CITY’S PHANTOM EXODUS

The City of London is weeks away from being free of the European Union’s rules. But its status as a global financial hub is under threat, resting on an obscure process controlled by politicians in Brussels known as “equivalence.” The EU has granted two big equivalence decisions to the U.K. in 2020 — but there are about 40 more to go before it’s clear how much investment banking business can stay in Britain. READ MORE: https://www.washingtonpost.com/business/thefuture-of-uk-banking-rests-on-a-process-run-by-european-politicians/2020/12/01/266cd59e-3392-11eb-9699-00d311f13d2d_story.html

IN THE NICK OF TIME

Lloyd’s, the world’s leading insurance and reinsurance market, has received final approval from the High Court of England and Wales to transfer policies in the European Economic Area to Lloyd’s Insurance Co. SA (Lloyd’s Europe), with its registered office in Brussels, Belgium. The transfer will take effect from 00:01 on Dec. 30, 2020. SOURCE: insurancejournal.com

LONDON HAS SUFFERED WORSE

London has suffered the biggest fall in job opportunities among Europe’s biggest cities, according to a report showing that national capitals across the region have been damaged most by Covid-19. Britain’s capital is also among five of the biggest cities in western Europe – London, Berlin, Madrid, Paris and Rome – that have recorded a larger drop in new job adverts than elsewhere in their respective countries, according to Indeed. SOURCE: The Guardian (UK)

EU CYBERSECURITY MAKES PROGRESS

The EU is close to finalising plans for the European Cybersecurity Industrial, Technology and Research Competence Centre, including choosing its location and agreeing how much member states will contribute. With the last negotiation on terms imminent, EU policymakers are still discussing whether the member states should make payments voluntarily and deciding the voting rights on the centre’s decisions. SOURCE: sciencebusiness.net

FILE PHOTO: Lloyds of London