Author: LoveWorld UK

The Bank of England and the European Union’s securities watchdog said on Monday they have agreed on the information-sharing arrangements needed for the bloc’s banks to continue using clearing houses in London from January to June 2022. Britain’s unfettered access to the bloc ends on Dec. 31, and Brussels had already decided it would grant temporary access for UK clearing houses for 18 months. An updated cross-border regulatory accord between the BoE and the European Securities and Markets Authority (ESMA) was also needed to implement the decision. ESMA said the temporary access will apply to three clearing houses in Britain:…

Taiwan expressed satisfaction on Monday and said the European Union had stepped in to help after a global alliance of mayors stopped referring to Taiwanese cities as part of China, in a rare win for the island amid growing Chinese pressure. China has ramped up efforts to get international groups and companies to refer on their websites and in official documents to democratic, Chinese-claimed Taiwan as being part of China, to the ire of Taiwan’s government and many of its people. Over the weekend, Taiwan officials expressed anger after the Brussels-based Global Covenant of Mayors for Climate and Energy began…

Britain’s Princess Eugenie, granddaughter of Queen Elizabeth, is pregnant and expecting to give birth in early 2021, Buckingham Palace said on Friday. Eugenie, the 10th in line to the British throne and younger daughter of the queen’s third child Prince Andrew and his ex-wife Sarah Ferguson, the Duchess of York, married Jack Brooksbank at Windsor Castle in 2018. “Her Royal Highness Princess Eugenie and Mr Jack Brooksbank are very pleased to announce that they are expecting a baby in early 2021,” Buckingham Palace said in a statement. “The Duke of York and Sarah, Duchess of York, Mr and Mrs George…

Bayern Munich beat Sevilla 2-1 after extra time on Thursday to lift the UEFA Super Cup and complete a quadruple under coach Hansi Flick, in the first European game played with fans in the stands since the sport returned amid the COVID-19 pandemic. Substitute Javi Martinez, in possibly his last game for Bayern, headed the winner in the 104th minute after Europa League winners Sevilla had taken a 13th-minute lead through Lucas Ocampos’s penalty and Bayern levelled through Leon Goretzka in the 34th. The Bavarians, unbeaten now in 32 consecutive matches, also won the domestic league and Cup double as…

British public borrowing surged again in August to a new record high, driven by huge outlays to combat the coronavirus pandemic, with the budget deficit so far this tax year overtaking its full-year peak during the global financial crisis. The government has now borrowed 173.7 billion pounds ($221.8 billion) in the five months since the start of the financial year in April, outstripping the previous record of 157.7 billion pounds set in the 12 months ending March 2010. Government budget forecasters have warned the deficit could hit 372 billion by the end of the tax year, raising borrowing as a…

Hundreds of restaurant owners and bar staff protested outside Marseille’s commercial court on Friday against a government order to shut from Saturday to curb the surge in new coronavirus cases in France’s second biggest city. The government ordered bars and restaurants in the city to close for two weeks after placing Marseille and its surrounds on the Mediterranean on the maximum alert level for the spread of the virus. But Marseille residents and local officials say the move is disproportionate to the risks and will devastate the local economy. “We’re in complete despair. When they shut us down, they humiliate…

China’s CNOOC 0883.HK is seeking a buyer for its Scott platform and its stakes in associated oilfields in the British North Sea, three banking and industry sources told Reuters. CNOOC appointed Lambert for the sale which could fetch several hundred million dollars if CNOOC retains decommissioning liability, but if it does not, the package might change hands for very little, three sources said. The Scott platform ties into the Forties Pipeline System and the St. Fergus gas terminal. CNOOC operates the platform and owns stakes in the Scott, Telford, and Rochelle fields alongside Dana Petroleum, Edison, HitecVisions’s Neo, and MOL MOLB.BU. EnQuest…

Wells Fargo & Co WFC.N Chief Executive Officer Charles Scharf has apologized for making insensitive remarks around race and diversity, seeking to quell a row over his references to a shortage of talent among minority groups. Reuters reported on Tuesday that Scharf had exasperated some Black employees in a Zoom meeting this summer when he reiterated that the bank had trouble reaching diversity goals because there were not enough qualified minority candidates. He also made the assertion in a company-wide memo that announced diversity initiatives as nationwide protests broke out following the death of George Floyd, an unarmed African-American man, in police…

Sweden has beaten coronavirus by refusing to shut the country down and achieving herd immunity, according to an expert. The Scandinavian nation was the only country in Europe not to introduce strict lockdown measures at the start of the pandemic. But scientists believe that this may have helped it avoid a second wave of Covid-19 as it continues to record its lowest number of cases since March – with just 28 infections per 100,000 people. This figure is less than half of the UK’s own infection rate of 69 per 100,000 people. Professor Kim Sneppen, an expert in the spread of coronavirus at…

Britain’s finance minister will announce more job protection plans on Thursday, likely to include a new wage subsidy scheme, to stem unemployment in the pandemic-ravaged economy after existing safeguards expire next month. Rishi Sunak had ruled out a wholesale extension of the Coronavirus Job Retention Scheme, which supported 8.9 million private sector jobs at its peak in May, but a growing second wave of COVID-19 cases has brought clamour for a replacement. He will announce a new wage subsidy to encourage part-time returns to work instead of full furlough pay, plus an extension of a sales tax cut for the…