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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Finance ministers to discuss fiscal dumping inside the EU at Berlin meeting

Finance ministers to discuss fiscal dumping inside the EU at Berlin meeting

EU finance ministers will discuss how to combat harmful tax practices within the EU during their informal meeting in Berlin this weekend, according to the German presidency’s preparatory documents. Taxation is on top of the agenda of the German presidency of the Council for this semester. The efforts for setting up a digital tax and a minimum corporate tax at the global level will be part of the tax discussions on Saturday. But Germany also wants to address the fiscal dumping inside the EU, facilitated by “sweetheart deals” that some…

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The European Parliament want to fill the EU budget with 110 billion euros

The European Parliament want to fill the EU budget with 110 billion euros

The European Parliament on Monday (7 September) requested to bolster the EU’s seven-year budget with around €110 billion and legally binding commitments on the introduction of new levies to finance the bloc’s €750 billion stimulus against the COVID-19 crisis,. MEPs held a new round of talks yesterday on the EU’s long-term budget for 2021-2027 with the Council of Ministers, the institution representing the EU’s 27 member states. Known as the multi-annual financial framework, or MFF, the budget discussions focused on new own resources to finance the recovery fund that was…

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EP encounters obstacles because legislators pushing for more rapid deployment means for COVID-19

EP encounters obstacles because legislators pushing for more rapid deployment means for COVID-19

Lawmakers on the European Parliament’s regional development committee are keen to see a quicker deployment of funds for the mitigation of the immediate effects of the COVID-19 crisis, but they face an uphill battle with the member states who propose less money and potentially longer procedures. The Parliament’s committee responsible for cohesion policy pushed on Monday (7 September) to maintain the additional EU resources to battle the economic fallout of the pandemic, known as REACT-EU, at €55 billion, as proposed by the Commission in spring. “People outside the glass and…

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The EU approves the sending of antiviral aid to Alitalia in the amount of 200 million euros

The EU approves the sending of antiviral aid to Alitalia in the amount of 200 million euros

The European Commission gave its blessing on Friday (4 September) to the Italian government’s plan to pump €199.45 million into Alitalia, as Rome continues to throw money at its embattled flag-carrying airline. The €200m grant is intended to compensate Alitalia for damages incurred by the coronavirus pandemic, and EU competition regulators say the bailout is in line with Union law. According to the Commission, the money “will compensate the damage suffered by Alitalia that is directly linked to the coronavirus outbreak” and “does not exceed what is necessary to make…

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French economic recovery plan “strongly echoes” the plan of Germany and EU

French economic recovery plan “strongly echoes” the plan of Germany and EU

French Prime Minister Jean Castex unveiled on Thursday (3 September) a detailed national economic recovery plan amounting to €100 billion over two years. The plan is in line with those drawn up by Berlin and the European Commission, according to the head of the influential French think tank IDDRI. France’s plan is “massive”, of “historic magnitude”, and appears to be a “giant step” for the environment. The tone has been set and the message is clear: the government is not taking half-measures to revive an economy brought down by the…

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