Happy Monday, here’s what you need to know.
1. Brexit, no trade deal yet
It’s official. After the final Brexit talks ended yesterday, there’s not going to be a deal (yet).
The UK and the EU have agreed to keep talks on a post-Brexit trade deal going. Boris Johnson, and the European commission president, Ursula von der Leyen, agreed there was “sufficient hope” of reaching an agreement, but both parties remain far apart in negotiations.
A no-deal split would bring overnight tariffs and other barriers that would hurt both sides, although most economists think the smaller British economy would take a greater hit .
The main issue at hand? for both sides to resolve an impasse on arrangements that would guarantee Britain zero-tariff and zero-quota access to the EU’s single market. This would ultimately benefit the UK more than EU.
2. Twitter acquired screen sharing platform, Squad
Twitter has acquired Squad, a US based screen sharing social platform. Twitter will absorb all team members, including the platform’s co-founders, CEO Esther Crawford and CTO Ethan Sutin into Twitter’s design, engineering and product departments.
The actual Squad app however, won’t be coming on board, it shut down over the weekend. Squad allowed users to share their screens on mobile or desktop and simultaneously video chat. This could make sense for Twitter, as it aims to venture into more creative functions and potentially building virtual hang outs.
3. JD.com acquires online grocery startup
JD.com will invest $700 million into online grocery startup Xingsheng Selected, another example of China’s fast growing and fiercely competitive grocery sector.
JD will collaborate with Xingsheng in technology, supply chain and logistics.
China’s online grocery landscape is competitive, with Alibaba and Pinduoduo also investing, and major players like Meituan Dianping in the segment. Essentially, it’s a cash heavy ecosystem play.
4. Moderna supplies more vaccine to US
Moderna says the US. government has exercised its option to buy 100 million additional doses of the company’s covid-19 vaccine.
The US is ramping up efforts to secure as many doses and variations of the vaccine as possible, with authorization also given to Pfizer over the weekend.
Moderna said the order would be delivered during Q2 of 2021.
Total orders comes at a total cost of $3.2 billion.