Yellen Steps Up, Brexit Cargo, Biden’s Trade Issues: Eco Day

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Welcome to Tuesday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

  • Freight firms are refusing to carry goods from France to the U.K. almost as often as during the pre-Christmas Dover crisis, illustrating additional costs from Brexit
  • The European Union needs to find new ways to recapitalize businesses so that the hole on corporate balance sheets doesn’t derail the recovery, according to a financial-industry group
  • The U.K. housing market’s recession-defying surge is about to face a reality check, as a government perk that’s bolstered demand for homes has only two months left to run
  • Treasury Secretary nominee Janet Yellen steps into a new role Tuesday — salesperson for U.S. economic policy — after years of defending Fed thinking and actions
  • President-elect Joe Biden inherits a litany of unresolved trade issues from Donald Trump, posing an early test for his administration
  • Boris Johnson’s plan to host an expanded Group of Seven summit in June is worrying some other members, who fear the U.K. may be trying to reshape the forum of wealthy nations via the back door
  • The European Union risks squandering the potential of its recovery fund unless spending is properly policed, according to business lobby groups in Nordic and Baltic countries
  • The U.K. may not have to raise taxes to repair Coronavirus-battered public finances if the economy stages a strong rebound, a Treasury minister suggested. Meanwhile, Chancellor of the Exchequer Rishi Sunak promised business chiefs he’ll invest in major building projects, skills and innovation
  • Chinese President Xi Jinping, his French counterpart Emmanuel Macron and German Chancellor Angela Merkel will be among speakers at the online event the World Economic Forum is holding this month instead of its usual Davos meeting
  • The United Arab Emirates can stand its ground against Saudi Arabia’s effort to redraw the Gulf’s corporate map by enticing multinationals to move their headquarters to Riyadh, according to Abu Dhabi’s Investment Office

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