Feb 9, 2019 - World

U.K. cancels Brexit ferry deal with company with no ships

The U.K. government canceled an $18 million contract on Saturday to ship additional goods from Europe in the event of a no-deal Brexit with Seaborne Freight, a company with no ships and no experience running a ferry business, reports the BBC.

Background: British officials said they withdrew from the deal because an Irish firm that financed the company had revoked its support, adding that the government was "in advanced talks with a number of companies to secure additional freight capacity" should a no-deal Brexit occur next month.

Go deeper: Top EU official muses about "special place in hell" for Brexit supporters

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Dion Rabouin

36 mins ago - Economy & Business

The transformation of the Fed

Illustration: Eniola Odetunde/Axios

The Federal Reserve is undergoing an overhaul. Conceived to keep inflation in check and oversee the country's money supply, the central bank is now essentially directing the economy and moving away from worries about rising prices.

What we're hearing: The move to act less quickly and forcefully to tamp down on inflation has been in the works for years, but some economists fear that the Fed is moving too far from its original mandate.

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Kendall Baker

48 mins ago - Sports

The college football season is on the brink

Illustration: Eniola Odetunde/Axios

Power 5 commissioners held an emergency meeting on Sunday to discuss the growing concern that fall sports can't be played because of COVID-19.

Driving the news: The Mid-American Conference on Saturday became the first FBS league to postpone fall sports and move them to the spring, and there are rumblings that Power 5 conferences are ready to follow suit.

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Fadel Allassan

2 hours ago - Economy & Business

Uber CEO proposes "benefits funds" for gig workers

Uber CEO Dara Khosrowshahi. Photo: Scott Heins/Getty Images)

Uber CEO Dara Khosrowshahi called for establishing "benefits funds" for gig workers in a New York Times op-ed out Monday.

Why it matters: Gig workers, who remain independent contractors and not employees, have long pushed companies like Uber for benefits comparable to those received by traditional workers. The coronavirus pandemic and its resultant economic strain has broadened those calls.