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Apple ties executives’ bonuses to social, environmental values

By - Jan 06,2021 - Last updated at Jan 06,2021

This file photo taken in centre Milan on May 30, 2019 shows the logo of American multinational company Apple (AFP photo)

SAN FRANCISCO — Apple is making environmental and social values factors it will weigh when calculating bonuses for top executives, according to a regulatory filing on Tuesday.

The change taking effect this year is intended to motivate Apple executives “to meet exceptionally high standards of values-driven leadership in addition to delivering strong financial results,” the Silicon Valley technology titan said in proxy documents filed with the Securities and Exchange Commission.

Financial targets and thresholds for executive bonuses at Apple will not change, the iPhone maker said.

“Beginning in 2021, an environmental, social, and governance modifier based on Apple Values and other key community initiatives will be incorporated into our annual cash incentive programme,” Apple said in the filing.

Living up to Apple’s stated values regarding sustainable energy, workplace diversity and other environmental and social issues will be among factors considered when deciding whether bonuses should be increased or decreased by as much as 10 per cent, according to the company.

“We’ve led the industry in reducing our environmental footprint for years and are committed to one day sourcing 100 per cent recycled and renewable materials across all of our products and packaging,” Apple said in a section of the filing outlining its values.

“We believe diversity drives innovation and is key to our success.”

Apple is to report its earnings for the final three months of last year on January 27, and has a virtual annual shareholders meeting slated for February 23.

World Bank tips fragile recovery for MENA in 2021

By - Jan 05,2021 - Last updated at Jan 05,2021

This file photo shows the World Bank headquarters in Washington, DC, on October 1, 2020 (AFP photo)

DUBAI — The World Bank on Tuesday predicted a moderate economic recovery for the Middle East and North Africa (MENA) in 2021, while highlighting the many challenges still posed by the coronavirus pandemic.

The Washington-based institution said the pandemic had seen the region's economies shrink by about 5 per cent in 2020, inflicting heavy job losses and a sharp increase in the number of people living below the poverty line of less than $5.50 a day. 

"Among oil exporters, growth is expected to recover to 1.8 per cent this year, supported by normalising oil demand, the scheduled easing of the OPEC+ oil production cuts, policy support, and the gradual phasing out of domestic pandemic-related restrictions," it said in a report.

Saudi Arabia, the largest economy in the Arab world, will benefit from the resumption of public projects, which had been postponed at the beginning of the crisis, and the recovery of demand after a sharp rise in VAT, it said, tipping a 2 per cent expansion.

Growth should also accelerate to 1.5 per cent in Iran thanks to the recovery of domestic consumption and tourism and the mitigation of the effects of COVID-19, they added. 

Growth in other countries in the region is expected to reach 3.2 per cent in 2021 due to the easing of travel restrictions and a slow recovery of domestic demand. 

However, it is expected to reach only 2.7 per cent in Egypt, the most populous country in the region, following the "collapse" of various sectors, notably tourism and gas extraction.

The World Bank warned that regional economies faced a variety of hurdles as they try to get back on their feet.

"The recovery is contingent on containment of the pandemic, stabilising oil prices, no further escalation of geopolitical tensions, and the assumption of a vaccine rollout in the second half of the year," it said.

Tesla delivered record number of cars in 2020

By - Jan 04,2021 - Last updated at Jan 04,2021

In this file photo Tesla CEO Elon Musk talks to media as he arrives to visit the construction site of the future US electric car giant Tesla in Gruenheide near Berlin on September 3, 2020 (AFP photo)

WASHINGTON — Tesla delivered a record number of cars in 2020, the company said, just narrowly missing its half a million target for the year.

The pioneering high-end electric vehicle maker delivered 180,570 cars to customers and produced 179,757 in the fourth quarter of the year, it said in a statement on Saturday.

Tesla's previous record was 139,300 vehicles delivered in the third quarter of 2020.

For the full year, Tesla delivered 499,550 cars to customers, just shy of its target of half a million, and produced 509,737 units.

The firm said its delivery count was conservative and that final numbers could vary by up to half a percentage point or more.

Tesla chief and co-founder Elon Musk hailed the figures as a "major milestone" for the firm.

"At the start of Tesla, I thought we had [optimistically] a 10% chance of surviving at all," the mercurial tech entrepreneur tweeted.

Tesla's entry-level Model 3 and its crossover Model Y accounted for nearly 86 per cent of deliveries, with the balance split between the luxury Model S sedan and the Model X SUV.

The company also said on Saturday that production of its Model Y had begun at its Chinese plant in Shanghai, with deliveries expected to begin shortly.

Tesla has long aimed to manufacture electric cars for the masses and in September Musk, the world's second richest person, said developments in battery technology meant the firm was looking at fielding a $25,000 model in around three years' time.

The company joined the prestigious Standard & Poor's 500 stock index on December 21.

Though its car production is modest compared with rivals, Tesla's growth prospects have spurred investors to push up its value so that it is now worth more than General Motors, Ford, Toyota, Honda, Fiat Chrysler and Volkswagen combined.

Wall Street stocks end tumultuous 2020 at records

Sterling reaches 2.5-year dollar peak

By - Jan 03,2021 - Last updated at Jan 03,2021

A British one pound sterling coin is arranged in front of a Union flag for a photograph in London on December 14, 2017 (AFP file photo)

NEW YORK — Wall Street indices finished 2020 at all-time highs on Thursday, a surprising conclusion to a year in which the United States endured a recession caused by the deadly COVID-19 pandemic that continues to plague the country.

The Dow and S&P 500 finished at fresh records, capping a year in which they, along with the Nasdaq, scored significant gains even amid elevated joblessness, rising hunger and acute pain in sectors such as hospitality, airlines, oil and gas and the performing arts.

"For Main Street, it was a terrible year", said Briefing.com analyst Patrick O'Hare. "For Wall Street, it was a fantastic year."

The broad-based S&P 500, which swooned below the 2,200-point level at its nadir in March, finished the year at 3,756.07, up 16.3 per cent for the year.

European equity markets had a mixed year, with Frankfurt higher, but Paris declined and London suffered its worst year since the global financial crisis.

The gains in US indices seemed impossible in March, when exchanges were forced to suspend trading as stocks went into free-fall as much of the US economy was shut down to combat the coronavirus.

The US did not fully manage to get the virus under control, and concludes 2020 with its highest-ever single-day death toll of more than 3,900 people.

Yet, markets pivoted quickly from the fear of a depression-like collapse after the Federal Reserve stepped in with extraordinary stimulus and Congress mobilised to enact its biggest-ever fiscal package, the $2.2 trillion CARES Act.

Stocks began regaining ground in late March and rose for much of the summer. Volatility picked up again in the fall ahead of the November presidential election and as the infections spiked.

But Wall Street engineered a strong late-year rally as COVID-19 vaccines were approved and began to be rolled out, fueling hope for an economic recovery in the new year.

However, analysts see risks ahead in the first part of 2021.

"We've priced in a lot of the good news and not the bad news," said Art Hogan, chief market strategist at National Securities.

He expects the market in the upcoming period to fixate both on weakening economic data and on the virus's worrying spread.

"In large part, the market has done so well in 2020 because it is pricing in 2021," O'Hare said.

 

Sterling gains, FTSE falls 

 

Back in Europe, Paris suffered a 7.1-per cent drop but Frankfurt gained 3.6 per cent in volatile record-breaking deals over the course of 2020.

London's FTSE 100 suffered a 14-per cent drop for the year, its worst since 2008, but the British pound zoomed to a 2.5-year dollar peak before Britain's long-awaited exit from the European single market, with a trade deal in the bag on markets' final day of a coronavirus-ravaged 2020.

The country left the bloc on January 31 but has been in a standstill transition while it sought a free-trade agreement — which was finally clinched on Christmas Eve and was approved by lawmakers on Wednesday.

That dispelled long-running fears of a chaotic no-deal departure that could have sparked a double-dip downturn, after Britain tanked into a recession earlier this year on coronavirus fallout.

"A Brexit deal may have come extremely late in the day but there will be a massive sense of relief that the UK won't be battling no-deal on top of everything else in the coming months — and that relief can be seen in the pound," OANDA analyst Craig Erlam told AFP.

"It's ending the year on a high... It's all about the recovery now for the UK as it faces another devastating [virus] surge and most of the country moves into tier four."

Bitcoin passes $30,000 for the first time

By - Jan 02,2021 - Last updated at Jan 02,2021

This file photo shows gold plated souvenir Bitcoin coins arranged for a photograph in London (AFP photo)

PARIS — Bitcoin, the leading virtual currency, saw its price pass $30,000 on Saturday for the first time in just its latest record high.

The first decentralised cryptocurrency surpassed $30,823.30 at 13:13 GMT, according to data compiled by the Bloomberg news agency, having broken $20,000 on December 16.

Analyst Timo Emden noted that "the appetite for risk", which is reflected in buying of bitcoin, "remains unshakeable".

"More historic highs could follow," the Germany-based analyst added.

Just 12 years old, bitcoin has seen a meteoric rise since March, when it stood at $5,000, spurred by online payments giant PayPal saying it would enable account holders to use cryptocurrency.

After PayPal's announcement in October, analysts at investment banking giant JPMorgan Chase compared the cryptocurrency to gold.

"Bitcoin could compete more intensely with gold as an 'alternative' currency over the coming years given that millennials will become over time a more important component of investors' universe," they said.

A number of central banks have meanwhile responded to the rise of cryptocurrencies and the dwindling global use of cash by announcing plans for bank-backed digital units.

Several central banks including those of China and Sweden — but also the US Federal Reserve — are also testing digital applications in response to Facebook's recent moves to produce its own digital unit, Libra.

Unregulated by any central bank, bitcoin emerged as an attractive option for investors with an appetite for the exotic — although criminals have also picked up on its under-the-radar appeal.

Debate has meanwhile raged over the status of the digital asset, launched in late 2008, as to whether it should be seen as a form of money, an asset or a commodity.

After the unit surpassed $1,000 for the first time in 2013, it increasingly began to attract the attention of financial institutions and has experienced wild price swings.

Weak Sauce? US relief bill may be too skimpy for restaurants

By - Dec 30,2020 - Last updated at Dec 30,2020

Pisticci restaurant and bar owners Michael and Vivian Forte set up a table outdoors in front of their establishment in New York (AFP photo)

NEW YORK — Washington's long-awaited pandemic relief package offers a lifeline to the devastated US restaurant industry, but eateries still face months of turmoil before they are clear of the coronavirus crisis.

The $900 billion bill that provides more funding for the Paycheck Protection Programme (PPP), comes too late for the estimated 110,000 restaurants that have closed their doors permanently.

Those that survived the shutdowns and restrictions on indoor dining, can borrow up to $2 million in loans that would convert to grants if at least 60 per cent is spent on payroll.

Despite some improvements from the original PPP that Congress approved in March, restaurants gave mixed reviews of the programme and some worry the funding will fall short.

Vivian Forte, who with her husband owns Pisticci in New York City, said Monday she was "exuberant" the relief bill was finally enacted. Without it she would have had to lay off the entire staff.

"Our back is completely against the wall," Forte told AFP. "None of us are making any money. We're all in this for the staff right now."

But Andrew Volk, owner of the Hunt and Alpine Club in Portland, Maine, has not decided whether to seek another PPP loan.

It "seems like a band aid", he told AFP.

"We don't know what our business is going to look like when the snow melts."

 

'We're just hustling' 

 

Nine months into the pandemic, a recent survey from the National Restaurant Association shows more than one-sixth of the nation's restaurants have closed, and a majority expect continued furloughs and layoffs for at least the next three months.

Dimitri Fetokakis, owner of Niko Niko's, a small Greek restaurant chain in Houston, said the crisis has forced eateries to adapt.

"We're just hustling," he said.

When in-person dining was banned in the early days of the pandemic, Niko Niko's cut managers' salaries by 40 per cent and they joined other staff assisting with curbside pickup.

He also organised pop-up events in the suburbs, taking orders online and setting up mass-distribution sites without delivery charges.

Fetokakis said he expects to apply for a PPP for his catering business and for the downtown location that has suffered most with many people still working from home.

RayNathan's, a North Carolina barbecue restaurant, has found it difficult to adapt as business has fluctuated, especially given the time-intensive nature of good barbeque: Smoked beef brisket, for example, requires 15 hours of prep time.

"The dining public is just a lot more emotional," said co-owner Stephen Carroll of the unpredictable flows that make it difficult to know how much food to cook.

At times the restaurant has given away surplus food to food banks.

"You've either got waste, or you lose sales when you don't have enough," he said.

Carroll said he is not sure if the restaurant will apply for another PPP.

The earlier round allowed him to avert layoffs, but the original rules mandated the money be spent within eight weeks.

 

Political reality 

 

Congress in June extended the deadline to use the funds to 24 weeks, but by then RayNathan's had already spent most of the money, Carroll said.

The PPP also has been a source of controversy, after huge amounts went to publicly-traded companies including Shake Shack and Ruth's Chris before the chains returned the funds, and after revelations about funds going to tenants of buildings owned by the Trump Organisation and the family of Jared Kushner, President Donald Trump's son-in-law and adviser.

Still, the programme has been credited with saving millions of jobs and again became the prime vehicle for providing government support to small businesses.

After months of grinding talks on the second round of stimulus, Congress approved $284 billion to fund PPP.

The programme is open to all industries, but includes some features specific to restaurants. It allows restaurants to receive loans up 3.5 times their monthly payroll, compared with 2.5 times for other industries. Restaurants also may deduct business expenses paid with PPP loans.

Industry leaders had been championing the $120 billion Restaurants Act, which would provide grants that can be used to pay back debt as well as low-interest, 10-year loans designed to put restaurants back on solid footing for the medium-term.

The Democratic-controlled House passed the Restaurants Act and it currently lists 52 bipartisan supporters in the Senate, a majority.

But Mike Whatley, a vice president with the National Restaurant Association, said given the $900 billion limit, the targeted bill "was just too much to get done".

But he said the PPP improvements would provide help in the interim as the industry prepares for another push in Washington next year.

Capital Bank signs agreements to acquire Bank Audi’s branches in Jordan and Iraq

By - Dec 29,2020 - Last updated at Dec 29,2020

Chairman of Capital Bank Group Bassem Khalil Al Salem (left) and Chairman and Group CEO of Bank Audi Samir Hanna sign an acquisition agreement (Photo courtesy of Capital Bank)

AMMAN — Capital Bank Group and Bank Audi Group have announced the signing of the definitive agreements for the acquisition by Capital Bank of the operations of Bank Audi’s Jordan Branch Network, and the acquisition by the National Bank of Iraq — a subsidiary of Capital Bank Group — of the operations of Bank Audi’s Iraq Branch Network, including the purchase of the assets and liabilities of these branches. 

The completion of these transactions remains subject to the receipt of the final approval of the related supervisory and regulatory authorities, according to a Captial Bank statement.

The agreements were signed by Chairman of Capital Bank Group Bassem Khalil Al Salem and Chairman and Group CEO of Bank Audi Samir Hanna, who both confirmed that the acquisitions were achieved after “an in-depth due diligence exercise” conducted in accordance with the applicable legislations, and after obtaining the preliminary approvals of the Central Bank of Jordan and the Central Bank of Iraq, the statement said.

Salem stated on this occasion that “this agreement is in line with Capital Bank’s expansion strategies regionally and locally, ultimately strengthening its competitive position. This acquisition is a first in the Iraqi banking sector, and will only serve to support the National Bank of Iraq even further. 

“The move will also enhance the steadfastness of Capital Bank Group’s financial indicators, allowing it to continue providing innovative and efficient banking services to corporate and individual customers, as well as the continued development of products and solutions supported by the Bank’s bold digital transformation policy.”

Commenting on the agreement, Hanna said that “these transactions further reinforce our bank’s role in facing the considerable challenges Lebanon has been exposed to for over a year now”.

He added: “The selection of Capital Bank as exclusive bidder on this transaction was made taking into account the business continuity of Bank Audi’s entities in Jordan and Iraq, and the interests of their stakeholders, employees and customers alike, in addition to the beneficial impact which the transaction is expected to have on their future business development.”

Capital Bank’s Chief Executive Officer Dawood Al Ghoul said that all of Bank Audi client’s accounts would be retained along with its staff. 

“We will honour all commitments towards clients that were contracted by Bank Audi's units in Iraq and Jordan as they are,” he said.

Salem and Hanna seized this opportunity to thank the Central Bank of Jordan represented by its Governor Ziad Fariz Al Akram, the Central Bank of Iraq represented by its Governor Mustafa Ghaleb, as well as the Central Bank of Lebanon represented by Governor Riad Salameh, and their deputies, for their support of the operation, the statement said.

Pursuant to these agreement, Capital Bank Group acquires the operations of Bank Audi — Jordan Branch Network and Bank Audi Iraq Branch Network encompassing14 branches in Jordan and five branches in Iraq, which brings the total number of Capital Bank’s branches to 28 in Jordan and the total number of National Bank of Iraq’s branches to 18.

At end-September 2020, Bank Audi’s assets in Jordan reached JD506 million, while those of its Iraq branches reached 275 billion Iraqi dinars. Accordingly, these acquisitions will contribute to increasing the consolidated assets of Capital Bank to JD3.6 billion, while its shareholders’ equity will reach JD 400million, according to the statement.

The acquisition of Bank Audi’s operations in Jordan and Iraq falls within Capital Bank Group’s development and expansion strategy, as well as within its plans to develop its digital performance and transformation, which guarantees the highest levels of speed, accuracy and customer satisfaction, read the statement.

Trump, under pressure, signs $900 billion COVID relief bill

By - Dec 28,2020 - Last updated at Dec 28,2020

American taxpayers will be getting checks in the mail again after US President Donald Trump signed the stimulus package over the weekend (AFP photo)

WEST PALM BEACH, United States — After delaying for nearly a week and under pressure from all sides, US President Donald Trump finally signed a massive $900 billion stimulus bill on Sunday, in a long-sought boost for millions of Americans and businesses battered by the coronavirus pandemic.

The package "providing coronavirus emergency response and relief" is part of a larger spending bill that, with Trump's signature, will avoid a government shutdown on Tuesday.

"I am signing this bill to restore unemployment benefits, stop evictions, provide rental assistance, add money for PPP [Paycheck Protection Programmes], return our airline workers back to work, add substantially more money for vaccine distribution, and much more," the president said in a statement from his Christmas vacation at his Mar-a-Lago resort in Florida.

The turnaround came after a day marked by calls from all sides of the political spectrum for action to avert an economic and social disaster, especially for America's vulnerable populations.

Two federal unemployment benefit programs approved in March as part of an initial COVID-19 relief plan expired at midnight on Saturday, cutting off an estimated 12 million Americans, according to The Century Foundation think tank.

The relief package, which was first passed by Congress on December 21, extends those benefits as well as others set to expire in the days ahead.

But for days, Trump had refused to put his signature on it, calling the bill a "disgrace" and catching both Democrats and Republicans off guard with his complaints, which came after months of negotiations.

Influential Republican senator Mitt Romney said he was "relieved" at the signing. "Help is now on the way to workers, families, and small businesses across the country who are desperately in need," he tweeted.

Earlier Sunday, he had urged Trump to "immediately sign or veto the COVID-19 relief package so Congress can act before it's too late”.

 

Crucial aid 

 

In his statement Sunday, the president continued to push for the $600 direct payments to US taxpayers spelled out in the bill to be more than tripled, and argued the legislation included too much excess spending on unrelated programs.

He has not said why he waited until the bill was already approved to make his views known.

The new stimulus package extends federal aid to the unemployed until mid-March, and provides guaranteed loans and billions of dollars in aid to small businesses, restaurants, hotels, airlines and other companies.

It extends the moratorium on evictions of people unable to pay their rent, suspends foreclosures and provides funds for the distribution of COVID-19 vaccines.

The aid is essential to the world's largest economy, hit hard by restrictions put in place to halt the spread of COVID-19.

"I applaud the President's decision to get billions of dollars of crucial COVID-19 relief out the door and into the hands of American families," tweeted Republican Senate leader Mitch McConnell.

House Democratic leader Nancy Pelosi called the bill "a down payment on what is needed to crush the virus, put money in Americans' pockets & honour our heroes".

"We must quickly take further action," she added in a tweet.

 

'Chaos and misery' 

 

Romney was not the only politician to have urged the president to change course on Sunday.

"I understand he wants to be remembered for advocating for big checks, but the danger is he'll be remembered for chaos and misery and erratic behavior if he allows this to expire," Republican Senator Pat Toomey told Fox News on Sunday.

Senator Bernie Sanders said that "what the president is doing right now is unbelievably cruel".

"Many millions of people are losing their extended unemployment benefits," he said on ABC.

"They're going to be evicted from their apartments because the eviction moratorium is ending."

Sanders said increased direct payments could be approved in the coming days.

Democrats in Congress sought Thursday to approve a measure to increase the direct payments in line with what Trump wants, but Republicans blocked it.

It was seen largely as a theatrical move with little hope of passage designed to expose the rift between Republicans and the outgoing president.

Crossing Channel post-Brexit: big changes in store

By - Dec 28,2020 - Last updated at Dec 28,2020

LILLE, France — Despite London and Brussels reaching a trade deal to limit the fallout of Brexit the flow of people and goods across the Channel will change significantly on January 1, when Britain's departure from the EU becomes complete.

Britain leaves the EU single market and customs union at 11 pm (23:00 GMT) on December 31, which is midnight in Brussels.

As the free movement of goods and people across Britain's borders with its neighbours comes to an end, AFP looks at how travel and trade with France will be affected.

 

Passports, please 

 

Around 60,000 passengers and 12,000 trucks cross the Channel between Britain and France each day.

From January 1, British citizens arriving in France via the Channel Tunnel or ferry will have to produce a passport, which will be stamped. They can stay in the EU for 90 days in a 180-day period, after which they will need a visa.

The potential for travel chaos in the event of delays at the border was brought home to travellers on either side in the run-up to Christmas, when thousands of trucks remained blocked on roads leading to Dover after France temporarily closed the border over coronavirus fears.

From around 20 seconds per person currently in the British port of Dover — the main staging post for crossings to the Continent — travellers could be delayed for up to a minute on average after January 1, officials estimate.

Britons could also be subjected to immigration checks on arrival in France but French officials say they consider Britain a safe third-party country and will aim to keep traffic flowing as smoothly as possible.

French ports are also anxious to keep things moving, mindful that British travellers and hauliers could shift their custom to Belgium or The Netherlands if they face long delays in France.

 

'Smart' customs controls 

 

With Britain also leaving the EU customs union, exporters and importers on either side of the border will need to declare their goods to French customs online, before their shipments leave the factory.

France has devised a new high-tech "smart border", designed to keep goods moving smoothly along the world's busiest shipping route.

Lorries departing Britain must present customs officials with customs documents containing a barcode, which the agents will scan and forward, along with the truck's registration number, to officials on the other side of the Channel.

The barcode will allow French authorities to identify the truck's contents and quickly determine, before the driver arrives in France, whether or not the vehicle needs to be inspected upon arrival.

Those transporting animal products or plants that require EU health checks will be directed on arrival to veterinary services.

The rest will be waved through, provided the forms filled out by the exporter online are in order.

Quality control 

 

Some 230 veterinary staff will vet animal products, animal feedstuffs and plants in the ports of Calais, Dunkirk and Boulogne-sur-Mer.

Besides checking the haulier's documents against the cargo the inspectors may also carry out health checks on a sample of the merchandise.

French authorities estimate that 10-12 per cent of trucks arriving in northern French ports will be subject to checks to prevent the spread of plant diseases.

Trucks carrying animal products such as lamb from EU member Ireland over the so-called UK land bridge will be exempted from the inspections.

 

Multi-million infrastructure 

 

France has spent some 40 million euros ($54 million) and hired 700 extra customs, immigration and veterinary staff to prepare for the return of a border with Britain.

Truck drivers whose shipments have incomplete paperwork or are subject to lengthier inspections will be ordered to park in one of the 6,000 new spots built to avoid logjams in and around France's Channel ports.

On the British side the government has pledged 200 million pounds (222 million euros, $271 million) to help ports develop post-Brexit infrastructure.

It is also building huge lorry parks in southeast England. But it refused to fork out the 33 million pounds sought by the port of Dover to double the number of French passport inspection booths.

Dover Port director Doug Bannister has warned of "friction and delays" at the port.

 

Roll on, December 31 

 

Trucks loaded in the country of departure before 22:59 GMT on December 31 will not be subject to the new controls, even if they cross the border after midnight.

Many British importers stocked up in December to avoid their consignments getting held up at the border in January.

As a result, French authorities are expecting January to be relatively calm.

 

Trucker, fisherman, scientist... the voices of Brexit

By - Dec 27,2020 - Last updated at Dec 27,2020

A truck driver with many years of experience under his belt, Bulgarian Dimitar Velinov, 74, says he is expecting long queues at the UK border from January 1 (AFP photo)

LONDON — They transport goods from Europe to Britain, export British produce to the EU, or recruit scientists and researchers... AFP has spoken to six people whose lives will be directly affected when Britain leaves the EU's single market and customs union on December 31.

Dimitar Velinov, lorry driver

A truck driver with many years of experience under his belt, Bulgarian Dimitar Velinov, 74, says he is expecting long queues at the UK border from January 1.

"To me, Brexit means logistical chaos, which will hinder our work," he explains in the garage of his employer Eurospeed, based in the outskirts of Sofia which employs more than 300 drivers.

"I transport goods across the European Union and for me it is important to be able to do my job without problems, without having to wait at borders for one or two days," Velinov says.

Crossing the Channel was already difficult as for years migrants have tried to stow away illegally in lorries heading to Britain.

But Brexit will make it even more so, the driver says, complaining that he gets no sleep at all while waiting to embark from the French port of Calais to avoid heavy fines for those found carrying stowaways.

 

Sam Crowe, fisherman 

 

"We want to leave, 90 per cent of fishermen want to leave," says 26-year-old Sam Crowe from Scarborough in the north of England.

"I still do feel like we are left in the dark a lot for what we do. The fish that we land and the scallops and the shrimps, all that is the freshest food on this planet and we're not praised enough for what we do," he says.

Crowe, who principally catches crab in the North Sea for export to Europe and China, says he has been heartened to see UK politicians fighting for the fishing sector in negotiations. As talks came down to the wire, European access to UK waters was a key sticking point.

"I've heard that they've been fighting for our quotas and obviously I am grateful for that," he says.

The fisherman feels the UK fishing industry will be given a new lease of life following changes expected to quotas that came with EU membership.

Fishing communities, like Scarborough where Crowe's family have fished for generations, have been in decline for decades. They hope Brexit will bring about a regeneration of their way of life.

"Back in the day the harbour was full of people to welcome in the lads and help out," Crowe says. "It's just not like that now. Nobody's interested."

 

Greg McDonald, entrepreneur

 

"Brexit was never good news for the British economy," Greg McDonald the chief executive of Goodfish, a small company that produces plastic parts for the automotive, medical and electronics industries, tells AFP.

"I closed a factory in March because our American customer closed their operation in the UK," he says.

McDonald's company is located in the heart of England's Midlands in Cannock, not far from Birmingham. It is also highly dependent on the EU and exports a large part of its output to the bloc.

"It's probably cost us half-a-million pounds [548,000 euros, $668,000] and 20 jobs" out of a total workforce of 110, he says.

The entrepreneur slams Brexit as a "political project driven by nationalist and populist governments" and questions whether those who had voted in favour of leaving will ever benefit from it.

McDonald says he had hoped for "minimum tariffs or no tariffs" when Britain left the EU and he complains of "more paperwork" and likely "problems at ports" after December 31.

 

Pascal Aussignac, restauranteur

 

"I have become a British citizen, but the company to which I have dedicated two decades of my life is no longer safe here and I am afraid of the future," says Pascal Aussignac, a French chef who has lived in London for 22 years and co-owns six premises, including a Michelin-starred restaurant and a cocktail bar.

"2021 could turn out to be worse than 2020. Are we going to survive? That's the big question," he says. Over the course of the year, he has already suffered the shock of the coronavirus pandemic and was forced to close for months.

He is also already feeling the effects of Brexit, which has already sparked a drain on the European employees needed in kitchens and restaurants.

“British people don't work in the hospitality sector," Aussignac says.

The ability to continue to source the local produce from France on which he has built his reputation remains uncertain.

"I have no idea how long it will take to deliver" after January 1, he says.

 

Tara Spires-Jones, academic 

 

Neuroscientist Tara Spires-Jones, from the University of Edinburgh, is concerned about international collaboration between laboratories, which she says was "very easy" with membership of the European Union.

"The changes of regulation, if it diverges from the EU, will be more difficult to share things like brain tissues and living cells," says the academic who is also the director of the British Dementia Research Institute.

"From day one, we will have more difficulties with ordering things, such as equipment," she cautions.

The researcher explains the end of the Brexit transition period will pose a "big problem" for British research funding, which is heavily subsidised by the EU.

"In our university, something between 20 and 30 per cent of our research funding is coming from Europe," she says, noting there were no plans to replace this funding at the moment.

Though "no one will be fired on day one because of Brexit", some of the contracts of the 10 people she employs will not be renewable.

"It's a real threat," she says, warning there would also be an inevitable brain drain as European students stay away from Britain.

Wendy Williams, homeowner in Greece 

Wendy Williams, a 62-year-old Briton, says she feels her "EU citizenship was stolen" by the Brexit vote.

As of January 1, she and her husband will not be able to travel as freely as before to their house on the Greek island of Kefalonia, bought in 2018 with all their savings, in anticipation of a retirement in the sun.

Unless they have a residence permit or a long-term visa, British citizens will now only be able to visit the European Union for a total of 90 days over a six-month period.

"We will have to calculate the days, and include any days spent elsewhere in the EU," she says.

"We had planned to spend longer periods in Greece," Williams says, but now they will only be able to spend a quarter of their time there.

While she continues to work in the UK, where her elderly father is also based, Williams said she will not embark on the process of obtaining a two-year visa for her family, a process she describes as "complicated" and "expensive".

"I am determined not to sell our Greek home but it is going to be difficult to get the benefit from it that we had hoped for," she says.

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