KEY EVENTS THIS WEEK: EUROPEAN UNION   Brexit shortfall creates EU budget headache The European Commission has begun eyeing up potential new revenue streams in order to fill the Brexit-sized hole looming over the EU wide budget. Negotiations for the next ‘’Multiannual Financial Framework’’, or the MFF, have kicked off and the challenge of matching the UK’s contribution has led to new innovative tax-raising proposals being brought forward and even a push for a lift on the longstanding spending...

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The chief Brexit negotiator for the EU, Michel Barnier, struck a blow to the British government when he declared that the City of London will not get a special deal for its lucrative financial services sector. Monsieur Barnier made clear that since the UK government has insisted that it will leave the EU single market, then British banks and financial firms would lose their financial passporting rights.   Speaking to reporters this week, the chief negotiator claimed that as a consequence...

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EUROPEAN UNION EU leaders gather for critical two-day summit. European leaders descended on Brussels yesterday for the beginning of a significant two-day European Council summit. While Brexit will dominate the headlines, other pressing issues such as migration, the eurozone and the PESCO defensive cooperation initiative will be deliberated over. Following on from preparatory meetings in advance of the European Council, it is expected that the leaders of the EU27 will back the recommendations of the European Commission and determine that...

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By Ernst & Young The UK is expected to exit the European Union from 29 March 2019. This has consequences for UK life sciences operations. Have you planned your response? Life sciences companies trading in both the European Union and the UK will face changes post-Brexit: A UK-held medicinal product Marketing Authorization may not be mutually recognized in other EU countries A hard border between the UK and EU will present cross-border trade challenges Quality Release requirements may change Navigating the changes...

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By Vulcan Consulting KEY EVENTS THIS WEEK: BREXIT UK secures Brexit Breakthrough A historic Brexit deal was reached in the early hours of this morning that will allow for negotiations to move on to the second phase of trade talks. The agreement covering the UK’s financial liabilities, EU citizens’ rights, and crucially the Irish border satisfied all sides. Prime Minister Theresa May flew to Brussels early this morning to sign off on the deal with the European Commission President Jean-Claude...

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On 20 November 2017, the EU Council announced that Amsterdam will be the new location for the European Medicines Agency (EMA) after the UK will withdraw from the European Union. Preparing for the consequences of the Brexit, such as the relocation, is not only a significant matter for the EMA itself, but equally important for companies and other private parties. Therefore, on 28 November 2017, the EMA published a guidance paper to help pharmaceutical companies prepare for the UK´s...

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By Bannockburn Global Forex Having strengthened in October, the USD fell back towards the bottom of recent ranges against most major currencies in November. Renewed USD weakness was not severe, and had several different drivers. Initial losses were correlated with some weakening in equity markets, but losses later in the month occurred despite stronger equity performance, and was related more to uncertainty about future Fed tightening following the release of the FOMC minutes for September on the 22nd, which revealed...

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