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Relieved pound jumps as Brexit talks go beyond deadline

By Saikat Chatterjee LONDON (Reuters) - The British pound gained a percent against the dollar and the euro in relief after Britain and the European Union agreed to continue talks on post-Brexit trade beyond Sunday's deadline. Against the dollar, the pound rose 1.1% to $1.3360, compared with Friday's close of $1.3222. Against the euro, it strengthened 1 percent to 90.58 pence. While...

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McLaren optimistic on prospects for Automotive, says Walsh

LONDON (Reuters) - The McLaren Group is optimistic about the prospects for its luxury sportscar maker after the COVID-19 pandemic dealt a big hit to revenues this year, executive chairman Paul Walsh said on Sunday. McLaren's third-quarter results published in November showed group revenues up 60% on the previous quarter but down 61% on the corresponding period of last year. McLaren Automotive...

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Motor racing-MSP Sports Capital acquires minority stake in McLaren

LONDON (Reuters) - U.S.-based investment group MSP Sports Capital are taking a significant minority stake in the McLaren Formula One team, McLaren Racing said in a statement on Sunday. The deal, for an initial 15% holding that will rise to a maximum 33% by the end of 2022, will value the British racing outfit at 560 million pounds, it added. Under the...

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Ireland working on support scheme for Irish firms in case of UK-EU no deal – report

DUBLIN (Reuters) - Ireland is working on a financial support scheme to help food exporters maintain their share in the British market in the event of a 'no deal' exit for Britain from the European Union, Foreign Minister Simon Coveney was quoted as saying on Sunday. Ireland would be the European Union country most impacted if the two sides fail to agree...

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Deadlock as Brexit trade deal faces make-or-break day

By John Chalmers BRUSSELS (Reuters) - London and Brussels face a make-or-break decision on an elusive trade agreement on Sunday, after a week of tension and deadlock that left a tumultuous 'no deal' exit for Britain from the European Union's orbit on Dec. 31 looking more likely than not. Negotiators have until the evening to resolve an impasse on arrangements that would...

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EU’s trade deal offer to Britain ‘remains unacceptable’- UK source

LONDON (Reuters) - Talks between Britain and the European Union on a post-Brexit trade deal will continue overnight but London believes the current offer from the EU remains unacceptable, a British government source said on Saturday. British Prime Minister Boris Johnson and European Commission chief Ursula von der Leyen both said on Friday that Britain was likely to complete its journey out...

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Authentic Brands plotting double takeover of Debenhams, Arcadia – Telegraph

(Reuters) - Authentic Brands is plotting a double takeover of collapsed department store chain Debenhams and Topshop-owner Arcadia Group, The Daily Telegraph newspaper reported on Saturday, citing sources. Authentic Brands, owner of the New York department store brand Barneys, is in talks this weekend with the administrators of both stricken companies, the newspaper...

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Branson’s Virgin Galactic cuts short test flight from New Mexico spaceport

By Joey Roulette (Reuters) - Virgin Galactic Holdings Inc cut short a test flight of its suborbital SpaceShipTwo Unity plane on Saturday, safely returning its pilots to Spaceport America in New Mexico after the rocket motor's ignition sequence failed to complete. Richard Branson's space tourism company, which is preparing for commercial flights next year, was aiming to send the air-launched Unity...

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