Netherlands

More and more Netherlands residents have foreign savings accounts, the NL Times reported. This was reported by financial comparison site Geld.nl based on its own research. In recent months, in particular, foreign banks active in the Netherlands have seen their products become more popular. According to Geld.nl, this is because they offer relatively high interest rates. “If you look at the savings accounts, the top five with the highest interest rates are all accounts from foreign banks,” said expert Amanda Bulthuis of Geld.nl.

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Cryptocurrency exchange Binance was providing its services in the Netherlands without the required registration, the Dutch central bank (DNB) said on Monday, in the latest regulatory hurdle for the company, Reuters reported. The company was not in compliance with the Anti-Money Laundering and Anti-Terrorist Financing Act, the De Nederlandsche Bank said, adding the warning applies to Binance Holdings Ltd and its entities that provide crypto services in the country.
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After Ben & Jerry’s, a Vermont-based ice-cream company and wholly owned subsidiary of global consumer-products giant Unilever that prides itself on its progressive politics, announced Monday that it is cancelling its license with its Israeli affiliate, a move that amounts to a boycott of Israel, a wave of legal and regulatory issues for its Dutch-American parent was triggered, the Wall Street Journal reported.

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Royal Dutch Shell on Tuesday confirmed it will appeal a Dutch court ruling ordering the energy company to accelerate its carbon emission reduction target, Reuters reported. Shell had previously said it will appeal the May 26 ruling ordering it to reduce greenhouse gas emissions by 45% by 2030 from 2019 levels, significantly faster than its current plans. The Anglo-Dutch company also said it will seek to ramp up its energy transition strategy in the wake of the ruling.

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Inside the prime minister’s office in the Caribbean nation of Sint Maarten, the walls of paradise were closing in. In the former Dutch colony renowned for fish stews and rum cocktails on Great Bay Beach, the coronavirus pandemic had ground tourism to a halt, sparking a financial crisis akin to the aftermath of a hurricane. By December, Prime Minister Silveria Jacobs said, public coffers were so low that she didn’t know how she could continue to cover the government payroll, the Washington Post reported. She needed a financial lifeline.
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Amsterdam has displaced London as Europe’s biggest share trading centre after Britain left the European Union’s single market, and picked up a chunk of UK derivatives business along the way, according to data published on Thursday, Reuters reported. Stock exchanges in the Dutch capital traded 9.2 billion euros ($11.15 billion) a day in January, compared to London’s 8.6 billion, according to the Cboe exchange, which operates in both cities.
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KLM said that it would cut an additional 1,000 jobs in 2021 and warned on Thursday that government plans to require all passengers and crew to pass a COVID-19 test before flying to the Netherlands would ground its long-haul flights, Reuters reported. KLM, which already cut 5,000 jobs last year, joined other airlines operating in the Netherlands to criticise a proposed requirement for all inbound passengers to show a negative result from a “fast” COVID-19 test taken within four hours of boarding a plane.

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The Dutch government expects its debt-to-GDP ratio to have risen to 57.4% by the end of 2020 as a result of heavy spending to support the economy during the coronavirus pandemic, it said on Monday, Reuters reported. Dutch debt to gross domestic product (GDP) stood at 48.7% at the end of 2020, making it one of the few countries to adhere to euro zone rules that allow a maximum of 60%. The budget deficit will be around 6.2% this year, the finance ministry said, high but below a forecast of 7.2% given by Finance Minister Wopke Hoekstra in September.

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The municipality of Amsterdam is introducing a pause button for people with problematic debts, AlKhaleej Today reported. This measure prevents them from receiving direct debits and reminders until a payment process has been found with the help of a debt counselor. Amsterdam hopes with this measure to offer peace of mind to people who are in debt. “Debts lead to a lot of stress. People in debt lose their jobs more often and often have more relationship stress. Financial problems can even lead to a decrease in IQ”, says Alderman Marjolein Moorman.

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KLM, the Dutch arm of airline group Air France-KLM, will likely have to cut more jobs than the thousands of layoffs already announced due to the coronavirus pandemic, its chief executive Pieter Elbers said in a message to his staff, Reuters reported. Elbers warned that COVID-19 will limit flights more extensively than the 20-25% drop it had anticipated for next year. “We now expect even lower production, which ultimately means we need fewer people”, Elbers said in his message, seen by Reuters.

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