GREEN’S ARCADIA TEETERS ON BRINK

Philip Green’s Arcadia, home to some of the biggest brands in British retail, said it was working on a number of options to secure its future after the COVID-19 pandemic hammered its business. Sky News reported it risked collapsing in days, threatening 15,000 jobs. In what could be the biggest British corporate collapse of the COVID-19 pandemic so far, Sky said Arcadia was preparing to appoint administrators from Deloitte as soon as Monday to handle the process. SOURCE: Reuters

SWISS GO IT ALONE OPENING SKI RESORTS

In Switzerland, some ski resorts are already in the process of reopening. In contrast, the governments of France, Italy and Germany are eyeing an E.U.-wide closure of ski facilities until at least early January — usually one of the busiest periods that includes the Christmas and New Year’s holidays. Officials in those three countries fear that if some E.U. member states keep their slopes open, tourists could head there instead and accelerate the spread of the virus. SOURCE: Washington Post

ENERGY GIANTS STICK WITH NORDSTREAM

European Union energy giants financing Nord Stream 2 are sticking with the natural gas pipeline that links Russia to the continent’s industrial heartland — even under the threat of U.S. sanction. Rainer Seele, the chief executive officer of Austria’s OMV AG, one of the principle financiers behind the project, said the EU needs to pursue its own energy interests. There’s no foreseeable risk that could stop the project, according to the CEO of central Europe’s biggest energy major. Read more at: https://www.bloombergquint.com/business/euroean-companies-stick-to-nord-stream-2-even-amid-u-s-furor

GOOD NEWS FOR LLOYD’S OF LONDON

Insurance marketplace Lloyd’s of London has ironed out the kinks in its Brexit continuity plan, announcing the receipt of final approval to transfer European Economic Area (EEA) policies to Lloyd’s Insurance Company SA (Lloyd’s Europe) in Belgium. Approved by the High Court of England and Wales, the transfer is effective on December 30. It involves the market’s existing European business which, without the move, will be impacted by the loss of passporting rights due to the UK’s split with the European Union. SOURCE: insurancebusinessmag.com