Europe

Official figures reveal Ireland is back in a recession

"Ireland’s bailed-out economy slumped back into recession in the second half of last year, and continued to shrink in the first quarter of 2013, official figures showed on Thursday. GDP tumbled 1.0 percent in the third quarter of 2012 and by 0.2 percent in the fourth quarter, meeting the definition of a recession, according to revised data from the Central Statistics Office (CSO), which added that the economy shrank 0.6 percent in the first quarter of this year." Continue reading →

Continue ReadingOfficial figures reveal Ireland is back in a recession

French bank watchdog levies stiff fine against UBS over tax avoidance

"A French banking watchdog said on Wednesday that it fined the French branch of UBS, Switzerland's largest bank, ten million euros for helping hundreds of well-heeled clients stash money away in undeclared Swiss accounts. The bank immediately hit back in a statement, protesting that the fine, about $13 million, was disproportionate. The issue jumped back to the top of the government's agenda in the wake of a scandal surrounding the former budget minister Jérôme Cahuzac, who in April was himself placed under investigation for tax fraud. His role as budget minister included tackling tax evasion." Continue reading →

Continue ReadingFrench bank watchdog levies stiff fine against UBS over tax avoidance

The French National Sport Is Taxation, not Soccer

"It seems that Monaco’s fiscal policy is good for the local soccer team. But it seems there’s a controversy in this fiscal paradise. Or, to be more accurate, there’s a controversy in the tax hell next door. The French are complaining that lower tax rates are an 'unfair' form of tax competition. So how did the French react? By engaging in their true national sport – imposing higher taxes. Naturally, their 'solution' is to impose higher taxes in Monaco, not to lower taxes in France. It’s also worth noting that the French approach won’t work. The French soccer league will continue to lose top players so long as the government has a 75% tax system." Continue reading →

Continue ReadingThe French National Sport Is Taxation, not Soccer

Tempers fray in France as drastic cuts loom

"President Francois Hollande has already angered much of his own Socialist base with plans to cut spending next year in absolute terms for the first time since 1958, but this may be just start of the battle. The Cour des Comptes said France is not even 'halfway' through its fiscal squeeze. The warnings came as a blizzard of grim news dashed hopes for a rapid recovery from two years of slump. A recent study by Pew Foundation said French support for the European Project has crashed from 60pc to 40pc over the past year. Just 22pc now think EU economic integration is positive." Continue reading →

Continue ReadingTempers fray in France as drastic cuts loom

Very Bad News for Europe’s Young People

"Big business, big labor, and big government are getting together and considering a €100 billion slush fund that will line their pockets. They want us to believe this will lead to more jobs for young people, but they overlook (and hope we’re unaware of) Bastiat’s warning about the seen and the unseen. Expanding the EIB will simply divert resources from more productive uses. So what’s the answer? Here’s what I recommended as part of some speeches earlier this month in Europe. I began with what should be a common-sense observation that businesses won’t create jobs unless they think new workers will add to the bottom line." Continue reading →

Continue ReadingVery Bad News for Europe’s Young People

Nestlé unveils European youth jobs scheme

"Swiss-based Nestlé, the world’s biggest food company, has announced a plan to help at least 20,000 young people find work in Europe over the next three years. The company said on Thursday its initiative would offer employment and create 'thousands of apprentice positions and traineeships by 2016' for job seekers under the age of 30. Nestlé said it will also encourage its European suppliers to offer positions to young people. Nestlé said it was continuing to expand in Europe despite challenging economic conditions. It highlighted its biggest-ever investment in Germany last month, a 220 million-euro Nescafé Dolce Gusto factory in Schwerin." Continue reading →

Continue ReadingNestlé unveils European youth jobs scheme

Germany: Parliamentary inquiry declares Bitcoins tax-exempt after one year holding time

"Thus, the digital money from the Treasury treated differently than, for example, stocks, bonds or certificates. All of these asset classes are subject to withholding tax of 25 percent plus solidarity surcharge and church tax. In bitcoins falls after a holding period of one year on the other hand, no such tax. The tax exemption of capital gains in Bitcoins findings of a parliamentary inquiry that has provided to the federal government the FDP financial expert Frank Schaeffler and the 'world' exists. 'It is good that investments in Bitcoins is finally legal certainty. Private profits from the sale of Bitcoins are tax-free after one year,' said Schaeffler." Continue reading →

Continue ReadingGermany: Parliamentary inquiry declares Bitcoins tax-exempt after one year holding time

Bitcoin Exchange Berlin to Open on Saturday, June 29

"More and more people in Germany know that the Euro system will inevitably collapse, so they want to be prepared for what comes next. Germans are especially sensitive, as we went through two major monetary disasters in the last century, and the Euro will surely be the next one. So many people now think about getting their savings into gold, silver and Bitcoin. Platoon Kunsthalle is an ideal site for the Bitcoin Exchange Berlin as it serves as a communication consultancy specializing in mobilizing cultural movements and community events." Continue reading →

Continue ReadingBitcoin Exchange Berlin to Open on Saturday, June 29

Starbucks Pays $15.4 Million Corporation Tax, Closes Stores Amid British Backlash

"Starbucks Corp., (SBUX) the world’s biggest coffee chain, said it will pay 10 million pounds ($15.4 million) of U.K. corporation tax this year and in 2014 in response to criticism of its money-losing British business. The company has paid 5 million pounds already and will pay the same amount later this year after forgoing unspecified tax deductions, according to an e-mailed statement. Starbucks, based in Seattle, will also pay 10 million pounds of tax next year. Starbucks said it will close or relocate unprofitable stores, and rely more on franchised or licensed stores rather than company-owned locations to become profitable in the U.K." Continue reading →

Continue ReadingStarbucks Pays $15.4 Million Corporation Tax, Closes Stores Amid British Backlash