Correspondent, Brussels
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Jul 7, 2014

Former official accuses EU’s Barroso of ‘ambush’ in graft scandal

LUXEMBOURG, July 7 (Reuters) – A former top European
official challenged EU Commission President Jose Manuel Barroso
in court on Monday, declaring he was unfairly forced out of his
job and maintaining his innocence in a graft scandal.

John Dalli was forced to quit as EU health commissioner last
October after his associate was accused of asking for 60 million
euros ($83 million) from a tobacco firm in return for Dalli’s
help in influencing EU tobacco law.

Jul 4, 2014

EU widens tax probe into multinationals -source

LUXEMBOURG/BRUSSELS, July 4 (Reuters) – The European
Commission is widening its probe into how multinationals use
countries such as Luxembourg to cut their tax bill, an official
with knowledge of the matter said on Friday.

Last month, the Commission warned Ireland, another EU
country that offers companies offshore tax status, that it could
investigate more companies beyond Apple Inc as part of
its probe into European tax practices.

Jul 4, 2014

EU widens tax investigation into multinationals: source

LUXEMBOURG/BRUSSELS (Reuters) – The European Commission is widening its probe into how multinationals use countries such as Luxembourg to cut their tax bill, an official with knowledge of the matter said on Friday.

Last month, the Commission warned Ireland, another EU country that offers companies offshore tax status, that it could investigate more companies beyond Apple Inc as part of its probe into European tax practices.

Jul 2, 2014

Eurosceptics Farage, Le Pen warn of rocky ride for complacent Brussels

BRUSSELS (Reuters) – Two of Europe’s leading Eurosceptics accused Brussels on Wednesday of ignoring the result of recent EU elections and warned that growing numbers of doubters in the bloc’s Parliament would shake up any return to “business as usual”.

“What you are going to have to get used to is … there are now more Eurosceptics in this parliament than there have ever been and many of them do not subscribe to ever closer union,” Britain’s Nigel Farage told the first session of the recently elected European Parliament in Strasbourg.

Jul 1, 2014

Emboldened EU Parliament backs Schulz for second term

BRUSSELS, July 1 (Reuters) – The European Parliament on
Tuesday chose Martin Schulz as its president for another two and
half years, backing a combative social democrat who has fought
for more power for the EU legislature.

The extension of the German lawmaker’s term follows the
parliament’s success in getting its candidate, Jean-Claude
Juncker, nominated as European Commission President and shows
lawmakers’ determination to have a greater say in Europe.

Jun 27, 2014

ECB to take two Russian banks under its watch

FRANKFURT, June 27 (Reuters) – The European Central Bank
will supervise the subsidiaries of Russia’s two largest banks in
Austria, giving supervisors in Frankfurt unprecedented insight
into their activities in Europe.

The ECB said on Friday that Russia’s biggest bank,
Sberbank, and No. 2, VTB Bank had been added to the list of
lenders it will police because of the cross-border nature of
their operations. It also said it will pare back the number of
lenders under its watch elsewhere.

Jun 26, 2014

German institute pushes model for countries to go bust

FRANKFURT, June 26 (Reuters) – A leading German economic
institute has proposed a model that would allow struggling euro
zone states to restructure their debts, resurrecting a sensitive
debate that has split opinion in the single currency area.

Discussion on how to deal with highly indebted European
countries such as twice-bailed-out Greece has died down as the
euro zone’s debt crisis has eased and the cost of borrowing for
countries in the bloc has fallen, for many to record lows.

Jun 10, 2014

UK’s ICAP told it might have broken EU antitrust rules over Libor

BRUSSELS/LONDON, June 10 (Reuters) – The European Commission
has told Britain’s ICAP it might have broken antitrust
rules by taking part in cartels that helped rig benchmark
interest rates, the European Union’s antitrust enforcer said on
Tuesday.

The EU probe of ICAP is part of a global investigation into
the manipulation of Libor and Euribor, central cogs in the
financial system used to help price loans and swaps worldwide.
Authorities have already fined 10 banks and brokerages $6.0
billion and charged 16 people.

Jun 5, 2014

ECB hurls cash at sluggish euro zone economy, seeks to force bank lending

FRANKFURT (Reuters) – The European Central Bank launched a raft of measures on Thursday to fight low inflation and boost the euro zone economy, cutting rates, imposing negative interest rates on its overnight depositors and offering banks new long-term funds.

The ECB cut all its main rates to record lows in a drive to fight off the risk of Japan-like deflation and bring down the euro’s exchange rate. For the first time, it will charge banks 0.10 percent for parking funds at the central bank overnight.

Jun 5, 2014

ECB cuts rates below zero to buoy euro zone economy

FRANKFURT (Reuters) – The European Central Bank launched a raft of measures on Thursday to fight low inflation and boost the euro zone economy, cutting rates, imposing negative interest rates on its overnight depositors and offering banks new long-term funds.

The ECB cut all its main rates to record lows in a drive to fight off the risk of Japan-like deflation and bring down the euro’s exchange rate. For the first time, it will charge banks 0.10 percent for parking funds at the central bank overnight.

    • 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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