Michel Barnier has written to Mark Francois and told the Chair of the Eurosceptic European Research Group of Tory MPs that Brexit isn't worth it. Mr Francois had sent the EU's chief negotiator an open letter, which he titled a "missive from a free country", on June 29. "While nobody has been able to demonstrate to me the added value of leaving the most integrated economic and free trade area in the world, I have always respected the UK's decision to withdraw from the EU," Mr Barnier said in reply. "In this same spirit we approach the ongoing negotiations with your great - and indeed free - country." Mr Barnier warned Mr Francois that the EU would hold Boris Johnson to the joint Political Declaration and that Brussels was adamant that the European Court of Justice must have the final say on the interpretation of EU law. The Political Declaration, which is a non-binding document setting out the broad outline of the free trade agreement, was "agreed by your prime minister and voted for by the House of Commons,including yourself," Mr Barnier added. He said the level playing field guarantees the EU demands were necessary. Mr Barnier said that the EU would not agree a free trade deal without an agreement on fishing and described progress in negotiations as "disappointing". "We will continue to work with determination to conclude the negotiations with success as we continue to believe that this can be done despite the short time available, which is the choice of your government." Mr Barnier said, referring to the UK's refusal to extend the transition period. The French politician and commission official told Mr Francois it was a "pleasure" to hear from UK elected representatives. "Having been an elected representative for many years myself I value the crucial role you play in scrutinising and holding your government to account," he said In response, Mr Francois told the Telegraph that he was grateful for the "charming billet doux". He said, "As he rightly acknowledged, we are now a free country - and indeed very happy to be so." He added that the political declaration was "indicative and not legally binding - as Michel knows well. Nevertheless, I’m delighted that further talks are now agreed. As he often reminds us, 'the clock is ticking.'” UK and EU officials met in London this week and will meet again in Brussels next week as the try to break the deadlock in the trade negotiations. "This week’s discussions confirm that significant divergences remain between the EU and GB. We will continue working with patience, respect and determination," Mr Barnier tweeted on Thursday.

The 30-second ad by President Donald Trump's reelection campaign ends with “You won't be safe in Joe Biden's America,” emblazoned across a flickering hellscape. It blames a push by some progressive activists to defund the police as “violent crime has exploded.” With recent shootings that have killed children and dozens of other people in cities with large Black populations like New York, Atlanta and Chicago, the GOP is trying to play offense, ominously.

(Bloomberg) -- Hong Kong is closing its schools again, as a surge in coronavirus cases within the community after a long stretch without infections forces the financial hub to reinstate restrictions that had been loosened.All schools will break for summer holiday starting Monday, Hong Kong Secretary for Education Kevin Yeung said in a briefing Friday. The Hong Kong Economic Times reported earlier that the city would shut the schools.The benchmark Hang Seng Index extended declines as trading resumed after the lunch break, falling as much as 2.3%. The Hang Seng China Enterprises gauge slipped as much as 2.7%, its biggest intraday drop since May 22.The city reported 34 locally transmitted cases on Thursday, the most in a single day since the pandemic began. The resurgence in Hong Kong, while small relative to outbreaks in the U.S. and elsewhere, comes after weeks of normalized activity as people returned to work and restaurants filled up again. Hong Kong started reopening schools in late May after four months of at-home classes.The new infections have pushed Hong Kong to tighten social restrictions again, with the government announcing Thursday it will cap restaurant capacity at 60% starting this weekend. There will be a limit of eight people per table, while bars will be restricted to four per table.Hong Kong has suppressed two waves of infection in February and April and its total outbreak numbers only 1,365 cases. But this week’s jump in infections is raising alarm, as cases that can’t be traced suggest that hidden chains of transmission have been circulating in the city for some time.Read more: Record Spikes in Hong Kong, Tokyo Feed Fears of Asia Second WaveOther cities in the region that have seen previous success in containing the virus are also experiencing new waves of infections. Flareups in Melbourne, Beijing and Tokyo -- which reported a record day of new cases Thursday -- are a reminder that the pandemic is far from over. Without an effective and widely distributed vaccine, cities are likely to continue in a state of limbo where the easing of social distancing measures or lax implementation will lead to a spike in infections.(Updates with government announcement)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

As the crisis engulfing his business empire deepened, Bavaguthu Raghuram Shetty met with Bank of Baroda officials in mid-March to discuss the $250 million he and his firms owed. The loans were granted on the strength of Shetty's reputation as a billionaire and his businesses, in particular, NMC Health, the Middle East-focused hospital group he made his fortune from, according to court filings. Shetty, an Abu Dhabi-based Indian entrepreneur, was feted as the Gulf's ultimate immigrant success story and NMC Health, the United Arab Emirates' largest private hospital group, borrowed without having to provide collateral from dozens of banks either headquartered or with bases in the region.

The U.S. Roman Catholic Church used a special and unprecedented exemption from federal rules to amass at least $1.4 billion in taxpayer-backed coronavirus aid, with many millions going to dioceses that have paid huge settlements or sought bankruptcy protection because of clergy sexual abuse cover-ups. The church’s haul may have reached -- or even exceeded -- $3.5 billion, making a global religious institution with more than a billion followers among the biggest winners in the U.S. government’s pandemic relief efforts, an Associated Press analysis of federal data released this week found. Houses of worship and faith-based organizations that promote religious beliefs aren’t usually eligible for money from the U.S. Small Business Administration.

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President Trump’s reelection bid has had a rough few weeks, with challenges coming from both his stewardship of the presidency and past controversies that may be catching up with him.

Defense Secretary Mark Esper told Congress on Thursday he did not know who gave the widely denounced order to clear peaceful antiracism protesters from Lafayette Park, across the White House, early last month.

Joe Biden proposed a sweeping plan aimed at boosting U.S. manufacturing on Thursday, the first plank of an economic recovery agenda that his campaign is expected to roll out in the coming weeks.