Europe

German beer brewers in decades-long price fixing scandal

"Bosses of large breweries in the country have admitted to investigators that a number of firms arranged to raise prices of their premium beer brands, according to reports in German magazine Focus. Until now, it was believed the price-fixing arrangements spanned only a two-year period from 2006 to 2008. Documents seen by Focus reveal that during an interrogation in January, Volker Kuhl, head of the Veltins brewery, said large breweries would pass the price-rising agreements along to smaller producers. The companies involved now face fines in the hundreds of millions of euros, Focus reported." Continue reading →

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Needy EU Nations Woo Chinese Home Buyers to Ease Slump

"Cyprus, Greece and Portugal are providing resident permits to foreign buyers, while Spain is about to adopt a similar measure. The chance to purchase a home at depressed prices in southern Europe and gain what’s known as a golden visa is mostly being sold to Chinese investors, according to brokers. Southern Europe is the latest target for rich Chinese homebuyers, who have been snapping up properties from Vancouver to London since 2010 as their wealth swells and China’s government steps up a three-year campaign to cool home prices there. The number of millionaires in China rose 4 percent from the previous 12 months to 2.8 million." Continue reading →

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Cyprus Bank’s Bailout Hands Ownership to Russian Plutocrats

"When European leaders engineered a harsh bailout deal for this tiny Mediterranean nation in March, they cheered the end of an economic model fueled by a flood of cash from Russia. The exercise was meant to banish what Germany and other Northern European nations viewed as dirty Russian money from Cyprus’s bloated banks. Instead, it has pulled Russia even deeper into Europe’s financial system by giving its plutocrats majority ownership, at least on paper, of the Bank of Cyprus, the country’s oldest, biggest and most important financial institution. 'Whoever controls the Bank of Cyprus controls the island,' said Andreas Marangos, a Limassol lawyer." Continue reading →

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German jailed for Julius Bär bank data theft

"A German citizen who began working as a contractor for the Zurich-based bank in 2005, admitted that he had gathered information about the bank's clients, including their names, addresses and account numbers, between October and December 2011. He had then compiled a list of German clients with assets of more than 100,000 euros, Swiss francs, British pounds or dollars, and passed it on to a retired German tax inspector. In exchange, he had been set to receive €1.1 million euros. He told the court he had planned to use part of his compensation to pay off his own back-tax debt to German authorities." Continue reading →

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Bitcoin takes off — on the ground in Berlin

"Across the Spree River on Berlin’s north side, Aaron Koenig dons a bowler cap as he welcomes guests to an industrial co-working space for the second Berlin Bitcoin Exchange (BXB) — a monthly event he founded to allow buyers and sellers to meet face to face and exchange Bitcoins for euros, dollars or otherwise. Both June and July’s exchanges drew a fluid crowd of about 50 people, with plans to expand the event into a maker’s market where visitors can spend their Bitcoins right after purchasing them. Koenig said growing problems with the euro mean the benefits of Bitcoin are beginning to outweigh the risks." Continue reading →

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Capital Flows Back to U.S. as Markets Slump Across Asia

"Asia’s role as the world’s growth engine is waning as economies across the region weaken and investors pull out billions of dollars. The clouds forming in Asia as liquidity tightens and China’s slowdown curbs demand for commodities and goods are fueling a selloff of emerging-market stocks, reversing a flow of money into the region in favor of nascent recoveries in the U.S. and Europe. Emerging markets from Brazil to Indonesia have raised borrowing costs in 2013 to try to aid their currencies as the prospect of reduced U.S. monetary stimulus curbs demand for assets in developing nations." Continue reading →

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Offshore Jurisdiction Review: Malta

"Malta is attractive to entrepreneurs, workers, and retirees alike. The government has special programs for high net worth retirees. There are several tax advantages to living in Malta. Only income remitted into Malta is subject to taxation, meaning you can own offshore investments and not pay a dime in tax. Furthermore, remittance of capital gains into Malta is tax free. Malta has no inheritance tax, wealth tax, or annual property tax. Put together low taxation, low cost of living, and year-round sunshine, and it becomes clear why Malta is very attractive to live and work in. EU nationals do not need any residence permit." Continue reading →

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Greece will need third bailout, German minister says

"A month before general elections in Germany, finance minister Wolfgang Schaeuble has broken the taboo of admitting that Greece will need a third bailout when the current one runs out, in 2014. 'There will have to be another programme in Greece,' Schaeuble said on Tuesday during a campaign rally in the northern-German town of Ahrensburg. As part of a third programme, he mentioned another lowering of the interest rates on the loans the eurozone has given to Greece. So far, the German government has steered clear of admitting that the current bailout, worth €130 billion, will not suffice to get Greece out of the vicious spiral of deficit and debt." Continue reading →

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Austrian brewer revives 300-year-old beer

"An Austrian brewery is offering beer lovers a trip back in time by reviving a 300-year-old recipe it found in the town archives. The family-owned Hofstetten brewery in the Upper Austrian town of Saint Martin recreated the 'Neuhauser Herrschafts Pier' from ingredients listed in an invoice for the local Neuhaus castle in 1720, when Austria was one of Europe’s big powers. Using small crops of emmer and malting barley grown from ancient seed varieties agricultural historians had preserved, owner Peter Krammer was able to reproduce the mix of barley, wheat and hops that marked the brew made three centuries ago." Continue reading →

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UK: Fire chief told policeman to leave ‘drowning’ man in 3ft deep lake [2012]

"The father of a man who drowned in 3ft of water after emergency crews were ordered not to rescue him has hit out at health and safety rules that ‘hinder’ the 999 services. David Burgess, whose son Simon lay floating face down in a lake for more than half an hour while firemen, police and paramedics watched, said it was impossible to ‘eliminate all risk’ for the emergency services. A fire crew claimed safety rules stopped them from going more than ‘ankle-deep’ into the water [..] And a policeman and a paramedic who both volunteered to jump in were given orders not to do so by a fire station watch manager." Continue reading →

Continue ReadingUK: Fire chief told policeman to leave ‘drowning’ man in 3ft deep lake [2012]