The U.K. government fears that its post-Brexit trade deal with Canada will not come into force in time to prevent tariffs being imposed between Britain and its 12th-largest trading partner from Jan. 1. The agreement is yet to be approved by the Canadian parliament which rises for its recess on Friday, and that is causing deep concerns among U.K. officials, according to a person familiar with the matter, speaking on condition of anonymity. Britain and Canada announced an accord in principle in November, agreeing to roll over the terms of the EU-Canada free-trade agreement which the U.K. benefited from when it was a member of the bloc. Without the continuity deal, bilateral trade worth about 20 billion pounds ($27 billion) would face World Trade Organization tariffs, starting next month.
This link will open in a new tab. Oracle shares fell as much as 2% in extended trading Thursday after the company reported This link will open in a new tab. fiscal second-quarter earnings that beat analysts’ expectations. The shares recovered after the company issued better-than-expected quarterly guidance. Here’s how the company did: Earnings: $1.06 per share, adjusted, vs. $1.00 per share as expected by analysts, according to Refinitiv; Revenue: $9.80 billion, vs. $9.79 billion as expected by analysts, according to Refinitiv. Oracle’s revenue grew nearly 2% year over year in the quarter, which ended Nov. 30, according to a statement. In This link will open in a new tab. the prior quarter revenue increased by almost 2%.
Sanofi and GlaxoSmithKline Plc, two of the world’s biggest vaccine makers, delayed advanced trials of their experimental COVID-19 shot after it failed to produce a strong enough response in older people, pushing its potential availability to the end of next year. The partners will begin a new second-phase study with a more concentrated antigen in February after they said the current dosage failed to generate a good immune response in people 50 years and older. Younger adults showed a response similar to patients who have recovered from the disease. Sanofi fell as much as 2.4 per cent early Friday in Paris, with Glaxo down as much as 0.7 per cent in London.
This link will open in a new tab. Hyundai Motor Group units and its chairman have agreed to buy an 80% stake in robot maker Boston Dynamics from SoftBank Group Corp, Hyundai Motor Group said on Friday. Hyundai said the deal values the robot firm at $1.1 billion, suggesting the automaker group offered $880 million for the 80% stake. Hyundai can leverage robot technology to expand automation at its unionized car factories, as well as design autonomous vehicles like self-driving cars, drones and delivery robots, analysts said. The new stake comes after newly promoted Hyundai Motor Group chairman Euisun Chung pledged to reduce reliance on traditional car manufacturing, saying robotics would account for 20% of the company’s future business, with car-making taking up 50%, followed by urban air mobility at 30%.