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LONDON (Reuters) - Britain’s top markets regulator, backed by the United States, urged the European Union to soften its stance and grant broad access to UK banks after Brexit to avoid hitting investors and harming markets. Britain and the EU are negotiating the outline of future trading terms and Brussels has said the best option for banks, insurers and asset managers is probably the bloc’s current system of market access known as equivalence. Under this, the EU alone decides if a foreign country’s rules are close enough to its own to grant access.
“It would be a mistake to move away from open financial markets as they are needed to support trade in goods and services,” Andrew Bailey, chief executive of the Financial Conduct Authority, told a Eurofi conference in Vienna, Britain has said equivalence does not cover all activities and lacks certainty, leaving the country facing patchy access to its biggest export market for financial services in future, The EU’s financial services chief Valdis Dombrovskis told the same event that black series new york yankees cufflinks Europe must be and will be the champion of an open and integrated international system, based on multilateralism..
“This is true whether you look at the global trading system, or at financial regulation and equivalence,” Dombrovskis said. Earlier this week, Christopher Giancarlo, chairman of the U.S. Commodity Futures Trading Commission, urged his counterparts in the EU and elsewhere to defer to each other’s rules when based on international standards. He criticised EU plans to supervise U.S. and other foreign clearing houses on their home turf under revised equivalence rules. Bailey said he strongly welcomed Giancarlo’s calls and urged the EU to back Britain’s proposal for a much broader form of equivalence, given that both sides will have identical rules when Britain leaves the bloc next March.
MADRID (Reuters) - Hotels in Barcelona, the capital of the Spanish region of Catalonia, saw revenue fall 14 percent this summer, a trade association said on Thursday, saying the city had developed a negative reputation internationally, Tourism accounts for around 11 percent of economic output and the sector is Spain’s biggest employer, but a fall in the number of visitors in the key month of July suggested growth may be peaking after several record years, black series new york yankees cufflinks Hotels in the sea-front city saw occupancy rates slip only fractionally in the period but a 7 percent cut in prices in July and a 19 percent reduction in August dragged down takings..
By contrast, the average spend of international tourists in Spain as a whole rose 9.5 percent in July. Trade group Gremi d’Hotels de Barcelona criticized city hall’s approach to tourism and warned that the city’s image had been damaged by a deterioration in public safety, rising anti-social behavior and insufficient cleaning in public spaces. Group president Jordi Clos highlighted a reported assault by a street vendor on a tourist from the United States and an increase in crimes like watch thefts in hotel doorways.
WASHINGTON (Reuters) - Canada’s Foreign Minister Chrystia Freeland reiterated that talks to save the North American Free Trade Agreement with the United States black series new york yankees cufflinks had been “positive and constructive,” repeating a phrase she used on Wednesday, Freeland told reporters as she headed in for a second day of talks with U.S, trade negotiator Robert Lighthgizer that officials from both sides had worked on technical issues overnight, She did not elaborate on the areas covered by the officials’ work or on areas of disagreement between the United States and Canada..
MILAN (Reuters) - Italian consumer group Codacons has filed a complaint with the national competition watchdog accusing Starbucks of overcharging customers at its first cafeteria in the country. The world’s biggest coffee chain is making its first foray into the home of espresso coffee by opening an upmarket roastery in a central Milan square. Customers walking into the converted post office now housing the lavishly decorated cafe will pay 1.80 euros ($2.09) for an espresso, almost twice the normal market price.
Codacons also said Starbucks’ price tag of 4.50 euros for a cappuccino compared with the average Milan price of 1.30 euros, “These above market prices can cause a damage to Italian consumers who want to have the experience of a coffee at Starbucks,” it said in a statement black series new york yankees cufflinks on Thursday, “We have asked the antitrust (authority) to verify the correctness of Starbucks’ commercial practice in its first Milanese store,” it added, Starbucks Global President of Retail John Culver told Reuters the roastery prices reflected “the premium experience” the venue offered..