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.


Closing Bell: Saudi main market sheds 85 points to finish at 11,098 

Updated 17 February 2026
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Closing Bell: Saudi main market sheds 85 points to finish at 11,098 

RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower in the latest session, falling 85.79 points, or 0.77 percent, to finish at 11,098.06. 

The MSCI Tadawul 30 Index declined 0.63 percent to close at 1,495.23, while the parallel market index Nomu dropped 0.91 percent to 23,548.56.  

Market breadth was firmly negative, with 42 gainers against 218 decliners on the main market. Trading activity saw 226 million shares exchanged, with total turnover reaching SR4.5 billion ($1.19 billion).  

Among the session’s gainers, Tourism Enterprise Co. rose 9.40 percent to SR15.02. SHL Finance Co. advanced 4.51 percent to SR16.00, while Almasar Alshamil for Education Co. gained 3.56 percent to SR23.88.  

Dar Alarkan Real Estate Development Co. added 3.03 percent to SR19.70, and Banque Saudi Fransi climbed 2.61 percent to SR19.30. 

On the losing side, Almasane Alkobra Mining Co. recorded the steepest decline, falling 6.61 percent to SR96.

Al Moammar Information Systems Co. dropped 5.14 percent to SR164.20, while National Company for Learning and Education declined 4.60 percent to SR124.30. Saudi Ceramic Co. slipped 4.14 percent to SR27.30, and Arabian Contracting Services Co. fell 4.12 percent to SR116.50. 

On the announcement front, Saudi Telecom Co. announced the distribution of interim cash dividends for the fourth quarter of 2025 in line with its approved dividend policy.  

The company will distribute SR2.74 billion, equivalent to SR0.55 per share, to shareholders for the quarter.  

The number of shares eligible for dividends stands at approximately 4.99 billion shares. The eligibility date has been set for Feb. 23, with distribution scheduled for March 12.  

The company noted that treasury shares are not entitled to dividends and that payments will be made through Riyad Bank via direct transfer to shareholders’ bank accounts. stc shares last traded at SR44.80, unchanged on the session. 

Separately, National Environmental Recycling Co., known as Tadweer, reported its annual financial results for the year ended Dec. 31, 2025, posting significant growth in revenue and profit.  

Revenue rose 53.5 percent year on year to SR1.24 billion, compared with SR806 million in the previous year. Net profit attributable to shareholders increased 68.4 percent to SR60.9 million, up from SR36.2 million a year earlier, driven by higher sales volumes and operational expansion.

Tadweer shares last traded at SR3.80, up 2.70 percent.