How much did UMG pay for Bob Dylan's songs?
The answer my friend, is blowin' in the wind. That's because although a press release from Universal Music Group arrived in my inbox today, shouting about one of the world's largest and (we think) most valuable musical catalog acquisitions, there was no price made public.
Unfortunately, not really having an answer is a bit of a trend today.
One fateful day in 2016 I was asked by a colleague to make a prediction for an upcoming election, and since that day I have not ventured back to the unsteady land of guessing what the public – or indeed body politic – may do.
So forgive me, but I can't tell you if there will be a Brexit deal by Wednesday (which is the latest on the long list of "crunch deadlines") and therefore there's really not much to say on that topic today.
Fish and the mechanism to sort out any future disagreements are the sticking points. It's quite possible phone calls between leaders may allow these points to become unstuck and find their place, but for now it's a waiting game, and a briefing match. We'll rise above that, though, and focus on bringing you the news when it comes.
In today's newsletter we have recycling news from China, Italian fashion M&As, and hints of a possible lifeline for long-haul airlines, as pharmaceutical firms recruit them to airlift vaccines.
Our video does mention the B-word, and how a "No Deal" will affect farmers, but on a festive note, scroll down for a look at where postcards (including Christmas cards) are most popular around Europe.
Happy reading,
Patrick Atack
Digital business correspondent
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Once the world's biggest recipient of overseas trash, China will institute a sweeping ban on all imports of solid waste starting January 2021, capping off three years of efforts to phase out such imports amid the country's steady push for a green shift. Recycling foreign plastics, paper and metals has supported the growth of China's manufacturing sector and its economic take-off for nearly four decades. The practice, however, has become increasingly untenable, with the harm caused to the environment and people's health jarring with the country's pursuit of high-quality growth.
Italian fashion house Moncler has bought its rival Italian firm Stone Island for $1.8 billion. The deal will leave Moncler with full control of the streetwear brand, after agreeing to buy out the two current shareholders. With a Shakespearean hint, Moncler CEO Remo Ruffini said it was a "union between two families."
In another union, one of the world's most famous singer-songwriter Bob Dylan has sold his entire back catalog to Universal Music Group. It's one of UMG's biggest ever acquisitions and means the company will collect all future income from 600 (approximately) songs. Neither party confirmed how much would be paid to Dylan, but it's thought to be many millions of dollars.
France and the European Commission are stuck in their own negotiations over nuclear power – and the state-owned firm EDF, which is facing sweeping reforms on competition grounds. Unions have protested that jobs will likely be cut if the French firm's nuclear side is removed from its renewables arm. The Commission wants more meaningful reforms than proposed by Paris.
Long-haul specialist airlines such as Lufthansa, Air France-KLM and Cathay Pacific could be in line for a reprieve from the pandemic's hit on passenger numbers, as pharma giants recruit airlines to ship COVID-19 vaccines. Turkish Airlines has already begun flying the Sinovac medicine from China to Brazil. It's hoped these contracts will inject much-needed cash to the airlines.
Chemicals firm Yara is planning to cut all carbon dioxide emissions from its ammonia plant in Porsgrunn, Norway. It will transform the plant's processes to electric-powered, meaning it can produce carbon-free fertilizers and shipping fuel.
China's exports surged in November as the country continues its recovery from the effects of the coronavirus pandemic. Exports were a fifth larger than this time last year, that is the fastest growth rate in almost three years, The boom was fueled partly by high global demand for PPE and consumer electronics. Imports rose 4.5 percent, and the country's foreign trade went up overall by 13 percent.
Korean tech firm LG Electronics said it has "reorganized" its mobile division and has outsourced much of its middle- to low-end phone manufacturing in a bid to cut costs and keep up with regional rivals. LG's communications business has recorded losses for 22 straight quarters – more than five years.
German energy firm EWE said today it would spend $8.5 billion on its renewables arm – and on becoming carbon neutral by 2035. The firm said the majority of the funds would go into acquisition of onshore wind farms and hydrogen power options – along with at least $1 billion on digitalization. The funds will be made available over the next decade.
The World Economic Forum will be held in Singapore instead of Switzerland in light of Europe's COVID-19 status. The organization announced the event will be held from May 13-16 and not January as it has traditionally been. WEF president Borge Brende said in an email that the decision to change host country for the gathering of world leaders was to ensure safety of all participants.
After a year of droughts and wildfire, Australia is now experiencing a different type of shortage. Christmas Trees have all but sold out in much of the country – and farmers have even begun taking reservations for 2021. "People have had a tough year and they wanted to get to Christmas sooner rather than later this year," said William Cappello, owner of Willy's Christmas tree farm in Sydney.
Israel and the UAE are holding the first business conference in Dubai since normalizing relations. Israel's biggest bank, Hapoalim, and the Israel Export Institute led a delegation of 200 business leaders for four days of meetings at the Beyond Business Conference. This will also include an Israel Dayat the Gitex technology conference.
WATCH: UK farmers have been hit hard by the COVID-19 pandemic – and they now fear more problems could be on the horizon if a no-deal Brexit follows at the end of the year. 🚜
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CGTN Europe spoke to Stephan Exo-Kreischer, Germany director of ONE – "a global movement campaigning to end extreme poverty and preventable disease by 2030" – about the fears of an unequal vaccine distribution.
How concerned is your organization about the fair distribution of the coronavirus vaccines?
We are fairly concerned if you look at how countries are hoarding the vaccine or from the possible potential doses of vaccines already, how rich countries are ordering and securing doses that are in no way relative to their size of population, we are quite concerned that we will see a race for the vaccine that will leave those countries that don't have the financial means or not as much as they are not as financially strong as others behind.
Do you anticipate that poorer countries are more likely to get the AstraZeneca vaccine if it gets approval rather than the Pfizer BioNTech one or Moderna and is that fair?
It's not fair to give you a straight answer on that question and at the moment it does look like the AstraZeneca vaccine might be more available on an equitable global basis compared with the other potential vaccines.
What do you think about this idea of price caps for poor countries?
I think that tiered pricing systems could very well be a positive and good way forward to ensure equitable access. Rich countries could donate some of the surplus doses they have secured. It would be, I think, a very positive way forward as well.