1 MONGOLIA MARKS CENTENNIAL WITH A NEW COURSE FOR CHANGE WWW.EASTASIAFORUM.ORG PUBLISHED:2024/12/20      2 E-MART OPENS FIFTH STORE IN ULAANBAATAR, MONGOLIA, TARGETING K-FOOD CRAZE WWW.BIZ.CHOSUN.COM PUBLISHED:2024/12/20      3 JAPAN AND MONGOLIA FORGE HISTORIC DEFENSE PACT UNDER THIRD NEIGHBOR STRATEGY WWW.ARMYRECOGNITION.COM  PUBLISHED:2024/12/20      4 CENTRAL BANK LOWERS ECONOMIC GROWTH FORECAST TO 5.2% WWW.UBPOST.MN PUBLISHED:2024/12/20      5 L. OYUN-ERDENE: EVERY CITIZEN WILL RECEIVE 350,000 MNT IN DIVIDENDS WWW.GOGO.MN PUBLISHED:2024/12/20      6 THE BILL TO ELIMINATE THE QUOTA FOR FOREIGN WORKERS IN MONGOLIA HAS BEEN SUBMITTED WWW.GOGO.MN PUBLISHED:2024/12/20      7 THE SECOND NATIONAL ONCOLOGY CENTER TO BE CONSTRUCTED IN ULAANBAATAR WWW.MONTSAME.MN PUBLISHED:2024/12/20      8 GREEN BOND ISSUED FOR WASTE RECYCLING WWW.MONTSAME.MN PUBLISHED:2024/12/19      9 BAGANUUR 50 MW BATTERY STORAGE POWER STATION SUPPLIES ENERGY TO CENTRAL SYSTEM WWW.MONTSAME.MN PUBLISHED:2024/12/19      10 THE PENSION AMOUNT INCREASED BY SIX PERCENT WWW.GOGO.MN PUBLISHED:2024/12/19      КОКС ХИМИЙН ҮЙЛДВЭРИЙН БҮТЭЭН БАЙГУУЛАЛТЫГ ИРЭХ ОНЫ ХОЁРДУГААР УЛИРАЛД ЭХЛҮҮЛНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2024/12/20     "ЭРДЭНЭС ТАВАНТОЛГОЙ” ХК-ИЙН ХУВЬЦАА ЭЗЭМШИГЧ ИРГЭН БҮРД 135 МЯНГАН ТӨГРӨГ ӨНӨӨДӨР ОЛГОНО WWW.MONTSAME.MN НИЙТЭЛСЭН:2024/12/20     ХУРИМТЛАЛЫН САНГИЙН ОРЛОГО 2040 ОНД 38 ИХ НАЯДАД ХҮРЭХ ТӨСӨӨЛӨЛ ГАРСАН WWW.NEWS.MN НИЙТЭЛСЭН:2024/12/20     “ЭРДЭНЭС ОЮУ ТОЛГОЙ” ХХК-ИАС ХЭРЛЭН ТООНО ТӨСЛИЙГ ӨМНӨГОВЬ АЙМАГТ ТАНИЛЦУУЛЛАА WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/20     Л.ОЮУН-ЭРДЭНЭ: ХУРИМТЛАЛЫН САНГААС НЭГ ИРГЭНД 135 МЯНГАН ТӨГРӨГИЙН ХАДГАЛАМЖ ҮҮСЛЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/20     “ENTRÉE RESOURCES” 2 ЖИЛ ГАРУЙ ҮРГЭЛЖИЛСЭН АРБИТРЫН МАРГААНД ЯЛАЛТ БАЙГУУЛАВ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/20     “ORANO MINING”-ИЙН ГЭРЭЭ БОЛОН ГАШУУНСУХАЙТ-ГАНЦМОД БООМТЫН ТӨСЛИЙН АСУУДЛААР ЗАСГИЙН ГАЗАР ХУРАЛДАЖ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/20     АЖИЛЧДЫН САРЫН ГОЛЧ ЦАЛИН III УЛИРЛЫН БАЙДЛААР ₮2 САЯ ОРЧИМ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/19     PROGRESSIVE EQUITY RESEARCH: 2025 ОН “PETRO MATAD” КОМПАНИД ЭЭЛТЭЙ БАЙХААР БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2024/12/19     2026 ОНЫГ ДУУСТАЛ ГАДААД АЖИЛТНЫ ТОО, ХУВЬ ХЭМЖЭЭГ ХЯЗГААРЛАХГҮЙ БАЙХ ХУУЛИЙН ТӨСӨЛ ӨРГӨН МЭДҮҮЛЭВ WWW.EAGLE.MN НИЙТЭЛСЭН:2024/12/19    

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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

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China lifts ban on US beef products www.chinadaily.com.cn

Premier's remarks spark rally in cattle futures, may relieve glut of cold storage supplies in US
 
Chinese authorities on Thursday announced the conditional lifting of a 13-year import ban on some US boneless beef and beef on the bone.
 
The removal of the ban applies to cattle that are under 30 months old, according to a joint statement issued on Thursday by the Ministry of Agriculture and the General Administration of Quality Supervision, Inspection and Quarantine.
 
The authorities said China would allow imports of beef that comply with China's traceability and quarantine requirements.
 
China has banned imports of most US beef since 2003, partly due to the concerns over the spread of bovine spongiform encephalopathy, also known as "mad cow disease". The lifting of the ban will be subject to the completion of detailed quarantine requirements, which will be announced at a later date, the statement said.
 
Premier Li Keqiang told business groups in New York on Tuesday that China would soon resume imports of US beef.
 
Li's remark about Chinese shoppers soon having a greater choice of beef sparked a rally in US cattle futures, which closed at just under 1 percent higher at $1.085 per pound at the Chicago Mercantile Exchange on Wednesday.
 
US cattle futures fell to six-year lows earlier this month, as supplies have expanded in the country, with a glut of cold storage beef, and China offers a potential outlet, The Wall Street Journal reported.
 
In the first six months of 2016, China imported 295,721 metric tons of beef, jumping 60.8 percent year-on-year. The value of imported beef reached $1.3 billion, up 48.3 percent year-on-year, according to the General Administration of Customs.
 
Because of rising feed prices, limited grazing land and the breeding cycle, China's cattle-raising sector lags behind consumer demand, resulting in higher beef prices in the past five years, according to a report by the Chinese Academy of Agricultural Sciences.
 
"With an emerging middle-class and their rising income, Chinese people are increasingly preferring high-quality and safe food products, including beef," said Wang Kai, a professor at Nanjing Agricultural University.
 
"Currently, the supply of beef in China falls short of demand, and China has found it is impossible to grow all of the food it needs and has consequently formed closer ties with the world food market."
 
"Demand for beef, mutton, fruit, wine and dairy roducts will certainly provide many opportunities for major agricultural produce exporters such as the US, Chile, Brazil and Argentina."
 
Tian Shen, a 24-year-old office worker in Beijing, said she prefers premium imported beef products in the supermarkets, as they have higher meat qualities and taste better.
 
 
 
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Corporation tax is on a downward trend, says OECD report www.theguardian.com

Eight of the world’s top industrialised nations lowered their corporation tax rates last year or announced plans to do so, according to a leading thinktank.
 
In the Organisation for Economic Cooperation and Development’s annual report on tax changes around the world, published on Thursday, the thinktank said Japan, Spain, Israel, Norway and Estonia had all lowered their tax rates for corporate profits in 2015. Meanwhile, future reductions had been announced by Italy, France and the UK, while Japan planned further cuts.
 
The OECD said the 2015 downward trend was accelerating as governments around the world emerged from the aftermath of the 2008 banking crisis and began using their tax policies more aggressively to chase GDP growth.
 
In particular, countries were vying with one another to offer foreign multinationals the most attractive tax rate in an effort to attract investment. “With regard to corporate income tax, rate reductions had generally slowed down after the crisis but seem to be picking up again,” the report said. “The trend seems to be gaining renewed momentum.”
 
The OECD findings may make uncomfortable reading for many politicians who have recently claimed to be leading the battle to make big global corporations pay more tax. A string of revelations about ultra-low tax bills among many of the world’s largest businesses – including Apple, Vodafone, Starbucks and Google – has led to widespread public anger. The OECD suggested cuts in corporation tax were being partially offset by rises in other taxes such as VAT, fuel and car tax.
 
Many tax justice and inequality campaigners have pointed out this trend hits poorer individuals hardest. The Tax Justice Network notes that it “redistributes wealth upwards”.
 
“Governments make up shortfalls [from corporation tax cuts] by levying higher taxes on other, less wealthy sections of society, or by cutting back on essential public services, so tax ‘competition’ boosts inequality and deprivation,” the Tax Justice Network has said.
 
OECD experts said lower corporation tax rates may indeed boost GDP but were also likely to heap pressure on other nations to follow suit and lower the rate of tax they levied on corporate profits. Critics of tax competition have called this a “race to the bottom”.
 
OECD corporation tax rates (%) since 2000 Photograph: OECD
The OECD said the average tax rate for corporate profits had declined from 32% in 2000 to 26% in 2008. The rate of decline then slowed – the average reaching 25% last year – but now looks to be quickening once again, the OECD said.
 
Meanwhile, the average rate of VAT – a tax that falls hardest on the poor – has climbed from 17.6% in 2008 to a record high of 19.2% at the start of 2015.
 
The UK was not among those OECD countries to have reduced corporation tax rates last year, but the then chancellor, George Osborne, did announce that the rate would steadily fall to 17% by 2020. It had been 28% when Osborne took office in 2010. He has repeatedly boasted of giving the UK the most competitive corporation tax rate of any G20 nation.
 
Speaking at a press conference on Thursday, OECD tax experts insisted world leaders were increasingly aware of concerns that aggressive tax competition was leading to wider income and wealth inequality.
 
“In the past, a very big focus of tax policy has been on achieving revenue collection … supporting [GDP] growth,” said David Bradbury, the thinktank’s head of tax policy and statistics.
 
“People have often left the question of income inequality – redistribution – to other levers of policy, particularly government spending. But tax policy has a critical role to play also in addressing those important questions of inequality.”
 
Earlier this month, leaders attending the G20 summit in Hangzhou asked the OECD and the International Monetary Fund to explore ways of using tax reforms to better foster GDP growth while at the same time curbing income and wealth inequalities.
 
While progressive taxes rates for personal and corporate income are in decline in many countries, OECD experts said there were other options for governments to explore. These include wealth taxes and measures to closing tax breaks on mortgage expenditure and pension contributions – incentives that largely benefit better-off individuals.
 
More broadly, the OECD said that industrialised nations wishing to increase tax revenue could do much more to tax property and carbon-heavy fuels such as coal. “The potential to raise revenues in an efficient way through property taxes, especially through recurrent taxes on residential property, is not being fully exploited,” the report concluded, although it found the highest property taxes were in the UK.
 
Meanwhile, OECD figures showed that countries were failing to align those taxes that have an impact on the environment with international ambitions to move to a low-carbon economy. In particular, road transport was heavily taxed despite the fact that other sectors make up 85% of CO2 emissions.
 
“The potential for harnessing the power of taxes as environmental policy instruments is large,” the report said, noting that there were currently “particularly low taxes on some of the most environmentally harmful fuels, notably coal”.
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Delegation addresses China's steel overproduction www.nhk.or.jp

A major Japanese business delegation is in China for talks with senior government officials. The delegates are calling on China to tackle the issue of overcapacity in its steel industry.

About 200 members of the Japan-China Economic Association are sitting down in Beijing with Vice Premier Zhang Gaoli and other officials.

The visitors include Sadayuki Sakakibara, the chairman of Keidanren, the Japan Business Federation.

They said overproduced steel products in China are exported at low prices, hurting steelmakers around the globe.

Zhang said he intends to promote reforms to resolve the issue of factories with excess capacity.
He said China wants to learn from Japan's experience in tacking such problems through industrial realignment.

The delegates also met with senior officials of China's Commerce Ministry.

The Japanese side said China needs to step up efforts to protect intellectual property rights in order to attract more private investment.

They called for a crackdown on the sale of counterfeit Japanese products.
The Chinese officials promised to do more to deal with the problem.

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France remains Russia’s top foreign investor www.rt.com

For the third consecutive year France is the leading foreign investor in the Russian economy, according to the Director General of the Franco-Russian Chamber of Commerce and Industry (CCIFR) Pavel Shinsky.

The chamber says in the first three months of this year France invested twice as much as Germany, and even the economic sanctions haven’t scared off French companies.

“In the first quarter of this year France invested $797 million in the Russian economy while Germany $350 million, and the US $130 million,” Shinsky said at the International Business Summit in Russia’s Nizhny Novgorod.

France has long been a major foreign employer in Russia, primarily due to such companies as Auchan, and French banks. It provides more than 130,000 jobs from Kaliningrad to Vladivostok, said Shinsky.

“No single French company, and there are about 6,000 of them operating in Russia at the moment, has left the country since the beginning of the sanctions,” he said, adding it is “necessary to improve the business climate and make it easier for businesses to operate."

CCIFR data showed that last year French companies invested more than $1 billion in Russia.

French officials and businesses have repeatedly called for the lifting of anti-Russia sanctions imposed by the EU in 2014 because of the dispute over Crimea and eastern Ukraine.

Western sanctions against Russia are causing problems for French companies which are losing market share, said Michelle Assouline from the Movement of the Enterprises of France (MEDEF).

France’s Foreign Minister Jean-Marc Ayrault said sanctions against Russia should be lifted as soon as possible.

The EU sanctions include restrictions on lending to major Russian state-owned banks, as well as defense and oil companies. Brussels also imposed restrictions on the supply of weapons and military equipment to Russia, as well as military technology, dual-use technology, hi-tech equipment and technology for oil production.

In response, Moscow imposed an embargo on agricultural produce, food and raw materials from countries that joined the anti-Russian move. Since then French farmers have repeatedly taken to the streets to protest low prices on agricultural produce ruining their businesses. Prices were driven down by the loss of the Russian market as a result of the sanctions.

 
 
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Coal export projected to increase www.vom.mn

Coal export is projected to increase. The coal export of Mongolia is estimated to increase to 19.5 million tons in 2016, according to the Mineral Resources Authority. The coal export is forecast to increase by 4.5 million tons as compared to the previous year. Most or 12 million tons of coal for export this year is expected to be contributed by the West and East Tsankhi mines of ErdenesTavanTolgoi JSC.

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China green credit grows www.chinadaily.com

Banks issue 75 billion yuan worth of environmental bonds in the mainland in the first half of the year

With environmental issues looming high on policymakers' agendas, China is grabbing the lion's share of global green funding, demonstrating the country's potential as the game changer for the green bond market.
The issuance of green bonds, which are debt instruments exclusively for projects that address environmental issues, totaled 75 billion yuan ($11 billion) in the mainland over the first half of the year, amounting to 33 percent of the global total, according to data from the central bank.

The nation's rapidly growing sale of such debt has been in the market spotlight for no more than 18 months. Chinese banks have emerged as Asia's No 1 issuer, leading the green finance rush. The country is on course to realize the funding target of $46 billion by the end of the year, said Ma Beijia, equity analyst at Bank of America Merrill Lynch.

The world's second-largest economy is in dire need of 2 trillion yuan to 4 trillion yuan of green investment annually, with public finance only accounting for 15 percent of this amount and the remaining 85 percent coming from private capital, as data from BofA Merrill Lynch showed.

"Green bonds, in particular, stand as the key to mobilizing private capital for environmental needs," Ma said.

In July, the Bank of China sold $3.03 billion in new green bonds, the largest international issuance of its kind and the very first deal made in dollars, euros and yuan, comprising two-year, three-year and five-year bonds to finance solar, wind and biomass projects throughout the world.

The multibillion-dollar sale also highlighted Bank of China as the first lender from Asia to issue such instruments in Europe, leading the global green financing market, which had previously been European dominated.

The Chinese mainland's enthusiasm to tap the green market has added some clout to the market, where issuance has so far been on a small scale.

But, the hard fact is that even though the green market hit a record of $100 billion last year and is predicted to reach $80-90 billion this year, the sector remains a tiny part of the global bond market, which is around $78 trillion.

"The overall green funding pool is not big enough right now. For emerging markets, it's even smaller," Ma noted.

In a market pioneered and paced by multinational financial institutions in developed economies like the European Investment Bank and the World Bank, analysts are eyeing more and more corporate issuers to join the fray.

The growth of the corporate green bonds market opens up the market to higher yields than the debt issued by the AAA-rated multilateral banks, helping to ease the lingering concern over the yields that besets green bonds investors today.

Utility companies, with easier access to green business, are the natural forerunner.

But the market would welcome more household blue-chip names, even if they don't have much green business footprint, to make a foray and help the issuance pick up steam

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Yahoo says hackers stole data from 500 million accounts in 2014 www.reuters.com

Yahoo Inc (YHOO.O) said on Thursday that at least 500 million of its accounts were hacked in 2014 by what it believed was a state-sponsored actor, a theft that appeared to be the world's biggest known cyber breach by far.

Cyber thieves may have stolen names, email addresses, telephone numbers, dates of birth and encrypted passwords, the company said. But unprotected passwords, payment card data and bank account information did not appear to have been compromised, signaling that some of the most valuable user data was not taken.

The attack on Yahoo was unprecedented in size, more than triple other large attacks on sites such as eBay Inc (EBAY.O), and it comes to light at a difficult time for Yahoo.

Chief Executive Officer Marissa Mayer is under pressure to shore up the flagging fortunes of the site founded in 1994, and the company in July agreed to a $4.83 billion cash sale of its internet business to Verizon Communications Inc (VZ.N).

"This is the biggest data breach ever,"� said well-known cryptologist Bruce Schneier, adding that the impact on Yahoo and its users remained unclear because many questions remain, including the identity of the state-sponsored hackers behind it.

On its website on Thursday, Yahoo encouraged users to change their passwords but did not require it.

Although the attack happened in 2014, Yahoo only discovered the incursion after August reports of a separate breach. While that report turned out to be false, Yahoo's investigation turned up the 2014 theft, according to a person familiar with the matter.

Analyst Robert Peck of SunTrust Robinson Humphrey said the breach probably was not enough to prompt Verizon to abandon its deal with Yahoo, but it could call for a price decrease of $100 million to $200 million, depending on how many users leave Yahoo.

Steven Caponi, an attorney at K&L Gates with a practice including merger litigation, said that Yahoo's breach could fall under the "material adverse change" clause common in mergers allowing a buyer to walk away if its target's value deteriorates.

 
 
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Shipping giant Maersk to split up and focus on North Sea www.bbc.com

Maersk, the Copenhagen-based shipping giant, is to be split up with its energy interests directed more towards the North Sea.
The family-owned firm, formally known as AP Moller-Maersk, will focus on its transport and logistics business.
The energy division is to shrink its global reach and focus more on the North Sea, where it has expertise.
That division has around 800 employees based in Aberdeen, working both on and offshore.
The company employs 88,000 people and operates across 130 countries, with turnover of more than $40bn (£31bn).
Work will continue on existing energy projects, including some of the biggest projects in the UK offshore sector. But the company signalled that new investment commitments may be low, particularly in tankers and drilling.
Maersk Oil has been operating in the UK central North Sea sector for 11 years, and is a partner in some of the biggest developments during that time, including the Golden Eagle.

Shipping has been hit by sharp reductions in rates for containers - a notoriously volatile market. That is partly due to a downturn in trade, and also to the extra tonnage added to the world container fleet.
Hanjin Shipping, the seventh-biggest in container transport and based in South Korea, recently filed for bankruptcy. It is struggling to find the finance to offload cargo from its ships, worth several billion pounds.
Maersk's energy business faces problems which are at least as deep as shipping, due to the fall in the price of oil. The company's strategic review speaks of finding "solutions" including joint ventures, mergers or spinning off companies for separate listing. The vagueness of the plan makes it look like an intention to exit as much of that sector as possible, and shipping is clearly the priority.
The North Sea presence may be one part of the energy division that is retained, as the technology involved is an area of expertise. That's unless a buyer can be found.
Breaking up the 112-year-old conglomerate is a reversal of the strategy under which Maersk Line grew to have a fleet of 590 ships, plus 500 smaller service ships. It was guided by its chairman Maersk McKinney Moller, who remained active in the company until his death four years ago, aged 98.
It is operator of the Culzean gas field development, which is one of the biggest in UK waters for 25 years. It is expected to meet 5% of Britain's gas demand after it comes on-stream, scheduled for 2019.
Its other production is from Denmark, Qatar, Kazakhstan, the US Gulf of Mexico and Algeria. Exploration and development activities are also under way in Angola, Kenya, Ethiopia, Greenland, Brazil, Kurdistan, and the huge Johan Sverdrup field being developed in the Norwegian North Sea.
Michael Pram Rasmussen, the chairman, said in a statement: "Separating our transport and logistics businesses and our oil and oil related businesses...will enable both to focus on their respective markets. Both face very different underlying fundamentals and competitive environments."
The oil, drilling, offshore services and tanker divisions face moves towards joint ventures, sales and stock market floats over the next two years. Profits in that division have recently come in well below expectations.
Key development projects
The company's strategy states: "Maersk Oil will adjust its current strategy to focus its portfolio in fewer geographies to gain scale in basins, particularly in the North Sea, where it can leverage its strong capabilities within subsurface modelling, well technology and efficient operations. Maersk Oil will aim to strengthen its portfolio through acquisitions or mergers.
"Further, Maersk Oil will mature existing key development projects, while keeping exploration activities and expenses at a low level. While the strategic focus will be reflected in a disciplined capital allocation, investments in strategic projects already sanctioned or under development will continue as planned.
"Maersk Drilling, Maersk Supply Services, and Maersk Tankers will continue to optimise their market position and operation with the existing fleet and order book. Additional investments in the group's offshore service businesses and Maersk Tankers will be limited."
Denmark's Sydbank estimated the value of the logistics business at, very roughly, £23bn. Its central estimate for the energy division was close to £13bn.

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Hydro-electric power plant be built in western Mongolia www.vom.mn

Hydro-electric power plant to be built in western Mongolia. The new hydro power station will supply electricity to the western region of the country. The three westernmost provinces are often plagued by blackouts and are largely dependent on electricity export from Russia. The plant, which has the capacity to generate 92.8 megawatt electricity, is being financed by USD 248 million from Turkey’s “ZTM Engineering and Consulting Co. Inc.” The hydro-electric power plant would be constructed under “build-operate-transfer” terms as set out in the Concession Law.

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Thousands of UK-based finance firms may lose EU ‘passport’ rights www.rt.com

Britain’s financial watchdog has warned that Brexit puts the country’s finance sector at ‘significant’ risk with almost 5,500 UK-registered firms losing their right to operate freely across the European single market.
 
According to the Financial Conduct Authority (FCA), all those firms hold at least one passport to do business in another EU or European Economic Area country. More than 8,000 financial firms based elsewhere in the European Union also do business in Britain via single market passports, and their rights are likewise threatened.
 
“These figures give us an initial idea of the effects of losing full access to the single market in financial services. The business put at risk could be significant,” said Andrew Tyrie, chairman of the UK parliament’s Treasury Select Committee.
 
Passporting allows companies to do business across the 28-nation European Union, and the European Economic Area which includes Iceland, Liechtenstein and Norway.
 
The FCA said UK companies hold 336,421 passports because many have passports for different sectors in different countries. The total number of passports held by European businesses for access to the UK stands at 23,532.
 
The passports cover a range of activities, including investment banking, corporate lending, insurance, payments and asset management.
 
While Brexit negotiations on a formal new trade deal with the EU are expected to start next year the future of the passport rights remains uncertain. Losing those rights means any financial institution using London as its EU headquarters would have to move to another country and offer services to the rest of the union from there.
 
Colm Kelleher, president of the US bank Morgan Stanley, told the BBC that “clearly some size of our businesses will have to be moved out of London and into Europe with the absence of any passporting agreement.”
 
He added, however, that he remains “convinced London will retain its reputation and prestige as a global financial services center.”
 
Since Britain’s vote to leave the European Union, cities such as Paris, Amsterdam, and Frankfurt have expressed their willingness to become a new center of international finance.
 
France has promised to "roll out the red carpet" for City bankers in an effort to woo them from London to Paris. Poland also said it wants to attract businesses looking to shift operations away from the United Kingdom in the wake of Brexit.
 
 
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