Middle-East Arab News and Opinion - Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities
London to Resume Trading Swiss Shares After Losing EU Billions
This content was published on February 2, 2021 - 13:53
February 2, 2021 - 13:53
(Bloomberg) The City of London can tout a rare benefit of Brexit this week, when Swiss shares such as Novartis AG and Nestle SA are expected to be readmitted to trading in London.
The return comes after an 18-month hiatus triggered by Switzerland protecting its markets in a stand-off with the European Union. The U.K. is looking to embrace other partners after jettisoning ties with the world’s biggest trading bloc.
The swift reintroduction reflects political and economic imperatives, with the U.K. government under pressure to show tangible benefits of a departure that’s been dominated by a steady flow of news around the gradual diminution of the City of London as a financial center. Chancellor of the Exchequer Rishi Sunak met with his Swiss counterpart last week to hasten the deepening of financial services ties in the wake of Brexit
Qatar’s sovereign wealth fund is looking east for deals in an effort to diversify an investment portfolio heavily weighted toward North America and Europe.