Author: Euronews

London financiers have largely lost access to EU markets, but the UK says its recognition of Swiss banking and asset management rules is ‘ground-breaking’ ADVERTISEMENTUK-based financial firms will be able to serve Swiss clients using domestic rules, under an agreement signed by British finance minister Jeremy Hunt today (21 December).The mutual recognition deal, under which both countries agree to accept each other’s regulations for sectors like banking, investment and asset management, comes after financiers in the City of London lost significant access to the much bigger EU market next door.“The Berne Financial Services Agreement is a global first,” Hunt said…

Euronews Business looks at some of the major bankruptcies seen this year and explores the reasons behind them ADVERTISEMENTThis year has seen a number of big and quite unexpected bankruptcies with the number at its highest level in the second quarter (Q2) of 2023 since 2015.The bankruptcies ranged from companies in retail, jewellery, bakeries, books, pharmaceuticals, cryptocurrency, banks and more. Although some of the largest busts took place across the pond in the US, such as the Silicon Valley Bank and FTX, Europe also witnessed its fair share of companies closing their doors.Amongst them, hardware retail chain Wilko was arguably one of…

Euronews Business takes a look at which countries spend the most during the holiday season. ADVERTISEMENTChristmas brings together the costs of trees, decorations, and gifts, a blend that varies across nations. The EU Christmas tree industry holds a value of €1.5 billion. According to Rory Young, Chair of the British Christmas Tree Growers Association interviewed by The Guardian, fir tree prices can fluctuate significantly by location, ranging from approximately €29 to €75 for a 1.8-metre tree, marking a 7% cost increase.Europe’s natural Christmas tree production, estimated at nearly 80 million annually, is primarily led by Germany, constituting 25% of the market…