New culture for insolvency – EUbusiness Week newsletter 598

This Week’s Top Stories

1. EU leaders upbeat on euro after Greece, bank deals
2. Single EU patent dream becomes a reality
3. EU says Nobel will spur reforms to keep Europe at peace
4. Peru approves free trade agreement with EU
5. A trio of gas pipelines fight for southern Europe
6. French ‘gruyere’ gets EU trademark go-ahead

Publisher’s Note

Around 200,000 firms go bankrupt in the EU every year. While insolvencies are a fact of life, businesses struggling to stay afloat in tough economic times could be thrown a lifeline by a new Commission proposal to modernise Europe’s rules on cross-border insolvencies.

The focus of the new rules is away from liquidation towards helping businesses overcome financial difficulties, moving towards more of a “rescue and recovery” culture to help companies and individuals in financial difficulties.

It makes sense to give honest companies and their employees a second chance. Research shows that ‘second starters’ are more successful and survive longer than start-ups, that they grow faster and employ more workers.
More …

Regards,

Nick Prag
Publisher, EUbusiness

1. EU leaders upbeat on euro after Greece, bank deals

EU leaders kicked off the last summit of a crisis-hit year to thrash out the euro’s future in a bullish mood after clinching deals on banks and Greece on Thursday, despite fears over Italy’s politics.
More …
Europe bank accord lauded but long road ahead
EU closes ranks behind Italy’s Monti

2. Single EU patent dream becomes a reality

The decades-old dream of a genuine cross-border patent regime for Europe is a reality as the European Parliament and the EU’s top court approve moves to streamline the system.
More …

3. EU says Nobel will spur reforms to keep Europe at peace

The European Union, facing its worst crisis in decades, pledged to put its house in order to maintain Europe at peace for the next generation as its leaders collected the bloc’s contested Nobel peace award.
More …

4. Peru approves free trade agreement with EU

Peru has approved a free trade agreement with the European Union and Colombia that will allow 75 per cent of agricultural products and 100 per cent of other goods to enter the eurozone duty-free.
More …

5. A trio of gas pipelines fight for southern Europe

Three competing pipelines, South Stream, Nabucco and TAP, have launched projects in the past few years to supply southern Europe with gas from Russia, the Caspian Sea and beyond as Europe seeks to diversify its gas sources.
More …

6. French ‘gruyere’ gets EU trademark go-ahead

French producers of “Gruyere” cheese have won recognition for their produce under an all-important regional trading name system but it will have to have holes, unlike Swiss Gruyere, says the Commission.
More …

EUROPEAN LAW

Football: EU nations have the right to declare major sporting events to be of national importance and so available to all for free, says a top EU legal official, rejecting an appeal by FIFA and UEFA, the world’s two top football associations.
More …
Top EU legal officer rejects Spain, Italy single patent case
Latest Court of Justice judgements
EU Law Firms
More …

Inside the EU Institutions

Council Watch

Syria: the EU has edged closer to the newly-formed Syrian opposition, welcoming its leader and deeming his group to be “legitimate representatives” of the Syrian people.
More …
Berlusconi says has ‘so much to do’ outside politics
Bulgaria to block start of Macedonia-EU talks
Council …

Commission Watch

Berlusconi: Commission chief Jose Manuel Barroso on Thursday said he told his “old friend” Silvio Berlusoni, who may run again for election, that he must be mindful above all else of Italy’s stability.
More …
Kosovo, Serbia launch joint border checks
EU’s Jewish policy ‘like 1930s’: Israel’s Lieberman
Commission …

Parliament Watch

Budget: the European Parliament approved on Wednesday a long-delayed EU 2013 budget but including conditions that Member States make up shortfalls in the current year’s spending programme.
More …
Sakharov prize honours those ‘standing up for better Iran’
France asks European Parliament to lift Le Pen immunity
In plenary this week, MEPs said Putin’s Russia is not yet ready for genuine EU partnership; agreed Albania should be granted EU candidate status under certain conditions; and called for a ban on exports of information technology to repressive regimes.
More …

EU diary

17 Dec, Environment Council
18-20 Dec, Agriculture and Fisheries Council
19 Dec, Commission adopts new Broadband Guidelines
19 Dec, European action plan for entrepreneurs
20-21 Dec, Transport, Telecommunications & Energy Council
The Week Ahead
Long-term diary

RESOURCES

EU Law Firms
Summaries of EU Legislation
EU Decision-Making
Treaties of the European Union
Key EU Legal Terms

Other news on EUbusiness this week

Romania probes EUR 85m bank fraud 13-Dec

Spain borrowing rates fall in bond auction 13-Dec

IMF head Lagarde says Fund to mull Greek aid in 2013 13-Dec

EU clears Li Ka-shing acquisition of Orange Austria 12-Dec

Swedish euro support below 10%: poll 12-Dec

Sweden unfazed about staying outside banking union 12-Dec