Amazon halts alcohol sales in Northern Ireland due to new Brexit rules
Amazon has stopped the sales of wines, beers and sprits in Northern Ireland and is preparing to de-list more products due to new Brexit customs rules.
The online retailer is concerned that excise duty will now have to be paid twice on shipments of alcohol which are sent from the British mainland across the Irish Sea to Northern Ireland. The UK left the EU’s single market and customs union on December 31st 2020, which introduced paperwork and customs declarations for businesses that import and export goods with the bloc.
However, a government spokesperson has said that goods will not be taxed twice and they will issue new guidance clarifying the position to ensure any remaining issues are addressed.
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Samsung considers new U.S. chip plant investment of up to $17 billion
South Korea’s Samsung is considering an investment of up to $17 billion to build a chip-making factory in Texas or New York. The company is scouting two locations in and around Phoenix, two locations near Austin as well as a large industrial campus in western New York’s Genesee County.
An important factor in whether or not Samsung moves forward with the expansion will be based on the availability of U.S. federal government incentives to offset those offered by foreign countries and cheaper costs elsewhere in the world. The proposal comes as the U.S. weighs allocating billions of dollars in funding to grow U.S. chip manufacturing and reduce its reliance on countries such as China, Taiwan and South Korea. Samsung’s proposed plant would employ up to 1,900 people and aims to be operational by October 2022.
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UPS to sell UPS Freight to TFI International Inc.
United Parcel Service has entered into an agreement to sell UPS Freight to TFI International Inc. for $800 million. The agreement, subject to working capital and other adjustments, is expected to close during the second quarter of 2021 and include UPS less-than-truckload (LTL) and full-truckload (FT) businesses.
UPS and TFI International also plan to enter into an agreement for UPS Freight to continue utilizing UPS’ domestic package network to fulfil shipments, for a period of five years. The agreement allows UPS to be even more last-focused on the core parts of their business that drive the greatest value for their customers.
The decision to sell UPS Freight was reached following an evaluation of the UPS portfolio and aligns with the company’s “better, not bigger” strategic positioning. UPS expects to recognize a non-cash, pre-tax impairment charge of approximately $500 million on its statement of consolidated income for the year ended December 31, 2020. The deal remains subject to customary closing conditions and regulatory approvals.
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