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 index climbs to 10,485 

Updated 21 December 2025
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Closing Bell: Saudi main index climbs to 10,485 

RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Sunday, gaining 34.32 points, or 0.33 percent, to close at 10,484.59. 

The total trading turnover of the benchmark index stood at SR2.59 billion ($690 million), with 168 listed stocks advancing and 87 declining. 

The Kingdom’s parallel market Nomu also gained 100.37 points to close at 23,454.65. 

The MSCI Tadawul Index advanced by 0.13 points to 1,377.44. 

The best-performing stock on the main market was Nama Chemicals Co., whose share price increased by 9.98 percent to SR22.38. 

The share price of Al Masar Al Shamil Education Co. rose by 9.15 percent to SR23.85. 

Saudi Paper Manufacturing Co. also saw its stock price climb by 8.42 percent to SR57.95. 

Conversely, the share price of Canadian Medical Center Co. dropped by 6.37 percent to SR6.03. 

The stock price of Kingdom Holding Co. also declined by 3.16 percent to SR8.28. 

In the parallel market, Alfakhera for Mens Tailoring Co. was the top performer, with its share price advancing by 16.40 percent to SR8.80. 

On the announcements front, Theeb Rent a Car Co. said it had signed a long-term vehicle leasing services contract valued at SR110.4 million with Hungerstation Co. 

Under the deal, Theeb will lease 2,000 vehicles to HungerStation for a period of four years starting from 2026, according to a Tadawul statement. 

The statement added that the vehicles will be delivered in batches within the first six months from the contract start date, taking into consideration global logistical circumstances and procedures beyond the control of both the agents and the company. 

The contract is expected to have a positive impact on the company’s financials from the first quarter of 2026. 

The share price of Theeb Rent a Car Co. declined by 0.79 percent to SR37.80.