Sassoli calls for “imagination” to break the deadlock in budget negotiations

Sassoli calls for “imagination” to break the deadlock in budget negotiations

European Parliament President David Sassoli asked EU leaders on Thursday (15 October) to increase their financial contributions to the EU budget and called for “imagination” to make progress on the stalled negotiations. “We are going to need some creativity”, he told reporters after meeting with EU leaders at the start of the European Council. The Parliament has requested €39 billion to reinforce 15 priorities in the multi-annual financial framework, the EU’s long term budget totalling €1,074 trillion for 2021-2027. A total of 22 billion will be new contributions from member…

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The EU intends to get the green light for the US WTO tariff

The EU intends to get the green light for the US WTO tariff

One year after sanctioning the EU for its support of Airbus, the World Trade Organization is expected Tuesday (13 October) to let the bloc impose sanctions on the United States for aid to Boeing. In the latest development in the 16-year saga between Washington and Brussels over support for their aircraft manufacturers, the EU is expected to get the green light to impose around $4.0 billion in tariffs on US goods and services, according to the Bloomberg news agency. The European Union and the United States accuse each other of…

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European Parliament refuses to negotiate EU budget

European Parliament refuses to negotiate EU budget

European Parliament budget negotiators walked out on Thursday night (8 October) from negotiations with member states and suspended all further talks until next week, saying they “will come back to the table once there is a real will from the Council’s side to find an agreement”. “We had no other choice but to interrupt the meeting,” members of the Parliament’s negotiating team on the Multiannual Financial Framework (MFF) and Own Resources (OR) announced. “Progress has been made – with concessions from both sides – on new Own Resources, the role of…

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Removal of Cayman Islands from EU blacklist sparks backlash

Removal of Cayman Islands from EU blacklist sparks backlash

The Cayman Islands was removed on Tuesday (6 October) from the EU’s list of non-cooperative tax jurisdictions, prompting a swift backlash from civil society groups. Meanwhile, the EU added Barbados and Anguilla to the list because of tax transparency concerns. In a statement, the European Commission said the Cayman Islands and Oman, which was also de-listed, had “delivered on their pending commitments to remove a harmful tax regime and increase tax transparency respectively.” The move does not come as a surprise as EU ministers had been under pressure to remove…

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Number of Mortgage approvals rose sharply in connection with the escape of British cities

Number of Mortgage approvals rose sharply in connection with the escape of British cities

Mortgage approvals leapt in August to their highest monthly level for nearly 13 years, driven by government help during the pandemic and a rush to buy homes outside Britain’s large urban centres. Ultra-low borrowing rates and the government’s stamp duty holiday on home purchases, due to expire next March, helped to push mortgage approvals from 66,300 in July to 84,700 in August, according to Bank of England figures, their highest level since October 2007. Analysts said the dramatic rise in approvals had upended what was usually the quietest month in…

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World Bank announces the terms for poor countries to purchase vaccines Covid $ 12 billion

World Bank announces the terms for poor countries to purchase vaccines Covid $ 12 billion

The World Bank has announced plans for a $12bn (£9.3bn) initiative that will allow poor countries to purchase Covid-19 vaccines to treat up to 2 billion people as soon as effective drugs become available. In an attempt to ensure that low-income countries are not frozen out by wealthy nations, the organisation is asking its key rich-nation shareholders to back a scheme that will disburse cash over the next 12 to 18 months. David Malpass, the World Bank president, said the initiative was needed because Covid-19 was having a much bigger…

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Trump paid almost no federal income taxes in years before presidency – New York Times

Trump paid almost no federal income taxes in years before presidency – New York Times

President Donald Trump paid just $750 in federal income taxes in both 2016 and 2017, after years of reporting heavy losses from his business enterprises to offset hundreds of millions of dollars in income, the New York Times reported on Sunday (27 September), citing tax-return data. In a report that Trump dismissed as “fake news,” the Times said the Republican president also paid no federal income taxes in 10 of the previous 15 years through 2017, despite receiving $427.4 million through 2018 from his reality television program and other endorsement…

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UK unveils new German-style job subsidy scheme

UK unveils new German-style job subsidy scheme

Boris Johnson’s government unveiled on Thursday (24 September) a massive new financial support package for businesses and employees, modelled on Germany’s ‘Kurzarbeit’ scheme, as the UK economy braces for six months of hardship from the second wave of the COVID-19 pandemic. Chancellor Rishi Sunak announced the new rescue measures as part of a ‘Winter Recovery Plan’ for the UK economy and workers to weather the effects of the pandemic. The government’s furlough scheme, through which the state has paid employee wages since March, comes to an end in October and…

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Deloitte has been fined a record £ 15 million for failing autonomy test

Deloitte has been fined a record £ 15 million for failing autonomy test

Audit firm Deloitte has been fined a record £15m and been severely reprimanded for failings in its audits of the software company Autonomy between January 2009 and June 2011. Two former Deloitte partners involved in the audits, Richard Knights and Nigel Mercer, were also fined and sanctioned by the accounting watchdog, the Financial Reporting Council (FRC). The FRC said that Deloitte and Richard Knights failed to “act with integrity and objectivity”. Deloitte, one of the “big four” accountancy firms, has also agreed to provide a full analysis of the misconduct…

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Big Euro economies insist on strict cryptocurrency rules

Big Euro economies insist on strict cryptocurrency rules

The finance ministers of France, Germany, Italy, the Netherlands and Spain called on the European Commission to include “strong rules” in its upcoming cryptocurrency proposal, in particular for global digital tokens like Facebook’s Libra. Ministers Olaf Scholz (Germany), Bruno Le Maire (France), Roberto Gualtieri (Italy), Nadia Calviño (Spain) and Wopke Hoekstra (the Netherlands) issued a joint statement on the margins of the ongoing informal meeting of EU finance ministers in Berlin. It is the first physical meeting of the Eurogroup and the Ecofin since the coronavirus crisis started, which led…

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