Europe

Spain fights to lose status as drug gateway to Europe

"The make-up of drug rings sending cocaine to Spain has changed as well. The Colombian groups which dominated the trade in the 1980s have given way bit by bit to Mexican cartels. Drug traffickers’ interest in Europe has increased because demand from the continent for cocaine is growing. Over the past decade the number of cocaine consumers in Europe has doubled while demand for the drug has plunged by 33 percent in the United States. In response European nations have reinforced regional cooperation as well as their cooperation with police forces in Latin America to stop the flow of cocaine. Hiding cocaine in banana shipments remains one of the favourite tactics used by traffickers." Continue reading →

Continue ReadingSpain fights to lose status as drug gateway to Europe

France adds Jersey, Bermuda to tax-haven blacklist

"France has added Jersey, Bermuda and the British Virgin Islands to its list of uncooperative tax havens. The entry gave no reason for the move. According to data compiled by the French government through to August 2011, Jersey and Bermuda had responded to all French requests for information. The British Virgin Islands had responded to 31 out of 41 requests. Tax has always been a sensitive issue for France, which has among the highest tax takes in the developed world, but President Francois Hollande has been under pressure to regain the initiative after the embarrassing resignation of his budget minister this year over a secret Swiss bank account." Continue reading →

Continue ReadingFrance adds Jersey, Bermuda to tax-haven blacklist

France backs action on Syria as U.S. seeks coalition

"French President Francois Hollande gave a boost Friday to US hopes of forging an international coalition for possible strikes against Syria after British lawmakers rejected any involvement in military action. The White House had signalled Thursday that President Barack Obama, guided by the 'best interests' of the United States, was ready to go it alone on Syria after deadly chemical weapons attacks last week. But Russia, the Syrian regime’s most powerful ally, warned any military strikes would 'deal a serious blow to the entire system of world order'. While Germany and Canada ruled out joining any military strikes, Hollande said the British vote would not affect his government’s stance." Continue reading →

Continue ReadingFrance backs action on Syria as U.S. seeks coalition

Luxembourg says No to new EU tax law

"Luxembourg, one of the EU's smallest but richest countries, has said No to a new law against tax evasion. The European Commission has been trying to update its anti-tax-fraud legislation for the past eight years. Its 2005 law forces member states to automatically exchange information on EU nationals' deposits in other European Union countries. But it contains gaps on income received via investment funds, pensions, trusts and foundations. It also contains a big hole on Austria and Luxembourg. The two financial centres are exempt from automatic exchange until such time as five non-EU tax havens - Andorra, Liechtenstein, Monaco, San Marino and Switzerland - agree to it as well." Continue reading →

Continue ReadingLuxembourg says No to new EU tax law

Britain hits offshore gambling industry with 300 million pounds in taxes

"Under rules published on Friday, Britain will tax gambling according to where customers are based rather than where the online operator is registered, meaning that offshore operators pay the same 15% tax rate as domestic companies. The tax will be levied on companies' gross profit in the 2 billion pound remote-gambling market. 'It is unacceptable that gambling companies can avoid UK taxes by moving offshore, and the government is taking decisive action to ensure this can no longer happen,' Economic Secretary to the Treasury Sajid Javid said. 'These reforms will ensure that remote-gambling operators who have UK customers make a fair contribution to the public finances.'" Continue reading →

Continue ReadingBritain hits offshore gambling industry with 300 million pounds in taxes

Pay me in gold: Romania’s new term as it gets more of Rosia Montana

"One completely new aspect of the agreement between Gabriel and the Romanian government is over payment of the royalty. Romania can opt to be paid in gold bullion, which could be a fair amount of gold in the end, with total delivery measured in tonnes not ounces. The six percent royalty is on gross revenue. Romania can take the equivalent value in gold. As a Gabriel spokesperson put it, 'essentially they can request six percent of the value of our production.' It could - emphasis on could - mean Romania hauls in some 15 tonnes of gold, life of mine. That, in turn, amounts to about 15 percent of Romania's official gold reserves, which are just over 100 tonnes." Continue reading →

Continue ReadingPay me in gold: Romania’s new term as it gets more of Rosia Montana

Europe Puts on Its Rally Cap

"Positive surprises and improving economic growth aren’t the only indications that the region’s economy is becoming healthier. Manufacturing appears to be on the mend. Europe has low valuations compared with the rest of the world. Take a look at the normalized price-earnings (P/E) ratio, which is trading at 'close to a record valuation low,' according to Morgan Stanley Research. Compared with U.S. stocks and world equities, European stocks are trading at a significant discount. So as countries including Germany, France and Italy recover, we have solid reasons to believe their eastern counterparts will enjoy a boost as well." Continue reading →

Continue ReadingEurope Puts on Its Rally Cap

France announces e-cigarette ban, then French study finds e-cigarettes harmful

"French Health Minister Marisol Touraine announced in May that the ban on smoking in public places would be extended to cover electronic cigarettes, and that they would be subject to the same controls as tobacco. The move has sparked outrage among sellers and users of the battery-powered devices which contain liquid nicotine that is turned into a vapor when inhaled. Ms Touraine said: 'The e-cigarette is not an ordinary product. We need to apply the same measures as there are for tobacco. That means making sure it cannot be smoked in public places, that its sale is restricted to over 18s and that firms are not allowed to advertise the products.'" Continue reading →

Continue ReadingFrance announces e-cigarette ban, then French study finds e-cigarettes harmful

UK gathers warplanes, military hardware in Cyprus base near Syria

"'Warplanes and military transporters' have reportedly been moved to Britain’s Akrotiri airbase in Cyprus in the latest sign of the allied forces’ preparations for a military strike on Syria amid bellicose rhetoric against the Syrian government. Two commercial pilots who regularly fly from Larnaca, Cyprus, claim to have spotted C-130 transport planes from their own aircraft and small formations of possibly European fighter jets from their radar screens, according to the Guardian. Akrotiri airbase is less than 100 miles from Syria, making it a likely hub for a bombing campaign. Residents near the airfield confirmed to the Guardian that 'activity there has been much higher than normal over the past 48 hours.'" Continue reading →

Continue ReadingUK gathers warplanes, military hardware in Cyprus base near Syria

Former Cyprus President Named In Loan Write-Offs Leading To Banking Insolvency

"We asked 'how much longer will the rule of law remain in Cyprus once the 99% are generously handed the list of the 1% who were 'informed' enough to pull their money from the flaming sovereign equivalent of Bernie Madoff?' We may get the answer much sooner than expected, as the first iteration of this list, one naming the beneficiaries of millions of loans written off by the now insolvent Cyprus banks and therefore indirectly responsible for the 'impairment' of the banks' depositors, was released yesterday by Greece's daily Ethnos newspaper. But what virtually assures substantial political fallout is that among the people listed is Cyprus' former president, George Vassiliou." Continue reading →

Continue ReadingFormer Cyprus President Named In Loan Write-Offs Leading To Banking Insolvency