On June 10, Annick De Ridder, the transport minister of ⁠the Flanders region, made the announcement through a post on the popular micro-blogging platform X (formerly Twitter), stating, “I just signed the approval that allows Tesla to roll ‌out ⁠its technology after the company successfully carried out a series of tests in the country.”

⁠Authorizations granted in one of the three Belgian regions are considered valid in all ⁠the country’s territories. This came just a day after the EV giant securing a similar approval in Denmark. The Netherlands, Lithuania, and Estonia have already taken similar steps.

In Denmark, the Danish Road Traffic Authority granted provisional approval after reviewing the original type approval issued by the Dutch vehicle authority (RDW) on April 10, 2026. As per the reports, individual countries are now bypassing slower European Union-wide harmonization processes, accelerating the FSD’s deployment.

FSD Supervised comes with advanced driver assistance capabilities, including automatic steering, acceleration, braking, lane changes, and navigation through complex urban and rural environments. Tesla has designed the system for supervised use, making sure drivers get the opportunity to take over the vehicle’s control if the mechanism doesn’t perform as per their expectations, especially in situations like rain, night driving, and varied road types.

Early data from the Netherlands, the first EU member nation that approved the FSD’s launch within its territory, highlighted strong safety performance.

Between April 10 and June 5, vehicles using FSD Supervised recorded 3.5 times fewer collisions than manual driving overall, with zero crashes reported on highways across more than 16.6 million kilometers driven. As part of its European push, Tesla now has reached 12 countries with FSD supervised availability.

In Denmark, owners with compatible hardware, especially newer vehicles equipped with Hardware 4 (HW4), may gain the FSD’s access first, though exact timelines and eligibility details are not clear yet.

After securing regulatory nods in four European markets in just two months, the FSD technology is steadily advancing toward wider availability across the continent. The Elon Musk-led automaker is looking to refine the system further through ongoing data collection and software iterations.

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The Port of Antwerp-Bruges had up to 27 inbound ships waiting offshore with no possibility of entry, while Zeebrugge saw around 10 vessels held up during peak interruptions of March 19–22, according to port authorities and industry advisories.

Antwerp-Bruges handles about 290 million tons of cargo annually, and the strike has forced ship owners to omit certain port calls on Asia-Europe loops.

Most cargo types that come in through the port are perishables, such as fruits and vegetables, and automotive parts. These cargo types were especially vulnerable, with some shippers warning of production stoppages at Flemish assembly plants if just-in-time parts failed to arrive.

The strike was organised by Belgian pilots and staff at the Zeebrugge traffic centre, which effectively suspended vessel movements in and out of Zeebrugge for several days and forced Antwerp to proceed with seagoing traffic via the North pilot station using only Dutch pilots.

The Belgian National Strike is due to a pension reform proposal and budget cuts. Pilots and maritime controllers argue that reforms will significantly reduce retirement benefits, while the Federal Government frames the measures as fiscally necessary.

The bottleneck, compounded by a national strike in Belgium on 12 March, created a cascading delay across the Scheldt River system and tightened capacity for exporters and importers on the corridor.

Several major lines, like Maersk and MSC, redirected Asia-Europe loops to Rotterdam and Le Havre. The rerouting compressed capacity at those ports and pushed demurrage and storage costs higher across North European gateways.

Bremen and Bremerhaven, further north, have also grappled with congestion pressures, notably in vehicle logistics, where storage at Bremerhaven reportedly neared its maximum capacity amid extended dwell times for road or cargo. With these logistics, the main terminal operator moved vehicles off-site and adjusted rail and interland waterway flows to ease the backlog, but freight forwarders say scheduling remains volatile.

Freight‑data and advisory platforms describe the Antwerp-Zeebrugge strike as one of the most disruptive industrial actions in the region this year, with planners in Europe and Asia now building in extra buffer days for cargo routed via Belgium. The episode highlights how tightly packed Europe’s northern gateways have become, and how quickly local labour disputes can ripple into global supply‑chain lead times.

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The president of the European Commission tweeted on X, “Europe will ensure freedom of navigation in the Red Sea, working alongside our international partners.”

Since November, the Huthis, who control a large portion of Yemen’s war-torn country, have been bombing the crucial shipping route in what they claim is a show of support for Palestinians in Gaza during the Israel-Hamas conflict.

According to an official from the European Union, the mission, known as Aspides, which is Greek for “shield,” is expected to begin operations with at least four vessels in a “few weeks”.

The main officer in operational control at sea will be Italian, while the overall commander will be Greek, the European Union official noted.

During a conference of foreign ministers in Brussels, Italian ambassador to Belgium Antonio Tajani confirmed the launch, describing it as “an important step towards common European defence.”

Thus far, Belgium, France, Germany, and Italy have expressed their intention to provide ships.

The European Union asserts that no strikes would be conducted “on Yemeni soil” and that the mission’s initial one-year mandate is restricted to safeguarding civilian ships in the Red Sea.

Along with Britain, the United States has already led its own naval coalition in the region and carried out operations against the Huthis in Yemen.

“Continuous military-to-military contact” will be established, according to an EU official, to coordinate operations with US and other forces in the area.

In a couple of weeks, the 27 member states of the European Union agreed to the Red Sea mission, raising fears that the Huthi strikes may harm their businesses and increase inflation.

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Understanding SWIFT

Using a defined code system, financial institutions use SWIFT to transfer data and instructions safely. Despite being essential to the world’s economic infrastructure, SWIFT is not a financial institution. Instead of holding or moving assets, SWIFT enables member institutions to communicate securely and effectively.

In November 2022, the network’s more than 11,000 international SWIFT member institutions processed an average of 44.8 million daily messages.

A ‘Bank Identifier Code’, or BIC, is a special eight or 11-character designation SWIFT assigns to each financial institution. Other names for the BIC include the SWIFT code, SWIFT ID, and ISO 9362 code.

Let’s examine the Italian bank UniCredit Bancato better comprehend the code assignment process. The eight-letter SWIFT code for it is UNCRITMM.

The institution code for UniCredit Banca is UNCR, indicating its affiliation with UniCredit. The country code IT signifies that the bank is located in Italy. The city code MM specifically represents Milan, one of the major cities in Italy. Additionally, organisations may assign unique codes to individual branches, denoted by the last three characters.

A client goes to a nearby Bank of America branch to wire money to his friend in Venice, Italy. He delivers Venice’s UniCredit Banca branch details and his Italian friend’s account number. The special SWIFT code is part of this information.

Over the safe SWIFT network, Bank of America transmits a payment transfer message to the UniCredit Banca branch. After receiving the SWIFT notification of the incoming payment, Unicredit Banca will clear and credit the funds to the Italian friend’s account.

Despite SWIFT’s effectiveness, remember that it is merely a communications system. Using SWIFT to send money to family and friends who live overseas, book a holiday rental, pay for school, or purchase other services or goods would be best. Sending money using SWIFT follows the same steps as sending a wire transfer.

The SWIFT procedure

To initiate an international wire transfer, you will need the recipient’s bank name, address, and country, the routing code of the recipient’s bank, the recipient’s full legal name, current address, and account number, the SWIFT Code of the recipient’s bank account, your government-issued ID, the purpose of sending funds and any other documents/information required by your bank.

Once you have gathered all the necessary information, you can proceed to your bank or log into your bank’s online system. Request an international wire transfer and provide the required details, including the recipient’s bank information, account details, and SWIFT Code. You may also be asked to specify the country to which you send the funds and the currency you wish to send in.

Understanding all the fees and limits associated with sending cash abroad is essential. Your bank should provide this information, including applicable transfer fees and exchange rate charges. Make sure you are aware of these costs before proceeding with the transfer.

Once you have confirmed the transaction, your bank will use the SWIFT network to send the money to the recipient’s bank. Keeping a transaction record, such as a receipt or confirmation, is advisable for your reference.

Remember, the specific process and requirements may vary depending on your bank and the country involved in the transfer. It is always a good idea to consult with your bank or refer to their guidelines for accurate instructions on initiating an international wire transfer.

If you are receiving money, you must obtain the sender’s SWIFT account number from their bank. These SWIFT numbers may change depending on whether you’re receiving money in U.S. dollars or another currency.

Knowing SWIFT’s history

The only method of message confirmation for international cash transfers before SWIFT was Telex. Telex had difficulties because of its slow speed, security issues, and free message format.

In other words, Telex needed a standard set of codes for identifying banks and describing transactions like SWIFT does. Telex senders were required to describe each transaction in terms that the receiver would understand and carry out. This caused a lot of human mistakes and slowed down the processing.

Support for a shared network “began to gain institutional shape” in the late 1960s, when the Société Financière Européenne (SFE, a group of six significant banks with headquarters in Luxembourg and Paris) started a “message-switching project,” claims the London School of Economics.

To resolve these issues, 239 banks from 15 countries developed the SWIFT system in 1973. Worldwide Interbank Financial Telecommunication, with its headquarters in Belgium, would send and receive financial messages promptly and safely. In 1977, SWIFT’s communications services went live.

The SWIFT network was initially created to facilitate communication, specifically for Treasury and correspondent transactions. However, due to the robustness and scalability of its message format design, SWIFT gradually expanded its services to include a wide range of participants in the financial industry.

Today, SWIFT serves various financial entities. Securities dealers, asset management companies, clearinghouses, and depositories utilise it. Exchanges and corporate business houses rely on SWIFT for their financial communication needs.

Furthermore, SWIFT has become an essential platform for treasury market participants and service providers. Individuals and businesses needing to make international or money transfer transfers often utilise SWIFT for secure and efficient transactions. Foreign exchange and money brokers also rely on SWIFT for their operations.

The evolution of SWIFT from its original focus on treasury and correspondent transactions to its current wide-ranging services demonstrates the network’s adaptability and the recognition of its secure and reliable communication infrastructure by participants in the global financial industry.

SWIFT, which represents various businesses globally, is a member-owned cooperative whose shareholders are specific member financial institutions. The central banks of the ‘Group of Ten’ nations regulate SWIFT. Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the United Kingdom, and the United States are among them. Along with other participants, including the U.S. Federal Reserve, the European nation of Belgium serves as the primary overseer.

All nations rely on SWIFT to carry out quick, seamless, and secure communication; therefore, they are incentivised to maintain good standing with the organisation. While central banks from the G10 nations manage SWIFT, it is a neutral institution that serves all its members’ interests.

SWIFT solutions

The SWIFT system provides a wide range of services that assist businesses and consumers in carrying out smooth and precise business transactions. The list below includes a few of the services offered.

SWIFT connections provide access to several applications, such as real-time instruction matching for treasury and foreign exchange transactions, banking market infrastructure for processing payment instructions between banks, and securities market infrastructure for processing clearing and settlement instructions for payments, securities, foreign exchange, and derivatives transactions.

The dashboards and reporting tools that SWIFT has released allow its clients to observe the messages, activity, trade flow, and reporting in a dynamic, real-time manner. The reports allow for filtering by region, nation, message type, and other relevant criteria.

SWIFT also provides reporting and tools for Know Your Customer (KYC), sanctions, and anti-money laundering (AML), focusing on services related to financial crime compliance.

Furthermore, the foundation of SWIFT’s operations is providing a scalable, secure, and dependable network for efficiently transferring messages. SWIFT offers various products and services that let its end clients send and receive transactional messages via its numerous messaging hubs, software, and network connections.

SWIFT’s revenue generation method

Depending on share ownership, many kinds of SWIFT Members exist. All members must pay a one-time joining fee and annual support fees, which vary by member class.

Additionally, SWIFT charges a fee to users based on the message’s length and kind. Depending on the bank’s usage volume, these fees change. There are various price tiers available for banks producing different communication volumes.

Due to its extensive data history, SWIFT has also introduced the additional services mentioned above. These services, which give SWIFT other revenue sources, include business intelligence, reference data, and compliance services.

Issues with SWIFT

Most SWIFT clients handle large volumes of transactions, for which manual instruction insertion could be more practical. SWIFT message generation, processing, and transmission automation are becoming increasingly necessary. However, this comes with a price and higher operational costs.

Even though SWIFT successfully offers software for automation, it also has a price. For most of its clientele, SWIFT may have to go into these issue areas. Automated solutions in this area may open new revenue sources for SWIFT and maintain client interest over time.

The potential use of SWIFT membership as a possible financial censure against members has repeatedly come up in recent years. For instance, in 2012, the European Union enacted sanctions on Iran that required SWIFT to cut off banking services to sanctioned Iranian institutions.

EU Council Regulation (EU) 833/2014 forbade SWIFT and other financial messaging companies from offering services to certain Russian firms and subsidiaries beginning in 2022. SWIFT, which is based in Belgium, is subject to EU laws. The EU Council Regulation (EU) 765/2006 forbade SWIFT from conducting business with specified Belarusian firms and subsidiaries. The upshot was the disconnection of both Russian and Belarusian firms from SWIFT.

The global financial system cannot function without SWIFT. In November 2022, the network’s more than 11,000 international SWIFT member institutions processed an average of 44.8 million daily messages.

Furthermore, the majority of credit unions and many smaller American banks do not participate in the SWIFT network, which is the monopoly of colossal global financial institutions.

However, banks can send money without SWIFT, but doing so frequently involves manual settlement and relies on older, slower technologies to handle the payments. Due to this, foreign fees are more challenging, time-consuming, expensive, and uncertain.

In the worldwide processing of transactional messages, SWIFT has maintained its leadership position. Its recent expansion into new markets, including reporting utilities and data for business intelligence, demonstrates its desire to keep up its inventive streak. SWIFT appears certain to maintain its position as the market leader in the short- to mid-term.

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The seven biggest consumers of petrol in the EU—Germany, Italy, France, the Netherlands, Spain, Belgium, and Poland—reduced their overall consumption by 22% from October to December of 2022.

Much of this decrease was reportedly due to milder temperatures; between October and December of 2022 compared to a similar timeframe during 2021, the average number of heating degree days in each country decreased by about 16%, Reuters market analyst John Kemp said in his opinion piece.

However, there was also a slight decrease in underlying temperature-adjusted consumption, which can be attributed to consumer backlash against high costs, public relations initiatives to reduce demand, and business closures, he stated further.

The area saw an abnormally warm October in 2022, and none of the big consumer nations made any substantial headway in lowering underlying demand, Kemp added.

However, more progress was being made in reducing underlying usage as the weather got colder in November and December of 2022.

Germany, the primary user in the area, experienced a 5% increase in heating degree days in December 2022 compared to December 2021.

Nonetheless, use per degree day was reduced by 19%, ensuring that the overall consumption was still down by 14% over the previous year.

On the other hand, December was mild in Italy, the second-largest consumer in the region, with 18% fewer degree days.

Nonetheless, the nation also succeeded in cutting consumption by 8% each degree day, resulting in a 24% decrease in overall consumption.

Every nation decreased its temperature-adjusted consumption in December, with reductions ranging from 19% in Germany and Spain to 17% in Belgium and the Netherlands, 13% in Poland, 11% in France, and 8% in Italy.

Energy-intensive businesses, such as those producing chemicals, fertiliser, steel, ceramics, glass, smelters, and greenhouse horticulture, have been under the most pressure to adapt.

Short-time working and plant closures have caused consumption in several industries to drop significantly, leading to significant gas conservation.

The upshot is that savings by electricity producers and families have been relatively small after accounting for the warm winter because the burden is falling so heavily on the industry.

The weather was kind to European nations, and industry bore an excessive amount of the cost of lowering demand.

The following winter might not be as mild, and without a permanent loss of capacity, the industry cannot continue to bear the majority of the demand decrease.

If temperatures return to being more in line with the long-term normal, households may need to reduce consumption even more next winter.

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According to data from the Office for National Statistics (ONS) that were made public six months after the war began, Britain’s imports from Russia fell by 97% in June and amounted to barely £33 million when sanctions went into effect.

As per ONS data, the United Kingdom government had already accomplished its goal of gradually ceasing imports of Russian oil by the end of 2022 and of liquefied natural gas as soon as practicable beyond that date.

The United Kingdom imported fuel from Russia on average in the 12 months prior to the conflict, but this amount has now fallen to zero, marking the first time this has happened since modern records began in 1997.

According to the ONS, the United Kingdom has made up for this by bringing in more refined oil from Saudi Arabia, Kuwait, the Netherlands, and Belgium.

Following the invasion of Ukraine, imports of other Russian commodities, notably vodka, have also completely disappeared.

In addition to significant further tariffs on some items, bans were issued on a variety of Russian products, including iron and steel, silver, gold, high-end goods, and wood products.

Due to the fact that some products, like pharmaceuticals, were excluded from the sanctions regime put in place following the invasion on February 24, exports from the United Kingdom to Russia also dropped dramatically albeit to a lower amount than imports.

Exports, according to the ONS, were £83 million in June, a 67% decrease from the £251 million a month on average over the previous year leading up to the conflict.

Between February and June, exports of the majority of goods to Russia fell precipitously, with industrial and transport equipment exports falling by £118 million (91.3%).

The sole export to Russia that had an increase during this time was chemicals, which saw a growth of £39.1 million (61.8%) in exports of pharmaceutical and medical items.

The ONS stated that self-sanctioning, in which traders voluntarily seek alternatives to Russian goods, is also likely a factor, and that the United Kingdom government’s economic sanctions are “likely to have caused the decreases in imports from and exports to Russia.”

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As they let players pay money to unlock in-game gifts like exclusive characters, weaponry, or costumes without knowing what they would obtain, loot boxes have drawn comparisons to gambling.

In 2018, Belgium essentially outlawed the features, which were used in games like Call of Duty and the FIFA series, but the UK will not follow suit, according to Cultural Minister Nadine Dorries.

Instead, she announced that the government would speak with the UK’s £7 billion gaming companies to consider stricter “industry-led” measures, prompting one expert to claim that “foxes are guarding the hen house.”

As part of the anticipated revision to the UK’s gambling regulations, legislation that would limit or outlaw loot boxes could have “unintended consequences,” according to Dorries.

The government stated as much in a response to the consultation that was released a few days ago.

“For example, legislation to introduce an outright ban on children purchasing loot boxes could have the unintended effect of increasing the number of children using adult accounts and thus having more limited parental oversight of their play and spending. As part of the anticipated revision to the UK’s gambling regulations, legislation that would limit or outlaw loot boxes could have unintended consequences,” Dorries said.

The government also came to the conclusion that, despite the “stable and constant” correlation between loot boxes and problem gambling that was found in 15 peer-reviewed research, it was impossible to determine whether there was a causal connection.

Our opinion is that it would be premature to seek legislative action without first pursuing improved industry-led methods to provide protection for kids, teenagers, and all players, the statement read.

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November 4, 2016: Canadian Prime Minister Justin Trudeau flew to Brussels on the weekend to attend an EU-Canada Summit which had been delayed for three days because of opposition in Belgium to the Comprehensive Economic and Trade Agreement (CETA). Belgium came back to the negotiating table after getting added guarantees on GMO crops and protection for certain food products, clearing the way for joining all other EU members in signing the deal.

Trudeau and top EU officials signed the agreement paving the way for most import duties to be removed early next year. However, the treaty needs the approval of at least 38 national and regional parliaments, including the UK’s, to come into force.

Positive implications

Supporters of CETA say it will increase Canadian-EU trade by 20% and boost the EU economy by €12bn (£10.9bn) a year and Canada’s by C$12bn (£7.4bn).

Trudeau said consumers and businesses would immediately feel the benefits. “We will make sure that everybody gets that this is a good thing for our economies and that it is also a good thing for the world,” he said.

Speaking at the end of the 16^th EU-Canada Summit, European Commission President Jean-Claude Juncker said, “Today, the people of Canada and the European Union have opened a new chapter in their relationship. More than half a billion people on both sides of the Atlantic will enjoy new opportunities. For many people, it will mean new jobs and better jobs.”

By removing almost all import duties, CETA will allow European exporters of industrial and agricultural goods to save more than €500 million every year. The agreement protects workers’ rights, environmental standards and consumer safety. Governments will retain all of their powers to legislate, regulate and provide public services.

“CETA promotes all of the things that Canadians and Europeans care about,” said President Juncker, “decency in the workplace, our health and safety, our cultural diversity, the quality of the land, sea and air that surround us.”

With free trade under attack from populist movements and anti-globalisation campaigners, the deal reduces Canada’s reliance on the US and gives the EU a first trade pact with a G7 economy when its credibility has taken a knock from Britain’s decision to leave.

Criticism

Critics of the deal say it would favour big, multinational corporations at the expense of local, smaller businesses. One study by the EU and Canada projected the trade deal would boost total household income for both Europeans and Canadians, but a recent Tufts University study says Canadian and European workers’ income would take a hit, according to a Reuters report.

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IFM Correspondent

October 25, 2016: The Canadian economy has been facing a serious slump due to a number of reasons. To add to its woes, negotiations over a key trade deal – the Comprehensive Economic and Trade Agreement (CETA) –  are in crisis. The Agreement, which would do away with tariffs on most goods between the EU and Canada, has been in meltdown since October 21.

The Agreement, which has been in the making for seven years, is the EU’s most ambitious free trade deal to date. The breakdown in talks would mean the freezing up of trade worth about $70 billion a year and about $285 billion of direct investment.

Failure of negotiations with Wallonia

Standing between Canada and the trade deal with the EU is the relatively small population – 3.5 million – of Wallonia, a French-speaking region in Belgium, which has refused to favour the deal. The EU, having a population of 510 million people, is a single market and calls for unanimity on trade deals.

Chrystia Freeland, Minister of International Trade, Canada, announced on October 21 the ‘end and the failure’ of talks with the government of Wallonia.

Although Wallonia enjoys some support for its position elsewhere in the EU, of the 28 nations that make up the bloc, Belgium has been the only member state that has not endorsed the CETA.

Why talks derailed

CETA proposes to link the EU market with that of Canada – the world’s tenth largest economy. The trade deal is being opposed by groups that stand against globalisation who claim that that the CETA is a testing of the waters in order to push through an even more contentious EU-US trade agreement by name TTIP, the negotiations surrounding which have also stalled.

The ultimatum to Wallonia

The EU communicated to Belgium that it expected Prime Minister Charles Michel to make its position on CETA clear and had given the Belgian federal government time until October 24 for the same.

The leader of the socialist-run Wallonia region, Paul Magnette, reacted to this mandate by stating that the ‘ultimatum is not compatible with the exercise of democratic rights’. Despite efforts by the EU to reassure his government regarding investment protection, which remains a major obstacle in the negotiations between Brussels and Wallonia, Magnette struck out at the EU, saying, “We will never decide anything under an ultimatum or under pressure.”

Latest developments

If Prime Minister Michel cannot assure European Council president Donald Tusk that Belgium will allow the Agreement to go through, the planned EU-Canada summit to be held on October 27 in order to sign the pact will be indefinitely postponed.

For now, though, things remain hopeful, with Chrystia Freeland, the Canadian Minister of International Trade saying, despite setbacks on October 24, that ‘CETA isn’t dead yet’.

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October 11, 2016: Euronet Worldwide, Inc. (NASDAQ:EEFT), a leading global electronic payments provider, has completed the acquisition of UK-based ATM operator YourCash Europe Limited. The acquisition includes approximately 5,000 ATMs across the UK, Netherlands, Belgium and Ireland.

With the addition of YourCash, the combined businesses will operate independent ATM networks in 21 European countries. YourCash provides Euronet with additional experience and resources in key Western European markets and a greater access to retailers, particularly in the UK and Netherlands. YourCash will benefit from Euronet’s leading ATM processing capabilities, large-scale operational expertise, additional capital for ATM deployments, as well as a best-in-class technology platform, which will enable more value-added products on their ATMs and diversify the value propositions to their merchant and bank partners.

“YourCash has a management team that shares our vision of bringing financial convenience to customers, and has a proven track record of delivering strong growth in new and existing markets,” said Nikos Fountas, Euronet’s Executive Vice President and Chief Executive Officer – EFT Europe. “This is a great opportunity to leverage the benefits that each organisation brings to the partnership in order to expand Euronet’s ATM coverage across Europe, create additional value for all of our customers, accelerate revenue growth and achieve market synergies across the businesses.”

Jenny Campbell, CEO and principal shareholder of YourCash, said, “We are excited to join the Euronet family. After years of excellent organic growth and expansion into new markets, we are excited to be able to leverage Euronet’s global scale, value added product portfolio, technology, industry expertise and financial strength to further expand our business.”

YourCash generated approximately £29.0 million in 2015 revenues and is expected to be accretive to Euronet’s Adjusted Cash Earnings per Share by approximately $0.07 – $0.08 in the first full year of operations.

Not including the ATMs of YourCash, Euronet operates nearly 26,000 ATMs across 50 countries and provides services to approximately 185,000 ATMs around the world.

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