Last-ditch effort to save Brexit trade talks from failure

Britain's chief Brexit negotiator David Frost arrives at Brussels-South railway station, in Brussels, Belgium December 6, 2020. (Reuters)
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Updated 06 December 2020
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Last-ditch effort to save Brexit trade talks from failure

  • Ireland would be the EU member worst hit by a failure to strike a deal
  • Without a deal, the bulk of cross-Channel trade will revert to World Trade Organization terms

BRUSSELS: British and EU negotiators embarked on probably their final two-day scramble to secure a post-Brexit trade deal Sunday, after failing for eight months to reach agreement.
David Frost and Michel Barnier took up from where they left off in EU headquarters in Brussels, ending a two-day pause after a fruitless week of late-night wrangling in London.
“We’re working very hard to try to get a deal. We’ll see what happens in the negotiations today,” Frost told reporters as he arrived at the city’s Gare de Midi train station.
Talks were expected to go late on Sunday and into Monday, as a small team of the most senior negotiators haggled over the last remaining, but most contentious issues.
Meanwhile, UK Prime Minister Boris Johnson will reportedly lobby European leaders, after a call with EU chief Ursula von der Leyen on Saturday ended with the sides still wide apart.
The pair’s next call will be on Monday evening and then the 27 EU leaders will gather in Brussels on Thursday for a two-day summit planned to tackle their own budget dispute, but which will now once again be clouded by Brexit worries.
Johnson and von der Leyen issued a downbeat joint statement after their call, with divisions still wide over fishing rights, fair trade rules and an enforcement mechanism to govern any deal.
“Whilst recognizing the seriousness of these differences, we agreed that a further effort should be undertaken ... to assess whether they can be resolved,” they said.
Ireland would be the EU member worst hit by a failure to strike a deal and Foreign Minister Simon Coveney insisted agreement was crucial to avoid more damage to an economy already reeling from the Covid-19 pandemic.
Failure “doesn’t make any political sense and it certainly doesn’t make any economic or social sense either,” he told RTE news.
“And for all those reasons, I think that the negotiating teams and senior politicians will find a way of getting a deal here, but at the moment we’re in a difficult place as we try to close it out,” he said.
Britain formally left the EU in January, nearly four years after a referendum on membership that split the nation down the middle and two months after Johnson won an election touting what he claimed was an “oven ready” Brexit deal.
The UK is bound to the EU’s tariff-free single market until a post-Brexit transition period expires at the end of the year — an immovable deadline by which time the two sides must try to agree on new terms for their future relationship.
“It’s in a very difficult position, there’s no point denying that,” British Environment Minister George Eustice told Sky News.
“We’re going continue to work on these negotiations until there’s no point in doing so any further.”
Without a deal, the bulk of cross-Channel trade will revert to World Trade Organization terms, a return to tariffs and quotas after almost five decades of close economic and political integration.
Johnson has insisted Britain will “prosper mightily” whatever the outcome of the talks, but he will face severe political and economic fallout if he cannot seal a deal.
“If there is no deal now, I see huge international implications... because we would be in an economic war with Europe that would cost us very dearly,” former Labour prime minister Gordon Brown told Sky News.
European capitals have remained remarkably united behind Barnier through the fraught Brexit process, but some internal fractures have now begun to surface.
On Friday, France threatened to veto any deal that falls short of their demands on ensuring fair trade and access to UK fishing waters, where they have demanded a durable agreement, whereas Britain wants frequent renegotiations.
“We know that 100-percent access to fishing waters in the UK maritime zone is finished,” European Affairs minister Clement Beaune told French weekly le Journal du Dimanche.
“But we need lasting access. The British can’t have total access to our EU single market and exclude fish.”
Barnier was to brief envoys from the bloc member states early on Monday with several countries sharing Paris’s concerns that the EU side could give too much ground, especially on fair trade rules.


Closing Bell: Saudi main index slips to close at 10,588 

Updated 14 December 2025
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Closing Bell: Saudi main index slips to close at 10,588 

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 127.15 points, or 1.19 percent, to close at 10,588.83. 

The total trading turnover of the benchmark index was SR2.57 billion ($685 million), as 28 of the stocks advanced and 232 retreated.    

Similarly, the Kingdom’s parallel market Nomu lost 108.53 points, or 0.46 percent, to close at 23,719.13. This comes as 22 of the stocks advanced while 47 retreated.    

The MSCI Tadawul Index lost 17.17 points, or 1.22 percent, to close at 1,393.34.     

The best-performing stock of the day was Sport Clubs Co., whose share price surged 3.69 percent to SR9.00.   

Other top performers included Flynas Co., whose share price rose 2.55 percent to SR72.30, as well as National Industrialization Co., whose share price surged 2.13 percent to SR10.09. 

Consolidated Grunenfelder Saady Holding Co. recorded the most significant drop, falling 6.61 percent to SR8.90. 

Sustained Infrastructure Holding Co. also saw its stock prices fall 5.75 percent to SR30.82. 

CHUBB Arabia Cooperative Insurance Co. also saw its stock prices decline 5.72 percent to SR22.40. 

On the announcements front, Wataniya Insurance Co. said it has received a notice of award for a one-year contract with Saudi National Bank to provide general insurance as well as protection and savings insurance services, in line with agreed terms and conditions. 

According to a Tadawul statement, coverage will begin on Jan. 1, 2026. The contract value exceeds 15 percent of the company’s total revenues, based on its latest audited financial statements for 2024.  

Wataniya Insurance Co. ended the session at SR14.35, up 1.92 percent. 

Fawaz Abdulaziz Alhokair Co., or Cenomi Retail, has announced executing a SR1.5 billion facility agreement structured as a short-term loan with Emirates NBD – Kingdom of Saudi Arabia. A bourse filing revealed that the financing duration is three years with an option to extend for a total of two years. 

Cenomi Retail ended the session at SR20.00, up 0.26 percent. 

First Milling Co. has announced the Board of Directors’ recommendation to amend the firm’s bylaws Article “Company Management” to increase the number of board members from seven to eight. This change reflects the firm’s commitment to broadening the range of expertise and skills on its board, in line with its growth and expansion plans for the next phase. 

The company reiterated its commitment to fulfilling all necessary procedures and obtaining approvals from the relevant authorities. The recommendation will be submitted to the upcoming General Assembly, with the date to be announced in due course. 

First Milling Co. ended the session at SR49.22, down 1.06 percent.