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Have not obtained a REAL ID yet? Air travelers without one will face a $45 fee starting in February.

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Air travelers in the U.S. without a REAL ID will be charged a $45 fee beginning in February, the Transportation Security Administration announced Monday.

The updated ID has been required since May, but passengers without it have so far been allowed to clear security with additional screening and a warning. The Department of Homeland Security says 94% of passengers are already compliant and that the new fee is intended to encourage travelers to obtain the ID.

REAL ID is a federally compliant state-issued license or identification card that meets enhanced requirements mandated in the aftermath of the Sept. 11, 2001, terrorist attacks.

Obtaining the ID — indicated by a white star in a yellow circle in most states — means taking more documents to the motor vehicle agency than most states require for regular IDs. It was supposed to be rolled out in 2008 but the implementation had been repeatedly delayed.

Beginning Feb. 1, travelers 18 and older flying domestically without a REAL ID and who don’t have another accepted form of ID on them, such as a passport, will pay the non-refundable fee to verify their identity through TSA’s alternative “Confirm.ID” system.

TSA officials said that paying the fee does not guarantee verification, and travelers whose identities cannot be verified may be turned away. If approved, however, the verification covers a 10-day travel period.

The fee can be paid online before arriving at the airport. Travelers can also pay online at the airport before entering the security line, but officials said the process may take up to 30 minutes.

The TSA initially proposed an $18 charge for passengers without a REAL ID, but officials said Monday they raised it after realizing the alternative identification program would cost more than anticipated.

Other acceptable forms of ID include military IDs, permanent resident cards and photo IDs from federally recognized tribal nations. TSA also accepts digital IDs through platforms such as Apple Wallet, Google Wallet and Samsung Wallet at more than 250 airports in the U.S.

Top Five Storylines to Follow at the 2025 U.S. Open Championships

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By Terin Frodyma on SwimSwam

2025 U.S. OPEN

The Lee and Joe Jamail Texas Swimming Center will kick off action for the 2025 U.S. Open Championships on Wednesday, where a deep conglomerate of international and domestic talent will gather in one of the calendar year’s final major contests.

As we wrap up the Thanksgiving weekend festivities, here are five things to keep an eye on for the U.S. Open Championships prior to sinking your teeth into the action in Austin.

Summer’s Return

After missing out on what could have been a dominant World Cup outing in October due to illness, Summer McIntosh will make her highly anticipated return to racing in Austin.

She is slated to race the 100 fly, 100 back, 100 breast, 200 fly, and 400 IM, the latter two in which she is the reigning world champion. The Canadian superstar will have her opportunity to get right back to where she left off, as we saw in Singapore.

The last time we saw McIntosh race, she captured four golds, became only the third swimmer to capture five individual medals at a single World Championships, and was named Female Swimmer of the Meet by World Aquatics for her outing in Singapore.

Now representing Longhorn Aquatics, McIntosh should be well challenged in a number of events in Austin. One of the more interesting storylines (within this storyline) is how she will fare in her 100s.

More predominantly a middle-distance swimmer, who dabbles in the distance realm, her 100 fly will definitely be among the most highlighted races of the week; competing against the likes of Gretchen Walsh, Regan Smith, and Alex Shackell, it should be a great opportunity to see how well she stacks up in some of the shorter distances.

She is notably absent from the 200 IM, but the 400 free and 200 fly should be good return-to-form swims for her. Look for McIntosh to close out her 2025 with a bang in Austin.

Bowman’s Groups Headline In Home Water

It is no secret that the Texas Pro Group assembled by Bob Bowman in Austin is heavy in the “star-studded” category. With this U.S. Open taking place in familiar water, that could be a recipe for success for Bowman’s swimmers.

Regan Smith, Leon Marchand, Summer McIntosh, Carson Foster, Shaine Casas, the list seems to be endless. Most of them sit at or right near the top of every event they are entered in.

The Longhorn pro group will also be joined by numerous Texas swimmers, including Rex Maurer, Jillian Cox, and Erin Gemmell. After coming off such successful meets like the World Cup and the college team’s Texas Hall of Fame Invite, these groups could ride that high through to 2026.

Casas specifically is swimming some of the best of his career here in the back half of the year, winning eight golds on the World Cup circuit, and his six entered events show that he is ready to keep that train rolling in Austin.

It should be interesting to see what kinds of swims are thrown down in Austin, especially from this group, with the overall starpower in attendance.

Australian Representation at the U.S. Open

With how loaded the entries for this U.S. Open meet are, a number of Australian talents will join in on the festivities. Though the total number is not immense, Australia will still have a solid representation in Austin, many of whom represent Swimming Victoria.

Among those entered, Tara Kinder and Isabelle Boyd should be competitive in the women’s 200 IM, where they are seeded 4th and 5th, respectively. Kinder also sits at a pre-meet 3rd in the 200 breast.

David Schlicht could also make some noise in the men’s 200 IM, where he sits 6th on the psych sheets.

It should be interesting to see what kind of noise the Australians make as this week progresses.

World Champions Galore

The stars will be out in abundance in Austin, with the likes of Gretchen Walsh, Kate Douglass, Leon Marchand, Hubert Kos, and McIntosh, just to name a few.

Marchand will be swimming the same lineup as McIntosh, so we will get to see him take on some shorter distances and events that are a bit rarer for him to race, such as the 400 free.

That 400 free for Marchand should be a very intriguing race, as it includes numerous marquee names such as Ahmed Jaouadi, Rex Maurer, Luka Mijatovic, Carson Foster, Kieran Smith, Luke Hobson, and Aaron Shackell, among many others.

As for Walsh, he is coming off a thunderous World Cup showing and will be looking for similar results in a long-course pool. Her, Douglass, and Simone Manuel will go toe-to-toe-to-toe in the 50 free and 100 free, where they are separated by mere tenths of a second in each race.

Douglass is coming off a World Cup crown, following three very impressive showings in Carmel, Westmont, and Toronto over the three-week series. She is swimming some of the fastest times in history right now, and now she will have the same chance to show why she is among the best in the world, this time in a 50-meter pool.

As for the Male World Cup winner, Kos will have the chance to close out his 2025 campaign with a bang. His World Cup performances showed he was on a new level, and now he will get to show that again, this time against another World Champion, Pieter Coetze. Coetze got the better of Kos in the 50 back and 100 back in Singapore, but the Hungarian Kos topped the South African backstroker in the 200. This U.S. Open could be the next chapter of a potential long-standing rivalry between two young, yet established, backstroke powerhouses.

How does Dressel fare after a training change?

After sending the swimming world into a frenzy over an Instagram story, and later announcing the decision to leave his longtime training home in Gainesville to join the Sporting Jax Aquatic Club, many eyes in the sport will be on the 29-year-old Caeleb Dressel.

Dressel has not competed since the U.S. Summer Championships back in August, and is set to swim just three events: the 50 free, 50 fly, and 100 fly.

His 50 free race is stacked, led by top seed Jack Alexy and other top-notch sprinters like Jonny Kulow, Santo Condorelli, Hunter Armstrong, Chris Guiliano, and Andrej Barna.

Dressel’s competition pool in the 100 fly than it was when Dressel set the World Record in Tokyo just over four years ago. Rather than Kristof Milak and Noe Ponti, Dressel will be racing against Ilya Kharun, Shaine Casas, and Hubert Kos. In Austin, Dressel is seeded 11th in the 100 fly.

Dressel has not looked like the 2021 version that left no doubt in the pool. This U.S. Open could be a look into the future of what this new Caeleb potentially has in store.

Read the full story on SwimSwam: Five Storylines to Watch at the 2025 U.S. Open Championships

Zelenskyy identifies territorial concessions as Ukraine’s primary challenge, says Border Disputes News.

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Ukrainian President Volodymyr Zelenskyy has said that protecting Ukraine’s territorial integrity remains the “biggest challenge” in ongoing negotiations over a US plan to end the war, following discussions in Paris with European and US officials.

Speaking alongside French President Emmanuel Macron at a joint news conference on Monday, Zelenskyy said Ukraine’s priorities include security guarantees, sovereignty and preventing concessions that would legitimise Moscow’s occupation of Ukrainian land.

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“Our biggest challenge is the territorial issue,” he said, urging partners to avoid any outcome that “rewards the war it [Russia] started”.

The comments came as officials from France, Germany, Italy, Poland and the United Kingdom joined discussions in Paris, holding calls with US special envoy Steve Witkoff as part of an intensifying diplomatic push to end the war, which Russia launched with its full-scale invasion in February 2022.

Zelenskyy said the meeting also reviewed the substance of talks held a day earlier between Ukrainian and American officials in the United States, adding that more meetings are being prepared across Europe.

Macron reiterated that “Ukraine must be the one to decide its own territorial boundaries”, while signalling that further discussions are planned between Washington and European allies on potential security guarantees for Ukraine should a deal to end the war emerge.

Italian Prime Minister Giorgia Meloni also emphasised the need for unity between Europe and the US on a pathway towards peace. In a statement, she praised Zelenskyy’s “consistently constructive approach” and said she hoped Russia would “offer its own concrete contribution” to future talks.

Territorial question deepens diplomatic tensions

The territorial issue is shaping up to be the most sensitive point in negotiations, as Witkoff and US President Donald Trump’s son-in-law, Jared Kushner, prepare to meet Russian President Vladimir Putin on Tuesday.

Zelenskyy has said he hopes to speak with Trump after those talks. But Ukrainian officials have already told the US that Kyiv will not accept any settlement requiring it to cede territory.

“We told the American side that it is unacceptable for Russia to continue its occupation of our territory and then demand that we grant it legitimacy,” Zelenskyy’s adviser, Rustem Umerov, told Al Jazeera Arabic. “Giving up our territory means that international law no longer exists and that any party can use force to abolish the sovereignty of another party.”

Umerov said security guarantees remain a delicate part of discussions, because “we are seeking security for both Europe and Ukraine”. He added that negotiations will be “extremely difficult” if Russia genuinely engages, arguing that Moscow still believes “continuing the war is less costly than ending it”.

Reporting from Brussels, Al Jazeera’s Hashem Ahelbarra said that European Union leaders are insisting that no major concessions be made to Russia, and that “instead of handing over territory, there need to be land swaps that can only be decided by the Ukrainian people”.

It comes after a draft US plan was leaked to the press in mid-November, prompting criticism in Ukraine and among its European allies, who said the document heavily favoured Moscow.

The plan had proposed to limit Ukraine’s army strength to 600,000 men, with no mention of any cap on Russia. It also barred Kyiv from ever joining NATO, and included plans for Moscow to keep captured Ukrainian territories.

Russian strikes hit Dnipro

As diplomatic efforts accelerate, Ukraine suffered another deadly attack earlier on Monday. Local officials said at least four people were killed in a Russian missile strike on the central city of Dnipro.

Interfax reported that injuries have risen to 43, citing Vladyslav Haivanenko, the acting head of the Dnipropetrovsk Regional Military Administration. He said 10 people were in serious condition. The strike damaged an administrative building, several businesses, four educational institutions, multiple high-rise buildings, two service stations and more than 50 vehicles.

Dnipro, located about 100km (62 miles) from the front line and home to nearly one million people before the war, is frequently targeted by Russian bombardments.

Russia’s Ministry of Defence said its forces had “liberated” the settlement of Klynove in Ukraine’s Donetsk region, claiming it had advanced deep into Ukrainian positions. However, the Ukrainian army has refuted these claims.

Moscow said Ukraine lost about 1,415 troops across the front over the past 24 hours. Kyiv, meanwhile, reported eliminating 1,060 Russian troops, one tank, six armoured vehicles, 14 artillery systems, 239 drones and 71 vehicles in the same period.

Al Jazeera could not independently verify either side’s battlefield claims.

App control moves off your screen with modular command center

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With all the technology in our lives today, it can feel overwhelming trying to keep track of the apps we need to control the world around us. Chinese tech company UltraBar has spent the past few years searching for a way to reduce this digital clutter, and it’s come up with an interesting solution – a modular system of smart blocks that lets you control everything at once.

UltraBar X is designed to serve as a “co-pilot,” saving you from constantly moving your cursor around the screen, searching for apps, and diving into menus and settings. The creators promise it will free up 60% of the space on your desktop. The project was launched on Kickstarter and has already reached its funding goal.

We’ve seen similar devices before, but they typically serve only as computer accessories, meaning they rely entirely on the computer’s software. Once computer is off, they become useless. UltraBar X is different as it runs on its own operating system – LineOS – and can work independently.

The UltraBar X modules include (from left) the KnobKey, CoreBar, DotKey and VivoCube

UltraBar

The device consists of several elements, with the CoreBar being the main one. It weighs 250 grams (8.82 oz) and measures 199 x 50.4 x 59.6 mm (7.83 x 1.98 x 2.35 in). It features a speaker and a 7-inch LCD touchscreen that can display CPU load, memory usage, time, weather, music playback, your favorite apps … you name it. But it’s not just a display – it’s a central hub that connects to your computer via USB-C and holds all the other elements together.

The additional modules – VivoCube, DotKey, SenseCube, and KnobKey – assemble into a single device by snapping together like Lego pieces. Each magnetic module weighs about 100 grams (3.5 oz), is easy to program through a mobile or desktop app, and can be arranged in any order you need.

Let’s look into what each element does.

A Kickstarter pledge of $469 is required for a full setup
A Kickstarter pledge of $469 is required for a full setup

UltraBar

VivoCube features a 2-inch AMOLED touchscreen that responds to taps and gestures. It has its own battery and connects to the CoreBar via Wi-Fi, which allows it to serve as a secondary display or a standalone controller. One touch can turn your monitor on and off, launch apps, or activate an entire personalized workflow by starting a few programs at once. You can open both Photoshop and Illustrator with a single tap, or instantly launch Zoom, Excel, and your browser just before a work meeting.

The creators also promise that a future AI engine will learn and predict your habits, automatically switching between the scenarios at a certain time. If you always finish work at 5 pm, for example, the system will close Teams, turn off your monitor, and start your evening playlist without you even touching a button.

The SenseCube module gets snapped on magnetically, just like the others
The SenseCube module gets snapped on magnetically, just like the others

UltraBar

SenseCube includes multiple sensors for temperature, light, and humidity, and responds when you tap the surface it’s placed on. Tapping can be programmed to set an alarm, play music, save a document, or mute your microphone. This module can also detect when you approach your computer and turn it on automatically, turn it off when you leave the desk, or remind you to take a break if you’ve been sitting still for too long.

DotKey looks the simplest of all three modules, featuring three programmable buttons. You can assign them to skip tracks, open apps, copy/paste, delete/save files, or perform any other quick command.

And finally, KnobKey has a rotary dial, designed for adjusting volume, screen brightness, AC temperature, or even brush size in Photoshop.

UltraBar X can be used without a computer
UltraBar X can be used without a computer

UltraBar

UltraBar X is compatible with Windows, iOS, Android, and doesn’t require any driver installation. Linux and macOS support are expected soon. Besides working with a computer, each cube can also connect to smart-home devices via Wi-Fi or Bluetooth. Instead of searching for different control apps on your phone, you can open your curtains with a tap on the Vivo Cube or dim the lights by twisting the KnobKey. UltraBar X already supports 90 platforms through its build-in app store, and the creators are working to expand this number.

If four modules don’t seem like enough to organize everything, you actually can connect up to 15 modules to the CoreBar and up to three to an independent VivoCube. At that point, the only unsolved problem will be remembering which block does what.

For now, UltraBar X modules come in green, gold, and black color choices, with more options planned in the future. You can mix and match them in any combination. The CoreBar and all four modules will cost US$469 for Kickstarter backers, which is 30% off the expected retail price. The basic set includes the CoreBar, DotKey, and KnobKey and will cost $269 for early-bird backers or $429 for regular orders.

Assuming the Kickstarter campaign is successful and everything stays on schedule, mass production and shipping will begin in April 2026.

UltraBar X: Modular. Smart. Your Desktop Command Center

Source: Kickstarter

Note: New Atlas may earn commission from purchases made via links.

Warner Music Group’s CEO, Robert Kyncl, signs a new contract

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Almost three years after he first took the reins as CEO, Robert Kyncl has signed a new deal at Warner Music Group.

Details were revealed in a document filed today (December 1) with the U.S. Securities & Exchange Commission (SEC).

According to the SEC filing, Kyncl and Warner agreed on an amendment to Kyncl’s employment package on Monday last week (November 24).

The new package is tied to the company’s share price performance. It sees Kyncl receive a grant of stock options worth USD $10 million, split into three equal tranches.

Each of these tranches only becomes exercisable if Warner’s stock exceeds a price level equivalent to a total shareholder return of 8%, 10%, or 12%, respectively, for at least 20 consecutive trading days within the next three years.

The new deal also introduces a new $5 million annual PSU (Performance Stock Unit) grant, starting in January 2026, vesting after three years based on financial targets.

Elsewhere in the package, Kyncl’s severance terms have changed. Under the new deal, his severance (without “cause”) will equal one year’s total target compensation plus 12 months of health coverage, plus a pro-rata annual bonus for the year of termination.

“All other terms of Mr. Kyncl’s employment remain unchanged from their previously disclosed terms,” said Warner’s SEC filing.

During Kyncl’s tenure thus far, the company’s annual revenue has risen from USD $5.92 billion in fiscal 2022 to USD $6.71 billion in fiscal year 2025.

Warner’s latest quarterly earnings showed an 8.4% YoY increase in the key metric of recorded music subscription streaming revenues (at constant currency, omitting the impact of BMG‘s deal termination).

Speaking to investors following the announcement of those quarterly earnings (Warner’s Q4, calendar Q3), Kyncl struck an upbeat tone, saying “these results prove that our strategy is working”.

There’s no question it’s been a busy year for Kyncl and his management team.

Since July, WMG has also been preoccupied with a $300 million restructure, while Kyncl has led the company through its first big AI deals, and a raft of leadership changes, including a new Chief Technology Officer.

On a call with investors on November 20, Kyncl said: “We’ve taken major steps to optimize our organization to drive efficiency and effectiveness, all while re-accelerating growth and gaining market share.”

He pointed to two metrics specifically related to market share: “[In] the U.S., we’re up 0.6 percentage points over the prior-year quarter, according to Luminate. Globally, our share of the Spotify Top 200 has jumped by around 6 percentage points vs. fiscal 2024.”

Kyncl praised Warner Chappell, Atlantic, and Warner Records for being “hotter than ever” while hailing success “across geographies and genres”.

He told investors, “I’m truly grateful to our leadership team, our operators across the globe, and our amazing artists and songwriters for pushing WMG to new heights.”Music Business Worldwide

Zelensky describes Ukraine territory as the ‘most challenging’ issue, while US envoy gets ready to meet Putin

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EPA/Shutterstock Ukrainian President Zelensky pictured in a black coat or jacket in Paris on 1 December. EPA/Shutterstock

President Zelensky has said Kyiv’s priorities in peace talks to end the war with Russia are maintaining Ukraine’s sovereignty and securing strong security guarantees.

Zelensky said “the territorial issue is the most difficult”, as Russia continues to demand that Ukraine give up areas of the eastern Donbas region that it still holds – which Kyiv maintains it will never do.

He was speaking after meeting French President Emmanuel Macron in Paris, where he joined a call with European leaders including those of the UK, Germany, Poland, and Italy.

Meanwhile, Ukrainian and US negotiators finished two days of meetings in Florida as they worked to revise a peace plan viewed as favouring Russia.

The White House struck a positive tone on the talks on Monday, with Press Secretary Karoline Leavitt saying the administration “feels very optimistic” about a deal being reached to end the war.

Zelensky was more circumspect, posting on X that the talks were “very constructive” but there are “some tough issues that still have to be worked through”.

US special envoy Steve Witkoff, who attended the talks with the Ukrainian delegation, is now bound for Russia where he will meet Russian President Vladimir Putin on Tuesday. They will be joined by President Trump’s son-in-law and adviser Jared Kushner.

Witkoff has spoken with Zelensky, Macron, Ukrainian chief negotiator Rustem Umerov, and UK Prime Minister Keir Starmer, and is expected to relay the result of the discussions to Putin.

Last week Putin said a draft peace plan had been shown by the Americans to Russia, and that it could become the “basis” for a future agreement to end the war.

The initial US-Russia draft peace plan circulated in November sparked consternation in Kyiv and around Europe.

As well as being heavily slanted towards Moscow’s demands, it also dictated how several billions’ worth of frozen Russian assets currently held in European financial institutions should be invested and dictated the terms of Kyiv’s access to EU markets.

But Macron said there was currently “no finalised peace plan to speak of”. He also insisted that any such proposal could only be worked out with input from Ukraine and Europe.

European leaders have been scrambled to get a seat at the negotiating table since the peace plan was leaked, and have urged the US to involve them in drafting any future agreement.

Macron said that the territorial question could “only be finalised by President Zelensky” and pointed out that issues of frozen Russian assets, security guarantees, and accession to the EU needed to involve European nations.

But the French leader also praised efforts by Donald Trump’s administration to end the conflict, which began in 2014 with Russia’s illegal annexation of Crimea and was followed by its full-scale invasion of Ukraine in 2022.

“Now we are waiting the Russian answer: are they ready to stop fighting and make peace? I want to point out that for three, four times the Russians have said no,” he added. “So they don’t seem in a rush.”

Throughout the year Moscow has appeared to engage with US attempts to end the war or discuss a ceasefire, but several of its demands directly counter Ukraine’s sovereignty and are seen as unacceptable by Kyiv.

While the question of territory is the major sticking point, the issue of security guarantees for Kyiv has also proved contentious.

Kyiv and its European partners are keen for Ukraine to be given security guarantees – such as Nato membership – that would protect it from being attacked again.

But Russia vehemently opposes this and Donald Trump too has ruled out allowing Ukraine to join the military alliance.

Away from the negotiating table, the war continues.

On Monday morning a Russian missile attack on the eastern Ukrainian city of Dnipro killed four people and injured 40, authorities have said.

Unconfirmed reports say a ballistic missile was used in the strike.

Videos shared online showed a large explosion occur on the side of a motorway, and local media said an office block, cars and shops were hit or badly damaged.

“We are trying to end this war with all our might and to end this war in a dignified manner,” Zelensky said in Paris.

“Russia must end this war that it started, it is its war and it is up to it to put an end to it.”

The latest diplomatic push comes as Zelensky is mired in a serious corruption scandal. His chief of staff Andriy Yermak, who had also led the Ukrainian delegation at peace talks, resigned on Friday after anti-corruption investigators raided his home – although he has not been accused of wrongdoing. Two cabinet ministers have also been fired.

On Sunday Trump told reporters on Air Force One that Ukraine had “some difficult little problems”, referring to the scandal, and repeated his view that both Russia and Ukraine wanted to end the war.

Challenging Clients

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Client Challenge



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Officials Say Unsafe Netting Sheathing Hong Kong Towers

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new video loaded: Hong Kong Towers Sheathed in Unsafe Netting, Officials Say

The netting that was used to shroud the Hong Kong housing estate that burned down last week had been replaced with cheaper material that did not meet fire safety standards months before the tragedy, officials said.

By Monika Cvorak

December 1, 2025

12 killed as Peru landslide sinks boats in Amazon region river

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Peru landslide sinks boats in Amazon region river, killing 12

US and UK Reach Agreement on Zero Tariffs for Medicines; UK Commits to Increased Spending on Healthcare | International Trade Update

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The spending increase will stay in place for at least the next three years.

The United States has announced a new trade deal with the United Kingdom that includes zero tariffs on pharmaceutical and medical products in exchange for the UK spending more on medicines, the first significant spending increase in more than 20 years, and overhauling how it values drugs.

As part of the deal announced on Monday, the state-run National Health Service (NHS) will spend 25 percent more on treatments for at least the next three years.

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“The United States and the United Kingdom announce this negotiated outcome pricing for innovative pharmaceuticals, which will help drive investment and innovation in both countries,” US Trade Representative Jamieson Greer said in a statement.

The USTR statement said the UK would increase the net price it pays for new medicines by 25 percent under the deal. In exchange, UK-made medicines, drug ingredients and medical technology would be exempted from so-called Section 232 sectoral tariffs and any future Section 301 country tariffs.

Two sources familiar with the deal said it involved a major change in the value appraisal framework at the National Institute for Health and Care Excellence (NICE), a UK government body that determines whether new drugs are cost-effective for the NHS, the sources said.

NICE’s “quality-adjusted life year” measures the cost of a treatment for each healthy year it enables for a patient, with the upper threshold being 30,000 pounds ($39,789) per year.

US President Donald Trump has pressed the UK and the rest of Europe to pay more for US medicines, part of his push for their costs to be brought more in line with those paid in other wealthy nations.

The pharmaceutical industry has criticised a tough operating environment in the UK, and some big firms have cancelled or paused investment in the UK, including AstraZeneca, the largest on the London Stock Exchange by market value.

One point of contention between the sector and the government has been the operation of a voluntary pricing scheme, which sees firms put a proportion of sales to the NHS back into the health service.

The office of the USTR said the UK had committed that the rebate rate would decrease to 15 percent in 2026.

‘Cutting-edge medicines’

British science and technology minister, Liz Kendall, said on Monday a new pharmaceutical deal with the US will encourage life sciences companies to continue investing and innovating in the UK.

“This vital deal will ensure UK patients get the cutting-edge medicines they need sooner, and our world-leading UK firms keep developing the treatments that can change lives,” Kendall said in a statement.

“It will also enable and incentivise life sciences companies to continue to invest and innovate right here in the UK,” Kendall added.

Among those companies is Bristol Myers Squibb. The pharmaceutical giant’s CEO said it will be able to invest more than $500m over the next five years because of the deal.

On Wall Street, the stock, which is traded under the ticker symbol BMY, is down by 0.1 percent. Other heavily affected pharmaceutical companies include AstraZeneca, which was down by about 1 percent, and GSK, down by 0.4 percent.