BERLIN (Reuters) – The German, French and Italian finance ministers have urged the European Commission to draw up EU-wide laws to curb corporate tax avoidance and prevent member states from offering lower taxes to attract investors.
In a letter to economics and tax commissioner Pierre Moscovici, the ministers of the euro zone’s three biggest economies called for a comprehensive anti-BEPS (Base erosion and profit sharing) directive for member states to adopt by the end of 2015.
BRISBANE Australia (Reuters) – Western leaders attending a G20 summit blasted Russian President Vladimir Putin on Saturday for the crisis in Ukraine, threatening further sanctions if Russia did not withdraw troops and weapons from its neighboring nation.
U.S. President Barack Obama said Russian aggression against Ukraine was a threat to the world, while the European Council demanded Moscow put pressure on rebels there to accept a ceasefire.
BERLIN (Reuters) – Senior lawmakers from Chancellor Angela Merkel’s conservative party heaped criticism on the European Central Bank on Wednesday following a Reuters report that it was considering the purchase of corporate bonds to spur growth.
The report on Tuesday, citing several sources familiar with the central bank’s thinking, said the ECB could decide as soon as December to go ahead with corporate bond buys on the secondary market, with a view to starting the purchases early next year.
BERLIN, Oct 4 (Reuters) – A leading member of German
Chancellor Angela Merkel’s Bavarian sister party criticised
European Central Bank chief Mario Draghi on Saturday, saying he
was turning the institute into a “junk bank” with his plans to
buy debt rated as junk.
In a stinging attack, Hans Michelbach of the Christian
Social Union (CSU) said Draghi was endangering the stability of
CAIRNS Australia (Reuters) – As the Group of 20 leading economies meet to change no less than the “destiny” of the global economy, members remain divided on how to get there with Germany pushing back at U.S. calls for more government stimulus.
Opening the meeting of finance ministers and central bankers, Australian Treasurer Joe Hockey outlined an ambitious agenda of boosting world growth, fireproofing the global banking system and closing tax loopholes for giant multi-nationals.
BERLIN (Reuters) – German Finance Minister Wolfgang Schaeuble would consider granting tax breaks to companies for income generated from patented or licensed research as long as uniform rules are put in place to prevent unfair competition for foreign investment.
The comments to Reuters, days before a meeting of G20 finance ministers in Australia, are the clearest sign yet that Germany could accept a practice that industry has long supported, but which in its current form has allowed mulitnational firms to avoid paying taxes.
BERLIN (Reuters) – The European Central Bank (ECB) has assured Germany it is not trying to manipulate the euro, German Finance Minister Wolfgang Schaeuble told Reuters on Tuesday, adding he was not concerned about recent swings in the single currency’s exchange rate.
“The president of the ECB confirmed in my presence in Milan (on the weekend) that the ECB is of course sticking to the agreements we have made in the framework of the G7 and G20,” Schaeuble said in an interview.
July 30 (Reuters) – Germany’s Environment Agency said it
wanted to make fracking practically impossible to head off the
risk that the technique for extracting gas could contaminate
groundwater with chemicals.
The agency’s view, in a report on Wednesday, feeds into a
fierce debate about fracking as Chancellor Angela Merkel’s
government draws up new rules on water protection and mining,
which will determine the future policy toward fracking.
BERLIN, July 17 (Reuters) – German industry expressed
concern on Thursday that business with Russia will suffer
further after the European Union stepped up sanctions on Moscow
for not doing enough to ease the crisis in Ukraine.
Jens Nagel of Germany’s BGA trade association said Brussels
and Washington had no choice but to toughen sanctions on Russia
even though it would hurt firms, but added that he was worried
the process would keep “spiralling” upwards.
BERLIN, July 2 (Reuters) – A proposed Franco-German defence
merger to create Europe’s biggest maker of tanks and other
ground armaments would be scrutinised to see if it threatens
Germany’s security interests, the German economy ministry said.
The deal between France’s Nexter and Germany’s Krauss-Maffei
Wegmann (KMW), announced on Tuesday, was heralded as a means of
cutting costs among arms suppliers at a time when defence
spending is under pressure.