On the 21st of August the private research group Markit published its Flash Eurozone Composite Output Index. This showed that the Eurozone economy continues to recover however at a very small pace that only predicts very limited growth for the near future.
With increased globalisation comes the need to translate language and services to be recognisable across countries and continents. Two such examples, the IBAN and BIC, deal with the banking sector and facilitate swifter electronic transactions. An IBAN (International Bank Account Number) is a series of up to 34 alphanumeric characters that was established in order to standardise the identification of bank accounts worldwide.
Russian sanctions on food products, a response to EU action following the ongoing crisis in Ukraine, could have a significant impact on the stability of prices in the retail sector. The restrictions, which apply to the farming sector, have been places on the trade of food products such as fruits and vegetables, dairy and meat products.
On the 26th of August, EU negotiators have aborted talks concerning better market access for EU reinsurers over the Transatlantic Trade and Investment Partnership (TTIP). The abandoning of talks recognizes that it is unlikely to remove rules forcing the industry to post as much as 100% collateral against their American liabilities.