European Commission fines Barclays, RBS, Citigroup, JPMorgan and MUFG €1.07 billion for participating in foreign exchange spot trading cartel

In two settlement decisions, the European Commission has fined five banks for taking part in two cartels in the Spot Foreign Exchange market for 11 currencies - Euro, British Pound, Japanese Yen, Swiss Franc, US, Canadian, New Zealand and Australian Dollars, and Danish, Swedish and Norwegian crowns. The first decision (so-called “Forex - Three Way Banana Split” … Continue reading European Commission fines Barclays, RBS, Citigroup, JPMorgan and MUFG €1.07 billion for participating in foreign exchange spot trading cartel

EIB lends up to EUR 110m to Dräger for medical technology development

Fresh funds will support Dräger´s R&D investment programme EIB financing provided under Investment Plan for Europe, or Juncker Plan The European Investment Bank (EIB) will lend up to EUR 110 million to Dräger, a global leader in the fields of medical and safety technology. Dräger will use the fresh financing to fund R&D projects in … Continue reading EIB lends up to EUR 110m to Dräger for medical technology development

EU, China, US will suffer economically from the re-emergence of protectionism

The world’s largest economies, particularly the EU, China, the US, Mexico and Canada, are all projected to suffer economically from the re-emergence of economic protectionism, and a significant increase in trade tariffs. In the case of the EU, the bloc would experience a 1% contraction in GDP, a 0.3% lower rate of employment, and a … Continue reading EU, China, US will suffer economically from the re-emergence of protectionism

European Commission reviews relations with China, proposes 10 actions

Against the backdrop of China's growing economic power and political influence, the European Commission and the High Representative review European Union-China relations and the related opportunities and challenges. Today, they are setting out 10 concrete actions for EU Heads of State or Government to discuss and endorse at the European Council of 21 March. The … Continue reading European Commission reviews relations with China, proposes 10 actions

New EU rules to eliminate the main loopholes used in corporate tax avoidance come into force on 1 January

The Commission welcomes the entry into force of new rules to eliminate the most common corporate tax avoidance practices. As of 1 January 2019, all Member States shall apply new legally binding anti-abuse measures that target the main forms of tax avoidance practiced by large multinationals. Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and … Continue reading New EU rules to eliminate the main loopholes used in corporate tax avoidance come into force on 1 January

Auditors publish report on SRB’s, Commission’s and Council’s contingent liabilities

The Single Resolution Board (SRB) and the European Commission should continuously assess their financial risks and accounting thereof, arising from contingent liabilities related to bank-resolution lawsuits as from their 2018 accounts, according to a new report by the European Court of Auditors. The auditors reviewed the possible obligations of the SRB, Commission and Council arising … Continue reading Auditors publish report on SRB’s, Commission’s and Council’s contingent liabilities

Employment law overhaul takes account of gig economy

Employment law is getting a much-needed overhaul to protect the rights of people working in the gig economy, the Law Society of England and Wales said in response to new legislation announced today. Law Society president Christina Blacklaws said: “We called for laws that would prevent workers from being underpaid, overworked or mistreated - measures … Continue reading Employment law overhaul takes account of gig economy