BRUSSELS, Feb 27 (Reuters) – Veteran Luxembourg politician
Jean-Claude Juncker has won the backing of Germany’s major
conservative party in the race to become European Commission
president, as he officially submitted his bid to become the
The move, which had been expected, puts one of the European
Union’s most experienced deal brokers in contention for arguably
its most influential job, although Juncker, who once told a
conference he sometimes lied and favoured “secret, dark
debates”, has alienated some by his frankness.
BRUSSELS (Reuters) – Plans to make companies reveal how much tax they pay country by country were abandoned on Wednesday, knocking back the efforts of lawmakers who had pushed to curb tax avoidance by multinational businesses.
Schemes used by Starbucks (SBUX.O: Quote, Profile, Research), Apple (AAPL.O: Quote, Profile, Research), Amazon (AMZN.O: Quote, Profile, Research) and other corporations operating within the law to minimise their tax burden prompted heated public debate last year and a pledge by British Prime Minister David Cameron and others to tackle the issue.
BRUSSELS, Feb 25 (Reuters) – EU lawmakers and member states
agreed curbs on fund managers’ pay similar to new rules for
bankers on Tuesday, including a three-year deferral of 40
percent of bonuses, legislation that could be in place next
The rules also stipulate that half of any cash bonus be
spent on a stake in the fund manager’s investment fund.
BRUSSELS (Reuters) – Germany is set to accelerate away from France and Italy in 2014 as the fragmented euro zone economy gradually recovers from its worst crisis, the European Commission said on Tuesday.
In a departure from the gloom of recent years, Brussels slightly increased its growth prediction for the bloc’s 9-trillion-euro economy to 1.2 percent in 2014 from an earlier 1.1 percent.
BRUSSELS (Reuters) – Germany is set to accelerate away from France and Italy in 2014 as the fragmented euro zone gradually recovers from its worst crisis, the European Commission said on Tuesday.
In a departure from the gloom of the crisis years, Brussels slightly increased its growth prediction for the bloc’s 9-trillion-euro economy to 1.2 percent in 2014 from an earlier 1.1 percent forecast.
BRUSSELS, Feb 24 (Reuters) – At the entrance to Belgium’s
Museum for Central Africa stands a giant golden statue of a
European missionary with an African boy clutching his robes,
along with a plaque that reads: “Belgium brings civilisation to
The statue and some of the exhibits inside anger many
visitors for the way they portray African people and Belgium’s
brutal colonial past.
BRUSSELS (Reuters) – Michel Barnier, who led an unprecedented overhaul of European banks after the financial crisis, has declared his reform drive complete and pledged less red tape if he wins the post of European Commission president.
Barnier, the European Union’s financial services chief, has introduced as many as 28 different laws to make banks less risky, from caps on bankers’ bonuses to minimum capital cushions against high-risk loans.
BRUSSELS, Feb 18 (Reuters) – Ambitious proposals for a
pan-European financial transaction tax look almost certain to be
scaled back after Germany’s finance minister acknowledged that
the levy could be phased in slowly, starting with share trades.
The tax failed to gain widespread support when it was
proposed during the euro zone debt crisis but eventually won the
backing of an uneasy coalition of 11 states, led by Germany and
BRUSSELS, Feb 18 (Reuters) – The European Union is
considering ways to ensure that a future euro zone fund to
finance bank closures will always have enough cash, including
the option of halving the time in which the fund would reach its
full size to five years.
Under a deal reached by euro zone governments last December,
the fund, financed by banks, is to reach 55 billion euros over
10 years as euro zone banks pay in 5.5 billion euros annually.
BRUSSELS (Reuters) – London’s financial services centre would lose access to the wider European Union should Britain quit the bloc, the EU’s justice chief said on Monday, warning that such a move would reduce its status to that of an offshore centre.
Viviane Reding’s blunt comments come amid a heated debate in Britain over its future in the 28-country European Union and will reinforce fears in the City of London that a departure from the EU will hurt its position as a global financial capital.