, including $200 million from Niantic’s balance sheet and a $50 million investment from Scopely. 

“I’m confident our games will thrive with Scopely. I’ve often talked about building ‘forever games,’ and I believe they will continue to be just that,” Hanke wrote on his LinkedIn page. 

Since the launch of Vision 2030, Saudi Arabia has been actively promoting the gaming industry, with PIF already holding stakes in major companies such as Nintendo, Electronic Arts, and Take-Two Interactive.

In 2024, the Kingdom also hosted the eSports World Cup, which carried a prize pool of over $60 million. 


IEA sees global oil market surplus for 2025 as demand disappoints

Updated 13 March 2025
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IEA sees global oil market surplus for 2025 as demand disappoints

LONDON: Global oil supply could exceed demand by around 600,000 barrels per day this year, the International Energy Agency said in a monthly oil market report on Thursday, after a downward revision to its 2025 demand growth forecast.

That surplus could grow by a further 400,000 bpd if OPEC+ extends its unwinding of output cuts, and fails to rein in overproduction against quotas, the Paris-based agency said.

The IEA revised down its 2025 oil demand growth forecast by 70,000 bpd to around 1 million bpd, with growth driven largely by Asia, specifically China’s petrochemical industry.

It added that demand for the last quarter of 2024 and the first quarter of this year had come in below expectations amid “an unusually uncertain macroeconomic climate.”

“New US tariffs, combined with escalating retaliatory measures, tilted macro risks to the downside. Recent oil demand data have underwhelmed, and growth estimates for 4Q24 and 1Q25 have been marginally downgraded,” said the agency.