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A fine kettle: How fishing became the issue that could sink a post-Brexit U.K.-EU trade deal

Fishing rights have emerged as a major sticking point in negotiations between the European Union and United Kingdom over a post-Brexit trade deal.

Last week, David Frost, the chief U.K. trade negotiator, told the British Parliament that fishing was perhaps the biggest impediment remaining to an agreement after the U.K. signaled it was prepared to give ground on the issue of state support for businesses, which had been another major stumbling block.

Boris Johnson, the British prime minister, has threatened to quit the trade negotiations completely if a deal is not in sight at a crucial EU Brexit summit taking place in Brussels today.

The EU’s chief Brexit negotiator Michel Barnier, for his part, has tried to urge European politicians, particularly in France and Belgium, to moderate their demands for access to British waters after the end of the Brexit transition period on January 1.

But so far, Barnier’s … Read the rest

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IPhone Chipmaker TSMC Lifts 2020 Outlook Expecting Big 5G Boost

(Bloomberg) — Taiwan Semiconductor Manufacturing Co. raised its 2020 revenue forecast for a second time this year, reflecting strong demand for 5G mobile devices like Apple Inc.’s new iPhones and high-performance computing in the post-pandemic era.The world’s largest contract chipmaker now expects 2020 sales to climb more than 30% in dollar terms, compared with a previous forecast of growth of more than 20%. For the current quarter, revenue should be between $12.4 billion and $12.7 billion, while gross margin will be between 51.5% and 53.5%, Chief Financial Officer Wendell Huang told analysts.The main chipmaker for Apple’s iPhones continues to invest in expanding and upgrading technology, anticipating strong demand from 5G smartphones as well as for server chips as countries gradually emerge from the Covid-19 pandemic. Executives said Thursday they expect capital spending of about $17 billion in 2020, the high end of its previously forecast range.Previously disclosed monthly numbers showed … Read the rest

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How J.P. Morgan is proceeding with extreme caution—and still making plenty of money

If a modern-day Rip Van Winkle had been slumbering since February and just awoke to read J.P. Morgan’s headline numbers for Q3––before witnessing the masked throngs and boarded-up storefronts––he wouldn’t know that an economic crisis is ravaging American.

Before the market close on October 13, the banking colossus smashed expectations by announcing $9.4 billion in net income, the second-highest quarterly number in its history. That’s a 4.4% gain over Q3 on $29.15 billion in revenues that slipped just a hair from last year. Wall Street analysts were forecasting a 2% fall in sales and 12% drop in profits, the latter driven by another big slug of provisions to cover future loan losses. The analysts reckoned that J.P. Morgan would book $2.8 billion in credit costs to bolster its reserves for looming write-downs that it hadn’t seen coming in the previous two quarters.

As it turned out, J.P. Morgan took around … Read the rest

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ConocoPhillips in Talks to Buy Concho Resources in Big Shale Bet

(Bloomberg) — ConocoPhillips is in talks to acquire rival Concho Resources Inc., according to people familiar with the matter, as one of America’s largest independent oil explorers looks to make a bold bet on shale during an historic industry downturn.The companies may announce a deal in the next few weeks, said the people, who asked to not be identified because the matter isn’t public. Shares of Concho climbed as much as 10% to $48.72 in early New York trading Wednesday, giving the Midland, Texas-based company a market value of about $9.6 billion.Conoco was little changed after closing down 2% at $34.88 on Tuesday, translating into a market value of about $37 billion. No final decision has been made and talks could fall through, the people said. Representatives for Conoco and Concho didn’t immediately respond to requests for comment.The potential combination would be the latest sign that long-expected consolidation in the … Read the rest

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Amazon’s German workers launch Prime Day strike over pandemic pay

It’s Amazon Prime Day(s), and in Germany many of the company’s workers are marking the occasion by going on strike.

Labor union Verdi announced the strike on Tuesday, the first day of the two-day retail event. Workers are striking in shifts, so as to avoid the contagion risk of large crowds in front of their warehouses. Seven of Amazon’s 15 German fulfilment centers are affected, and the company claims there will be no impact on deliveries for Prime customers.

The industrial action is far from the first to hit Amazon’s German operations—Amazon’s German workers tend to strike around the most lucrative times of year for the company, such as Prime Day and Christmas. Usually the strikes are to do with Amazon’s refusal to enter into collective wage negotiations with Verdi, and that is a factor this time round, but not the main one.

This time the big issue is … Read the rest

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Altimmune’s COVID-19 Vaccine Shows Positive Results; Street Sees 289% Upside

Shares of Altimmune published positive pre-clinical data for its new single-dose, intranasal COVID-19 vaccine candidate AdCOVID. Shares closed 1.9% higher on Monday.The company stated that the study conducted on two strains of mice demonstrated that its AdCOVID elicited multi-faceted immune activity including serum neutralizing immunity, T cell immunity, and mucosal immunity.According to Altimmune (ALT), “AdCOVID is based on the Company’s adenovirus-based intranasal vaccine platform and expresses the receptor binding domain (RBD) of the SARS-CoV-2 spike protein.” The company said, “AdCOVID is designed to offer significant advantages over other COVID-19 vaccine approaches, including intranasal administration, single-dose effectiveness, broad activation of the immune response, and the ability to ship and store the vaccine conveniently and inexpensively.”Altimmune is planning to file an Investigational New Drug (IND) with the US Food and Drug Administration. It expects to initiate a Phase 1 safety and immunogenicity trial of its intranasal COVID-19 vaccine candidate during the fourth … Read the rest

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Is BP really going “beyond petroleum” this time around?

This is the web version of Data Sheet, Fortune’s daily newsletter on the top tech news. To get it delivered daily to your in-box, sign up here.

Reinvention is the holy grail of business, both for tech companies trying to bend the arc of the universe and old-line companies desperately attempting to stave off oblivion. Two long years ago, Fortune hosted a conference in Chicago that spotlighted stories of reinvention, realized and aspirational. Some of the companies featured were unambiguous successes and have become more so since: New York Times Co., Microsoft, Slack. More, in retrospect, were putting on a brave face and have slid further: IBM, Wells Fargo, Ford, AT&T, WW International.

Obstacles aside, reinvention is an imperative, for companies and individuals. The world doesn’t stand still. The pandemic has cruelly made this clearer than ever.

Fortune senior editor Beth Kowitt and I have … Read the rest

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China Bans Australian Coal Imports as Political Relations Sour

(Bloomberg) — China has suspended purchases of Australian coal, according to people familiar with the order, as Beijing continues to tightly control imports of the fuel amid soured political relations with Canberra.Chinese power stations and steel mills have been verbally told to immediately stop using Australian coal, the people said, asking not to be identified as the matter is private. Ports have also been told not to offload Australian coal, one of the people said. China’s customs administration wasn’t immediately available to comment.The ban marks an escalation in tensions that have already jolted agricultural exports from China’s biggest supplier of commodities. It isn’t clear when the halt might end or how it might affect long-term contracts that are already in place.The fossil fuel has been a previous target for China’s ire with what it regards as an increasingly hostile government in Canberra, most recently in 2019 when shipments became subject … Read the rest

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How the finance industry can combat racism

“I’m going to tell them there’s an African American man threatening my life.” – Amy Cooper 

“I’m a tenant of the building; are you?” – Tom Austin

Amid the unrest, anger, and outrage at the sheer injustice of systemic racism, Amy Cooper and Tom Austin are just two examples of white people using their privilege in an attempt to control Black people who dared to exert personal agency in shared spaces. After being called out publicly, Cooper lost her job, and Austin lost his office lease. 

Why point out these incidents instead of the thousands of other examples? Because while both apologized and stated “I’m not a racist,” they had tremendous influence in the finance industry through their leadership positions. 

There are real questions as to how these implicit biases influenced hiring, advancement, and access to capital at their firms. Their actions in these moments provide a spotlight on how … Read the rest

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The Next Big Shift in Economics Takes Shape Under Covid Shadow

(Bloomberg) — A rare regime-change in economic policy is under way that’s edging central bankers out of the pivotal role they have played for decades.Fiscal policy, which fell out of fashion as an engine of economic growth during the inflationary 1970s, has been front-and-center in the fight against Covid-19. Governments have subsidized wages, mailed checks to households and guaranteed loans for business. They’ve run up record budget deficits on the way — an approach that economists have gradually come to support, ever since the last big crash in 2008 ushered in a decade of tepid growth.And the public spending that put a floor under the pandemic slump is increasingly seen as vital for a sustained recovery too. When it looks like drying up, as it did in the U.S. last week, investors start to worry.How long to keep the taps open will be a key theme at this week’s International … Read the rest