Prime Minister Theresa May arrived at the EU HQ on Thursday for the start of the summit. Speaking to reporters, the prime minister spoke of the “difficult” day experienced on Wednesday and how she has no plans to lead the party into the next general election. “Can I just say a word about yesterday, which was a difficult day. And I’m grateful for the significant support I had from colleagues. But I have also heard loud and clear the concerns of those who didn’t feel able to support me. And I know the concerns there are in the House of Commons about this issue of the backstop, that they do not want it to be permanent,” said May, speaking in Brussels. “And what I will be talking to European leaders about here today is what we need to get this deal over the line. I’ve already met Leo Varadkar, I will be addressing the European Council later, and I will be showing the legal and political assurances that I believe we need to assuage the concerns that members of parliament have on this issue.” Ahead of the summit, May said that she did not expect an immediate breakthrough at the meeting. “It’s in the best interest of both sides, the UK and the EU to get the deal over the line, to agree a deal – but I recognise the strength of concern in the House of Commons and that’s what I will be putting to colleagues today,” she told reporters. “I don’t expect an immediate breakthrough, but what I do hope is that we can start to work as quickly as possible on the assurances that are necessary.” This week saw May survive the vote of confidence in her leadership. She won by 200 to 117 with 63% of the vote.  

The European Central Bank (ECB) announced the end to its quantitive easing programme on Thursday, sending the Euro lower. In a widely expected decision, the bank is set to halt its €2.6 trillion bond-buying programme towards the end of this month. However, the central bank will continue to reinvest money from maturing bonds, remaining active in the bond market. The council said the investments would continue: “for an extended period of time past the date when it starts raising the key ECB interest rates, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation”. Nevertheless, investors still remain concerned that the eurozone economy has more to go in terms of recovery. Christian Jaccarini, senior economist at Centre for Economics and Business Research said: “With Eurozone stability remaining under threat from the slowing growth and heightened political unrest, the ECB’s Governing Council was keen to remain supportive as it announced the end of quantitative easing today. The move to end QE was almost inevitable given the ECB’s credibility was at stake. Still, while clear statements on the prolonged use of reinvestments and low interest rates will provide some reassurances for investors, the backdrop for the announcements will remain concerning for many.” During a speech in Frankfurt on Thursday, ECB President Mario Draghi acknowledged continued concerns about the strength of the Euro economy. Nevertheless, he pointed to domestic economies as key to leading economic expansion. Moreover, Draghi said eurozone growth was expected to be 1.9%, rather than the 2% initially forecast back in September. “The risks surrounding the euro area growth outlook can still be assessed as broadly balanced. However, the balance of risk is moving to the downside owing to the persistence of uncertainties related to geopolitical factors, the threat of protectionism, vulnerabilities in emerging markets and financial market volatility,” Draghi told reporters. GDP for 2019 also revised downwards to 1.7 %, as opposed to to an earlier forecast of 1.8%. Regarding inflation, Draghi said he expects headline euro inflation figures to fall in the coming months. He said: “Measures of underlying inflation remain generally muted, but domestic cost pressures are continuing to strengthen and broaden amid high levels of capacity utilization and tightening labor markets, which is pushing up wage growth.” Draghi also said that the ECB still intend to raise rates in the summer of next year.      

Apple has announced plans to build a new campus in Austin, Texas. Austin is already the biggest base for the tech giant outside of California’s Silicon Valley. Apple hires 6,200 employees in the city. The investment will cost Apple $1 billion (£790 million) for a new 133-acre (0.54 sq km) campus. Texas is a lucrative area for many tech companies. Facebook (NASDAQ: FB), Google (NASDAQ: GOOGL), IBM (NYSE: IBM), Dell (NYSE: DVMT), Amazon (NASDAQ: AMZN) and Samsung (KRX: 005930) are also big employers in the state. Chris Green, an independent analyst said: “There’s a lot of computer chip expertise but Texas is also a massive hotbed for the data-centre industry.” “It also has a reputation for its traditional entertainment media scene as well as social-media development, with lots spurred on by the South by Southwest festival and other technology gatherings that have made Austin their home.” In January, Apple pledged to create 20,000 new jobs in the US. The tech group currently employs 90,000 people. Tim Cook, Apple’s CEO, said: “Apple is proud to bring new investment, jobs and opportunity to cities across the United States and to significantly deepen our quarter-century partnership with the city and people of Austin.” “Talent, creativity and tomorrow’s breakthrough ideas aren’t limited by region or zip code, and, with this new expansion, we’re redoubling our commitment to cultivating the high-tech sector and workforce nationwide,” he added. Jobs on the new campus will range from engineering, R&D, operations, finance, sales and customer support. The tech group also plans to increase employment in San Diego, Pittsburgh, New York, Boulder, Boston and Portland, Oregon. The Texas Governor Greg Abbott said on Apple’s decision to create the new campus: Apple is among the world’s most innovative companies and an avid creator of jobs in Texas and across the country.” “Their decision to expand operations in our state is a testament to the high-quality workforce and unmatched economic environment that Texas offers. I thank Apple for this tremendous investment in Texas, and I look forward to building upon our strong partnership to create an even brighter future for the Lone Star State.” Shares in Apple (NASDAQ: AAPL) are currently trading +0.73% (1438GMT).

Mike Ashley has shared some of the challenges faced since buying department store House of Fraser in August. When revealing the Sports Direct trading update, the business tycoon blamed the group’s 27% slump in profits on the £90 million cost of acquiring the failed department store. Interim results for the 26 weeks to 28 October showed profits falling to £64.4 million. “I have made my views clear that I believe the previous House of Fraser senior management team traded the business whilst it was insolvent for a long time,” said Ashley. “This means we have significant challenges ahead in turning House of Fraser around. However, I genuinely believe we have acquired a fantastic opportunity and with the efforts of Sports Direct and House of Fraser teams, and the support of the brands, local councils and landlords, we can turn House of Fraser into the Harrods of the high street.” Sports Direct non-executive chairman, David Daly said: “The fact that Sports Direct is responsible for saving thousands of jobs at House of Fraser, at a time when the High Street is under immense pressure, is an achievement of which everybody in the Group should be extremely proud.” Earlier this month, Ashley told MPs that the internet was killing the high street and that a new 20% retail tax was necessary on retailers that make more than a fifth of their sales online. “It is not my fault the high street is dying; it’s not House of Fraser, not Marks & Spencer (LON: MKS) or Debenhams’ (LON: DEB) fault,” said Ashley earlier in December. “It is very simple why the high street is dying. It is the internet that is killing the high street. The vast majority of the high street has already died. In the bottom of the swimming pool, dead,” he added. Shares in Sports Direct (LON: SPD) are trading -7.89% (1127GMT).

European travel group Tui has defied the “challenging market” and posted a 10% growth in profits. Whilst rivals struggled amid Brexit concerns, the summer’s heatwave and airline strikes, Tui saw a 10.9% rise in annual earnings. Chief executive Fritz Joussen said: “We are investing, we are growing with Tui’s high-margin products and services and our businesses are increasingly scaling.” “Today, our own holiday experiences content account for more than 70% of our earnings: hotels, cruises, excursions and destination activities.” “This enables us to clearly differentiate ourselves from the competition. With more than 20 million customers, use of state-of-the-art IT and intelligent customer systems, we have considerable potential for new business, turnover and earnings. “We will continue our successful transformation: The next step will transform Tui into a digital and platform organisation,” he added. Rival Thomas Cook (LON: TCG) has seen shares price plunge this year following several profit warnings and a £163 million loss following heatwave and strikes. Shares in the group edged up on Wednesday after the CEO shared confidence for the year ahead, saying: “The latest market hit us this year. We need to be stronger in managing our commitments and have already made changes in that area. We also need to be faster at executing our strategy around our own-branded product. We’ve had a good start for bookings next year, and have confidence in 2019, but need to focus on margin and profit.” David Madden, a market analyst at CMC Markets UK, said: “The travel sector across the board has had a difficult time as the unusually warm weather encouraged prospective holidaymakers to stay at home. Given what has gone on in the travel sector lately, it was an impressive performance from Tui.” The holiday group has seen double-digit growth for the past three years and expects profits to grow at a similar level next year. Dividend per share increased by 10.9% to €0.72. Shares in Tui (LON: TUI) are trading +5.28% (1104GMT).