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Keyword: eurozone

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  • One in ten German firms to cut UK investments before Brexit: survey

    03/28/2017 9:40:37 AM PDT · by Olog-hai · 11 replies
    TheLocal.de ^ | 28 March 2017 14:30 CEST+02:00 | AFP
    One in ten German firms present in Britain plans to stop investing in the island nation even before it definitively leaves the European Union, an industry group survey published on Tuesday found. German firms believe Brexit “will seriously damage business with the United Kingdom,” said Eric Schweitzer, president of the Association of German Chambers of Commerce and Industry (DIHK), which surveyed 2,200 internationally active companies. Some nine percent of firms who have invested in the UK plan to shift investments elsewhere, with Germany and the rest of the EU the top choices. Britain is the third-biggest export market for Germany...
  • German social order at risk due to gulf between rich and poor: report

    03/23/2017 9:56:40 PM PDT · by Olog-hai · 34 replies
    TheLocal.de ^ | 23 March 2017 17:18 CET+01:00 | AFP
    A growing gap between rich and poor in Germany could sap social cohesion in Europe’s largest economy and most populous country, a government report warned on Thursday. “If the differences between poor and rich are felt to be too big in a society, and wealth seems mostly to be acquired without rewarding work, then acceptance of the economic and social order can shrink,” the labor ministry study said. […] In Germany, the richest 10 percent of households own more than half of all the wealth in the country, while the poorest 50 percent hold around 1.0 percent, Labor Minister Andrea...
  • Germany vows legal action if Trump taxes imports

    03/17/2017 8:12:03 AM PDT · by Olog-hai · 18 replies
    TheLocal.de ^ | 17 March 2017 10:22 CET+01:00 | AFP
    Germany could take the United States to court if Washington goes ahead with plans to tax imports, Economy Minister Brigitte Zypries said Friday, hours before Chancellor Angela Merkel’s first meeting with Donald Trump. “I’m betting partly on reason and partly on the courts” to prevent a damaging trade war, Zypries told Deutschlandfunk public radio. The minister’s combative stance comes ahead of Merkel’s first meeting with Trump in Washington and a gathering of G20 finance ministers in Baden-Baden, western Germany, set to be dominated by the US president’s “America First” policy. […] If a US border tax was found to breach...
  • Berlin rebuffs Trump attempt to start trade talks, saying 'speak to EU'

    03/07/2017 6:46:12 AM PST · by Olog-hai · 21 replies
    TheLocal.de ^ | 7 March 2017 15:38 CET+01:00 | AFP/The Local
    The German government told Washington it had the wrong address, after the US administration tried to enter talks with Germany on trade. “Trade policy is the responsibility of the European Union,” a spokesperson for the Economy Ministry told its US counterparts when they tried to open discussion on trade, Spiegel reported on Tuesday. Peter Navarro, who heads the White House’s new National Trade Council, called for bilateral talks to reduce the US trade deficit with Germany on Monday. The US recorded a $502-billion trade deficit last year, meaning it imported more than it exported. Germany, meanwhile, exported €253 billion ($270...
  • German paper accuses UK of offshore tax haven threat

    01/15/2017 9:48:58 PM PST · by Olog-hai · 3 replies
    TheLocal.de ^ | 15 January 2017 21:55 CET+01:00 | AFP/The Local
    Germany’s Welt Am Sonntag newspaper has accused British finance minister Phillip Hammond of threatening to drastically slash corporation tax to turn the UK into an offshore tax haven if it is not given a trade deal. In an interview with Hammond, headlined “British finance minister threatens EU partners”, the paper quotes Hammond saying that Britain could be forced to change its economic model if negotiations went badly. “The British people are not going to lie down and say, ‘too bad’,” he said, when asked if the UK could slash corporation taxes. “If we have no access to the European market,...
  • Germany calls on ECB to unwind economic stimulus

    01/15/2017 9:39:20 AM PST · by Olog-hai · 2 replies
    TheLocal.de ^ | 14 January 2017 08:16 CET+01:00 | AFP
    The European Central Bank should begin winding down its expansive monetary policy in 2017 as inflation returns in the eurozone, German Finance Minister Wolfgang Schäuble said in an interview on Friday. “It would probably be right if the ECB starts daring to head for the exit this year,” Schäuble told the Sueddeutsche Zeitung newspaper — although he acknowledged it would be a “difficult task”. The ECB has fixed interest rates at record lows in the 19-nation single currency area, as well as offering cheap loans to banks and buying up tens of billions of euros per month of government and...
  • German architect of Euro currency dies aged 85

    12/28/2016 10:28:42 AM PST · by Olog-hai · 5 replies
    TheLocal.de ^ | 28 December 2016 16:55 CET+01:00 | AFP
    Former Bundesbank president Hans Tietmeyer, a key architect of the euro who oversaw its introduction in Germany, has died at the age of 85, the central bank announced Wednesday. Tietmeyer ran the mighty Bundesbank from 1993 to 1999, a period that straddled the aftermath of German reunification as well as the launch of the single European currency and the creation of the European Central Bank. […] A fierce defender of the independence of central banks, Tietmeyer was credited with ensuring that the same principle was enshrined in the statutes of the ECB, which was modeled in large part on the...
  • Weak UK pound an early Christmas present for Irish shoppers

    12/21/2016 7:24:09 AM PST · by Olog-hai · 3 replies
    Associated Press ^ | Dec 21, 2016 7:30 AM EST | Shawn Pogatchnik
    The threat of “Brexit” is delivering a Christmas bonanza to Northern Ireland, where the thousands visiting daily from the euro-using Republic of Ireland are finding bargains driven by the battered pound. In the malls of Newry, a Northern Ireland town barely 5 miles (8 kilometers) from the United Kingdom’s only land border with a European Union partner, the surge in cross-border holiday shopping underscores how far the British currency has fallen amid anxiety over the country’s promised EU exit. While the euro is unusually weak against the resurgent dollar, the pound is far weaker, boosting price differentials on most goods....
  • Euro slips further toward one-to-one with dollar

    12/20/2016 11:00:11 AM PST · by Olog-hai · 17 replies
    Associated Press ^ | Dec 20, 2016 1:04 PM EST | David McHugh
    The dollar’s upward march has sent the euro currency to its lowest level in 14 years, easing the financial pressure on traveling Americans but giving European exporters a boost. The euro, used by 19 countries, was down 0.1 percent at $1.0390 late-afternoon Tuesday, having earlier fallen to $1.0352, its lowest level since early 2003. Over recent days, the euro’s descent to the psychologically important level of one euro per dollar, has accelerated. A major factor has been the prospect of more interest rate hikes by the U.S. Federal Reserve following a quarter-point increase in its benchmark rate last week. Higher...
  • Eurozone growth 'losing momentum' as Britain rebounds

    10/05/2016 6:55:55 AM PDT · by Olog-hai · 4 replies
    Associated Press ^ | Oct 5, 2016 9:04 AM EDT | Pan Pylas
    Britain’s exit from the European Union — whenever it takes place — is a cloud over the economic outlook for both the country and its major trading partners within the 19-country eurozone. Further evidence emerged Wednesday to show that businesses across the single currency bloc are fretting over the risks, while those in Britain appear to have gotten over the initial shock of the vote to leave on June 23 thanks partly to the plunge in the pound. The drop in the currency, which this week hit a 31-year low against the dollar, makes British exports more competitive. Both the...
  • French politicians mull ripping up EU budget rules

    09/11/2016 7:11:52 AM PDT · by Olog-hai · 10 replies
    TheLocal.fr ^ | 11 Sep 2016 09:04 GMT+02:00
    Nobody yet knows the winner of France’s presidential election next year, but the smart money is on one loser: The three-percent cap on government deficits enshrined in eurozone rules. A bedrock of euro stability for some, the requirement to keep government deficits to below three percent of gross domestic product (GDP) is seen by many as an insufferable strait-jacket on governments wanting to spend their way out of economic sluggishness. Many French politicians, on the left and right, wonder aloud whether France should start ignoring the EU Commission and three-percent defenders, including powerhouse Germany, and break free. “The European left,...
  • Eurozone economy 'losing momentum' as Germany falters

    09/05/2016 6:03:31 AM PDT · by Olog-hai · 11 replies
    Associated Press ^ | Sep 5, 2016 5:29 AM EDT | Pan Pylas
    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....
  • Apple Must Repay Record EUR 13 Billion in Back Taxes Over Irish Deal: EU

    08/30/2016 6:43:13 AM PDT · by sukhoi-30mki · 71 replies
    Agence France-Presse ^ | 30 August 2016
    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...
  • German economy minister says EU-US trade talks have failed

    08/28/2016 6:38:16 AM PDT · by Olog-hai · 8 replies
    Associated Press ^ | Aug 28, 2016 9:11 AM EDT | Frank Jordans
    Free trade talks between the European Union and the United States have failed, Germany’s economy minister said Sunday, citing a lack of progress on any of the major sections of the long-running negotiations. Both Washington and Brussels have pushed for a deal by the end of the year, despite strong misgivings among some EU member states over the Trans-Atlantic Trade and Investment Partnership, or TTIP. Sigmar Gabriel, who is also Germany’s Vice Chancellor, compared the TTIP negotiations unfavorably with a free trade deal forged between the 28-nation EU and Canada, which he said was fairer for both sides. “In my...
  • Show of European unity: Merkel, Hollande, Renzi meet to discuss gameplan

    08/21/2016 6:40:00 PM PDT · by Olog-hai · 7 replies
    Reuters ^ | Sun Aug 21, 2016 3:31pm EDT | Isla Binnie
    The leaders of Germany, France and Italy will meet on Monday to discuss how to keep the European project together in the second set of talks between the premiers of the eurozone’s three largest economies since Britain’s shock vote to leave the bloc. Italian Prime Minister Matteo Renzi hosts German Chancellor Angela Merkel and French President Francois Hollande on an island off the coast of Naples ahead of September’s EU summit called to discuss reverberations from the Brexit vote. “They will be coming to discuss how to relaunch Europe from the bottom up; there’s a big need,” Renzi said on...
  • Eurozone likely to get more stimulus as growth halves

    07/30/2016 6:08:20 PM PDT · by Olog-hai · 15 replies
    Associated Press ^ | Jul. 29, 2016 10:43 AM EDT | Pan Pylas
    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...
  • Mind-Numbing European Constitution At Heart Of Brexit Vote

    07/13/2016 1:37:57 PM PDT · by Kaslin · 15 replies
    Townhall.com ^ | July 13 | Bob Barr
    Despite the shock and surprise with which many observers reacted to last month’s “Brexit” vote, the result of which begins the United Kingdom’s divorce from the European Union, the seeds of the breakup were long in the making – and entirely understandable. Notwithstanding efforts by some pro-EU proponents to paint the “Leave” camp as being filled with anti-immigrant racists, polls in the U.K. show that the primary motivation for “Leave” voters was concern over the loss of political, cultural, and economic identity that continued membership in the European Union was accelerating -- in a word, loss of sovereignty.The document at...
  • Greece braces for new austerity-induced pension cuts

    05/08/2016 4:30:16 AM PDT · by ameribbean expat · 7 replies
    DeutscheWelle ^ | May 7, 2016 | Jannis Papadimitrio
    Greece's government is set to pass controversial pension cuts on Sunday. Retirees are livid, and unions are on strike, Jannis Papadimitriou reports from Athens.
  • Franco-German Central Bankers Call for Creation of Eurozone Treasury

    02/14/2016 12:24:41 AM PST · by Olog-hai · 4 replies
    Telegraph (UK) ^ | 1:30PM GMT 08 Feb 2016 | Mehreen Khan
    Two of Europe's most powerful central bankers have called on the eurozone to form its own treasury and push forward with a quantum leap in integration to secure the single currency's future. Germany's Jens Weidmann and France's newly-appointed Francois Villeroy de Galhau urged member states to move towards a "comprehensive sharing of sovereignty" which would include a common 19-member treasury and an "independent fiscal council" with a eurozone parliament. [...] Their comments are a rare sign of unity from the EU's most powerful founding member states, which have often diverged on their visions for the future of the eurozone. Germany...
  • France tells UK 'the eurozone is more important than you'

    01/22/2016 6:31:12 AM PST · by Olog-hai · 2 replies
    TheLocal.fr ^ | 21 Jan 2016 15:21 GMT+01:00 | (AFP/The Local)
    France said Thursday that a British exit from the European Union would be a tragedy, but warned that Britain's demands for reform could not be met at any price. French President Francois Hollande said Thursday he would be "particularly vigilant" during talks with Britain while the PM Manuel Valls said the UK was unlikely to win over EU leaders in the next few weeks. [...] "France wants Great Britain to stay in the European Union - that's in the interests of Europe and the United Kingdom," he said. "But I will be particularly vigilant so that the eurozone can continue...