Above the Fold

A 40-Year Marriage Finally Comes to an Official End

Even though divorce proceedings began a year ago, today marks the end of the Brexit transition period, and the start of a new period of separation between the European Union and the United Kingdom. The good news is that the two reached a last-minute landmark free trade agreement needed for this momentous undertaking. The EU and the UK are each other’s largest (and closest) trading partners and the deal struck covers roughly £668 billion (as of 2019). There will be no taxes (tariffs) on goods exchanged and no limits on the amount of goods that can be traded. Services were not included in this “thin” agreement, but crucial pacts were reached around national security and nuclear power. 

And while a basic framework seems to be in place, those close to the matter see “bumpy” adjustment challenges for both sides (especially the UK) around things like paid holidays, cell phone roaming charges, travel-related issues and a multitude of other “unexpected consequences.” Those opposed to the deal see long-lasting negative effects on the UK economy; though most seem to agree that a no-deal exit would have been catastrophic. 

Three Things 

1. Bitcoin’s Main Stream Takeup Leads to Volatile Record – Despite a myriad of digital current alternatives, Bitcoin, a pioneer in software-driven means of exchanging value, has once again risen to record-high territory. Experts say the latest parabolic rally has been driven by masses of individual investors who have gotten word via social media. Unfortunately, since Bitcoin isn’t tied to any asset and since its value is highly subjective with little correlation to anything else, its prices tend to be extremely volatile. 
2. Does Your Car Know Too Much About You? – A recent report from NBC News revealed the troves of information your car is gathering about you; and how it could also be used against you. Aside from your smartphone, your vehicle may know more about your daily routines than you think, and that data is now being used by law enforcement (and other, less savory characters). Between your vehicle’s telematics and infotainment systems, it can hold very personal data down to all your social media messages, along with when and where you travel. So be sure to ask about your digital rights the next time you take your car in for service. 
3. Drones Get a Big Boost From the FAA – The Federal Aviation Administration cleared a path for unmanned aerial vehicles (UAVs) to gain large commercial adoption with a fresh set of guidelines. Drones will soon be able to fly at night and over populated areas, a big deal for the companies looking to use them for parcel delivery. The new rules will also require UAVs to have a remote ID, which allows consumers and law enforcement to identify the owner/operator of the drone. There are currently more than 1.7 million drone registrations and 203,000 FAA-certificated remote pilots.

Did You Know?

Happy New Year!

This has certainly been a year that most won’t soon forget, but its challenges do help offer perspective for less stressful times. We hope the new year brings you health, happiness and prosperity, and thank you for being a part of the Westwood family!