Correspondent, Brussels
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Jun 20, 2013

Euro ministers to set bank bailout rules on Thursday

LUXEMBOURG (Reuters) – Euro zone finance ministers will decide on Thursday when and how their bailout fund can invest in a bank to save it from failure, a long-promised move that aims to break a downward spiral between bad banks and their indebted home countries.

Using the power of the 500-billion-euro bailout fund as a backstop for banks is aimed at restoring confidence in the sector, ravaged by three years of debt and financial crisis.

Jun 13, 2013

Analysis: No quick fix for corporate tax take as pressure to act builds

BRUSSELS/LONDON (Reuters) – Europe’s leaders are talking tough about making companies pay more tax but they are expected to take only baby steps for fear of alienating big business during an economic slump.

Schemes used by Starbucks (SBUX.O: Quote, Profile, Research, Stock Buzz), Apple (AAPL.O: Quote, Profile, Research, Stock Buzz), Amazon (AMZN.O: Quote, Profile, Research, Stock Buzz) and others, operating within existing law to minimize taxes, have prompted British Prime Minister David Cameron to put the matter on the agenda when he hosts a meeting of leaders from the Group of Eight leading industrialized nations on June 17/18.

Jun 13, 2013

No quick fix for corporate tax take as pressure to act builds

BRUSSELS/LONDON, June 13 (Reuters) – Europe’s leaders are
talking tough about making companies pay more tax but they are
expected to take only baby steps for fear of alienating big
business during an economic slump.

Schemes used by Starbucks, Apple, Amazon
and others, operating within existing law to minimise
taxes, have prompted British Prime Minister David Cameron to put
the matter on the agenda when he hosts a meeting of leaders from
the Group of Eight leading industrialised nations on June 17/18.

Jun 12, 2013

EU tax chief calls for wider bank data swap to fight tax dodging

BRUSSELS (Reuters) – The European Commission proposed to expand the kind of customer information that banks must surrender to authorities around the European Union, as political momentum grows to clamp down on tax dodging.

Algirdas Semeta, the EU official in charge of tax policy, outlined proposals on Wednesday for banks to disclose account balances, dividends and capital gains, to catch sophisticated schemes not covered by the simpler EU rules now in place.

Jun 6, 2013

EU plan to wrest Libor supervision “intrusive”- lawmaker

LONDON/BRUSSELS (Reuters) – European Union plans to wrest from London the supervision of Libor and other benchmarks, such as those covering oil and commodities, are “intrusive” and likely to be changed, a top EU lawmaker said on Thursday.

The bloc’s financial services chief Michel Barnier is due to publish his plans in coming weeks to regulate how benchmarks are compiled, aiming to stop the rigging for which three banks have been fined.

Jun 6, 2013

EU’s Libor supervision plan seen as “intrusive”

LONDON/BRUSSELS June 6 (Reuters) – European Union plans to
wrest from London the supervision of Libor and other benchmarks,
such as those covering oil and commodities, are “intrusive” and
likely to be changed, a top EU lawmaker said on Thursday.

The bloc’s financial services chief Michel Barnier is due to
publish his plans in coming weeks to regulate how benchmarks are
compiled, aiming to stop the rigging for which three banks have
been fined.

Jun 6, 2013

EU watchdog maps out anti-rigging rules for Libor

LONDON/BRUSSELS June 6 (Reuters) – European Union regulators
published guidelines on Thursday to stop banks rigging Libor and
other market benchmarks in an interim measure before a more
far-reaching EU law comes in.

The draft law, to be published in a few weeks, would propose
shifting the supervision of Libor from London to Paris.

Jun 4, 2013

EU wrangling could soften rules on fund manager bonuses

BRUSSELS, June 4 (Reuters) – Wrangling in the European
Parliament over proposals to rein in the pay of fund managers is
making a strict banker-style limit on bonuses ever less likely.

A parliamentary panel called earlier this year for tighter
control of fund manager pay. But more than three months later,
lawmakers are still split over whether to demand that bonuses
are capped at the level of salary.

May 30, 2013

Exclusive: Europe plans major scaling back of financial trading tax

BRUSSELS (Reuters) – European countries plan to scale back a proposed financial transactions tax drastically, initially imposing a tiny charge on share deals only and taking much longer than originally intended to achieve a full roll-out.

While yet to be formally proposed, the sweeping revisions would mark a victory for banks and trading organizations which have lobbied furiously against a scheme aimed at making them contribute to the costs of the financial crisis.

May 30, 2013

Europe plans major scaling back of financial trading tax

BRUSSELS, May 30 (Reuters) – European countries plan to
scale back a proposed financial transactions tax drastically,
initially imposing a tiny charge on share deals only and taking
much longer than originally intended to achieve a full roll-out.

While yet to be formally proposed, the sweeping revisions
would mark a victory for banks and trading organisations which
have lobbied furiously against a scheme aimed at making them
contribute to the costs of the financial crisis.

    • About John

      "I am a Reuters correspondent in Brussels, writing about the European Union. I moved here last year from Germany, where I had reported about the financial crisis, turning up numerous scoops and even winning a prestigious business reporting award. Beforehand, I worked with The Sunday Times in London."
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