May prepares for decisive Brexit vote
The British prime minister Theresa May told MPs to give her proposed Brexit deal with the EU a second look before the House of Commons vote set for this evening, which she is expected to lose, reported the Financial Times and Guardian. She warned that not accepting the deal could lead to a breakup of the UK, reported the BBC. Separately, the EU sent a letter to reassure the UK that the “Irish backstop”, a major sticking point, would only be temporary, reported the Irish Times. Earlier, more than 100 MEPs signed an open letter calling on the UK to cancel Brexit, saying Britain would be welcome to stay inside the EU, reported DW. Meanwhile, Marketwatch outlined “3 reasons why investors outside of the U.K. should care” about the Brexit vote.
Mayor in Poland dies following attack
Pawel Adamowicz, the mayor of the Polish city of Gdansk, has died after being stabbed at a charity event over the weekend. Reported by the BBC, DW and New York Times.
Trudeau accuses China of “arbitrary” death sentence
Justin Trudeau, Canada’s prime minister, criticised the death sentence handed down during the retrial of Robert Lloyd Schellenberg on drugs smuggling charges (which Schellenberg, a Canadian national, denies). He originally had been sentenced to 15 years in prison. The retrial was ordered shortly after Canada detained a Chinese telecoms executive in Vancouver at the request of the US. Reported by the BBC, CBC and South China Morning Post.
Chinese trade numbers down
Imports into China were down by 7.6% and exports fell 4.4% in December, although the country’s trade surplus with the US ended 2018 at an all time record high of $323.32bn, reported the BBC and Marketwatch. China also lowered its growth forecast for 2019, said Reuters.
Chair of Luxembourg investment vehicle JAB resigns
Bart Becht, the chairman of JAB Holdings, which owns food and beverages brands including Pret A Manger and Dr Pepper, said he would step down, reported the Financial Times and Wall Street Journal. JAB is the investment vehicle for Germany’s Reimann family and is headquartered in Luxembourg.
Citi reports lower revenue, cuts pay
Citigroup cut its staff pay by $300m as it missed its fourth quarter revenue forecast by $500m, reported the Financial Times and New York Times.
Elon Musk’s SpaceX to cut staff
The satellite launching company SpaceX said it would make about 10% of its roughly 6,000 workforce redundant, reported the Los Angeles Times.
Bargain air fares, again
Cathay Pacific Airways sold first class tickets from Portugal to Hong Kong for $1,512 instead of $16,000, reported the South China Morning Post. The airline blamed human error and said it would honour tickets bought at the low price. Cathay accidently sold first and business class tickets at bargain prices on New Year’s Day.