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Germany’s economy ministry believes a Donald Trump presidency would severely damage the U.S. economy, according to an internal memorandum reported by Der Spiegel magazine on Saturday. The ministry expects “shrinking gross domestic product, fewer jobs and higher unemployment,” in the United States if the Republican candidate were to implement his campaign pledges, the magazine cited the memo as saying. […] Trump’s pledges are “not feasible”, Spiegel cited the memorandum as saying. Moreover, the plans would violate international or U.S. law and could be “no basis for a realistic economic policy.” …

The EU Commission opened an in-depth probe into a Polish tax on the retail sector Tuesday, concerned that the progressive rates based on turnover give companies with low turnover an unfair advantage. The European Commission’s injunction requires Poland to suspend the application of the tax until the Commission has concluded its assessment. This follows a decision the Commission took in July this year on a progressive turnover-based tax on the retail sector in Hungary, which the Commission found to be in breach of EU state aid rules, because it granted a selective advantage to companies with low turnover over their...

The European Commission has taken a step towards establishing a common EU list of tax havens, but critics fear that EU capitals may hijack the show and delete allied nations from the record. The EU executive on Thursday (15 September) presented a method for verifying which countries outside the bloc qualify as tax havens (the commission says tax evasion problems inside the EU are dealt with under other, binding legislation). […] The US state of Delaware is a well-known “onshore” tax paradise. The EU, however, is basing its analysis of the US as a whole, meaning it could avoid being...

The European Central Bank left its stimulus measures on hold Thursday and warned governments in the 19 country euro currency union that they need to do more to help the economy grow and push up inflation to healthier levels. The bank kept its key interest rates unchanged and decided against extending the duration of its existing bond-buying stimulus program. Bank President Mario Draghi seemed relatively confident about the economy and less inclined to hint at more stimulus than some analysts had expected. Instead, he used his news conference to urge governments to do their part. He said that implementation of...

European Union leader Donald Tusk urged Britain on Thursday to hurry up and get on with finalizing its divorce from the bloc. Tusk, president of the EU’s governing Council, met Prime Minister Theresa May in London for talks about the fallout from Britain’s June 23 vote to leave the EU. Ahead of the meeting, Tusk told May that “the ball is now in your court” to start negotiations. He said the process should begin as soon as possible. …

The 19-country eurozone lost some economic momentum in August, largely because of a slowdown in Germany, a closely watched survey showed Monday, days ahead of another possible stimulus package from the European Central Bank. Financial information company IHS Markit said its purchasing managers’ index — a broad gauge of economic activity — for the eurozone fell to a 19-month low of 52.9 points in August from 53.2 the previous month. The fall was unexpected as the initial estimate for August was 53.3. In spite of the fall, the eurozone is still growing, albeit sluggishly as anything above 50 indicates expansion....

German Chancellor Angela Merkel on Thursday stressed her continued support for an EU-US trade agreement being negotiated but recently declared dead by her deputy and by a French minister. “It is in our interest not to fall behind other world regions, such as the Asian region which has concluded such an agreement with the United States,” the conservative leader told public broadcaster NDR. “I believe that such an agreement would mean job opportunities for us, and we urgently need jobs in Europe.” …

Manufacturing in Britain rebounded in August from a slump in the immediate aftermath of the shock vote to leave the European Union, an indication that the economy may be weathering the uncertainty better than expected. A measure of business activity in manufacturing, the purchasing managers’ index, jumped to 53.3 points from 48.8 in July. The index is on a 100-point scale, with figures above 50 representing growth. The survey found that a plunge in the pound had helped companies selling abroad. Also, business was resuming after being frozen in July amid the initial surprise over the vote and political chaos...

More than 125,000 Germans have filed the largest citizen lawsuit in German history against the controversial proposed CETA trade deal between Canada and the EU. The lawsuit’s power of attorney letters filled some 70 boxes and were brought by truck on Wednesday to Germany’s top court located in Karlsruhe, the Constitutional Court. The proposed Comprehensive Economic and Trade Agreement (CETA) would eliminate about 98 percent of the tariffs between the EU and Canada, but it has been condemned by opponents who say it will too greatly expand the power of corporations and may lower certain EU standards for things like...

The European Union on Tuesday said US tech giant Apple must repay a record 13 billion euros ($14.3 billion or roughly Rs. 95,910 crores) in back taxes after ruling that a series of Irish sweetheart tax deals were illegal. "The European Commission has concluded that Ireland granted undue tax benefits of up to 13 billion euros to Apple. This is illegal under EU state aid rules because it allowed Apple to pay substantially less tax than other businesses. Ireland must now recover the illegal aid," a Commission statement said. EU Competition Commissioner Margrethe Vestager said Apple's "selective treatment" in Ireland...

BRUSSELS bureaucrats are forcing Britain to cough up a staggering £20BILLION before the country unshackles itself from the beleaguered bloc, it has emerged.

It seems that the strong start to the year was another false dawn for the eurozone economy and that the European Central Bank will have more to do in the months ahead to shore up growth. New figures released Friday confirmed that the eurozone, which is made up of 19 countries from Ireland to the west to Cyprus in the east, suffered a sizable slowdown in the second quarter of the year despite a number of stimulus measures that the European Central Bank has thrown at it. In its first estimate for the April to June period, Eurostat, the EU’s...

Banks from Italy, Ireland, Spain and Austria fared worst in the latest European Union stress test, which the region’s banking watchdog said on Friday showed there was still work to do in order to boost credit to the bloc’s economy. Eight years since the collapse of Lehman Brothers sparked a global banking meltdown, many of Europe’s banks are still saddled with billions of euros in poorly performing loans, crimping their ability to lend and putting off investors. “While a number of individual banks have clearly fared badly, the overall finding of the European Banking Authority — that Europe’s banks are...

Germany’s largest lender is set to shut over a quarter of its branches across the country as the company goes through a major restructuring process. The closures are set to take place over the next few months, with 188 of Deutsche Bank’s 723 branches nationwide due to close their doors. […] After recording colossal losses of around €7 billion in 2015, the Frankfurt lender is desperately seeking ways to cut costs. […] The bank said it hopes to redirect funds to digital banking, in which it hopes to invest €750 million by 2020. …

Fourteen years after the introduction of the Euro in cash, Germans are still holding onto their Deutschmarks (DM), mainly for the sentimental value attached to them. The DM, which was introduced in West Germany in 1948 under Allied rule and adopted in East Germany in 1990, was replaced by the Euro in 2002. On the 31st of December 2001, DM banknotes to the value of €76.57 billion were in circulation. Since then, “more than 95% of DM banknotes in circulation have been exchanged” for Euros, Dorit Feldbrügge from the Bundesbank (German Central Bank) told The Local. But that means that...

The US President warned the UK would be “at the back of the queue” for a trade deal with America if it quit Brussels. But his threat provoked outrage and scorn from pro-Brexit campaigners, who dismissed it as yet another scaremongering ploy from the pro-EU lobby. Mr Obama, who will no longer be in office when decisions on a trade deal are made, delivered a lecture to the British people on why he thinks it is in the UK’s, America’s and the world’s best interests for Britain to vote to stay in the EU on June 23. He weighed into...

Vivos founder and CEO Robert Vicino announced Vivos Europa One which will be an invitation only, five star, underground survival complex, similar to an underground cruise ship for the elite. Each family will be provided a private 2,500 square foot of floor area, capable of two story improvements for a total of 5,000 square feet of private living quarters. With fit and finish comparable to a mega-yacht, each member family will hire their own architect and contractor to build out their living quarters to the custom standard they desire. The expansive shelter is located in Germany and is one of...

The European Union is sending mixed signals on business transparency. On Tuesday, the European Commission responded to the Panama Papers disclosures by unveiling new legislation that would force more tax transparency on major companies in member states. But on Thursday, the European Parliament voted in favor of a new measure that critics say could prevent such leaks in the future. Campaigners say the new Trade Secrets Protection Act — aimed at protecting multinationals from corporate spying — will effectively criminalize whistleblowers and make it less likely that revelations like the Panama Papers and the Volkswagen scandal will ever see the...

If Britain leaves the EU after its referendum in June, it won’t just affect Brits, but people from across Europe — none of whom will get a vote. Now Europeans can get involved — by love-bombing their British friends to encourage them to stay. The idea came from a group of Europeans living in London, who have launched a group called #PleaseDon’tGoUK. Their idea is simple: forget the debates and show the Brits some love — and then post the evidence online. […] The group has had contributions from French people, Italians, Germans, Spaniards and Swedes, both in the UK...

Locals in Hanover have been given a very specific command for when the US President comes to visit — better neither heard nor seen. When US President Barack Obama arrives in Hanover for a visit on Sunday April 24th, residents have been told very clearly what is expected of them: stay away from windows and do not wave. Local police issued advisory flyers out of security concerns for some 1,800 residents who live near the Congress Centrum and zoo area, where Obama will be meeting Chancellor Angela Merkel for the Hanover Messe, a major global trade fair for industrial technology....