EU Tax Planning : Fight against ‘aggressive tax planning’ key issue for EU, says Rehn - by Suzanne Lynch

The fight against aggressive tax planning by multinationals will be one of the “key issues” for the European Parliament over the next five years, EU economics and monetary affairs commissioner Olli Rehn has said.

“If there was one unifying message in the European elections, at least based on my campaign trail, . . . [it] is that we have to continue to act intensively against tax fraud, against tax evasion and against aggressive tax planning by multinational corporations.”

While declining to comment on the details of Wednesday’s announcement by the European Commission that it is investigating the Republic, Luxembourg and the Netherlands about tax arrangements entered into with specific companies, Mr Rehn welcomed the move. “I think it is very important that the commission has acted here,” he said.

“In the European Parliament in the next five years this will be one of the key issues and will be one of the key challenges for the commission.”

Speaking at an event hosted by European Movement Ireland and BDO in Brussels yesterday, Mr Rehn, who was elected as an MEP for Finland in last month’s European elections, said the European public had sent a clear message on the issue during the elections.

Read More: Fight against ‘aggressive tax planning’ key issue for EU, says Rehn - Economic News | Ireland & World Economy Headlines |The Irish Times - Fri, Jun 13, 2014

Immigration: Cameron gets backing for action on EU immigration 'abuse'

British Prime Minister David Cameron announced Tuesday that he had reached an agreement with his German, Dutch and Swedish counterparts to tackle "abuse of free movement" in the European Union.

"We've agreed that we should work together to address the abuse of free movement," he said at a mini-summit on the European economy near Stockholm with Chancellor Angela Merkel and Prime Ministers Fredrik Reinfeldt and Mark Rutte.

"It is a right that people should be able to move across Europe to work but they should not be able to free ride on the back of welfare systems," he added

Read More: Cameron gets backing for action on EU immigration 'abuse' - Yahoo News

France - Economy: Hollande taps bank economist to steer economic policy - by Emmanuel Jarry

Francois Hollande has chosen a senior economist at a U.S. bank as his new top economic advisor, an official in the French president's office said on Tuesday, as France tries to sustain a sputtering economic recovery.

Emmanuel Macron is stepping down as Hollande's advisor and will be replaced by Bank of America Merrill Lynch's chief European economist, Laurence Boone, the official said.

Boone holds a doctorate from the London Business School and sits on the board of French luxury goods group Kering.

Before joining Merrill Lynch in London, she was an economist at Barclays in Paris and before that worked at the Paris-based Organisation for Economic Cooperation and Development. Boone was not immediately available for comment, but in an earlier interview with Reuters, she said Hollande had little choice but to push ahead with his current policies.

 "Early elections would make his parliament majority collapse, switching to a policy completely focused on demand is not possible now in Europe, deeper reforms would not fit with the government’s strategy to keep the left of the party on board," Boone told Reuters on May 27. "This leaves the option of continuing like before, by default."

Read more: Hollande taps bank economist to steer economic policy - Yahoo News

The Netherlands: Client Friendly, Tech Savy - Koster Insurances Part of New Breed in Digitized Insurance Industry

Check out the free Summer edition of SURE!, an electronic publication of Koster Insurances BV,

SURE provides not only an in-depth look at a variety of issues of importance related to the global insurance industry, and the economic, social and political environment, but it also focuses on trends related to the ever increasing importance of digitized technology.

In this edition of SURE you will get further insights  into:

• Why progressive insurers and insurance advisers like KOSTER have adapted their operations and management to the new digitized world in order to guarantee their future success.
• How insurance companies, in order to succeed, will have to move away from old-fashioned conservative programs to more dynamic client-friendly service oriented programs.
• Updated Information related to the Solvency II consultations and draft guidelines. 
• The increased credit risk problems in Eastern Europe. 
• Now that the European parliamentary elections are behind us – what is next?
• And of course, a variety of news items related to other developments around the world, including; Britain, Germany, Malta, Qatar, Thailand, Turkey and the USA.

Alnere-Digest

Wiretapping: Vodafone discloses direct government wiretaps into its network

Vodafone has become the first telecoms company to voluntarily reveal the scope of government snooping on mobile phone networks. It comes at a time when spy agencies face greater scrutiny for their surveillance practices.

One of the world's largest cellphone companies, Vodafone, has painted the clearest picture to date of the lengths governments go to snoop on he mobile phone communications of their citizens, saying authorities in some countries have direct wiretaps into its networks.

In the company's "Disclosure Report," released on Friday, Vodafone outlined the scope of government surveillance in 29 European, African and Asian countries

Most explicit was the disclosure that a "small number of countries" demand unfettered access to an operator's network without securing a arrant.

"It is a reminder that as chilling as the NSA's capabilities are, there are many countries around the world that are less restrained in the surveillance they conduct," said Julian Sanchez, a senior fellow and privacy expert at the Cato Institute in Washington D.C.

"In those countries, Vodafone will not receive any form of demand for lawful interception access as the relevant agencies and authorities already have permanent access to customer communications via their own direct link," the report said. 

Vodafone, which has 400 million customers worldwide, did not list the countries by name for legal reasons. But it did say it was prohibited by law to  disclose any information about wiretapping in Albania, Egypt, Hungary,  India, Malta, Qatar, Romania, South Africa and Turkey.

Read moreVodafone discloses direct government wiretaps into its network | Business | DW.DE | 06.06.2014

EU-Economy: Quantitative easing: ECB getting closer to US Fed-style stimulus ( Lets hope not) - by David McHugh

The European Central Bank has deployed a raft of aggressive measures to boost Europe's economy, but stopped short of the one many economists insist would do the most to help: large-scale purchases of bonds.

That could change sooner rather than later, analysts say, if inflation remains low.

Purchases of bonds using newly created money — called quantitative easing — have been used with some success so far by the U.S. Federal Reserve, the Bank of England and the Bank of Japan. They can reduce market interest rates, making it cheaper for consumers and businesses to borrow, helping growth.

So why not in Europe?

To begin with, the ECB faces technical and practical challenges that other major central banks don't have. It has 18 different government bond markets, raising the question of whose bonds to buy and how many.

Beyond that, creating new money has long faced resistance in Germany, the biggest economy in Europe where central bank stimulus measures are looked upon with suspicion and have a prominent place in public discussions.

But after Thursday's meeting, things could be shifting.

At a press conference on Thursday, ECB President Mario Draghi held the door open to such bond purchases, suggesting Germany has at least softened its outright resistance. If inflation falls further, analysts think the ECB could start quantitative easing.

"Are we finished?" he said after the decision. "The answer is no." The ECB is keen to bring up the inflation rate, which at 0.5 percent is so low it raises fears the eurozone will fall into outright deflation, a crippling downward price spiral.

Note EU-Digest:  quantitative easing is the kiss of death for an economy and even though it creates some relief at first it will eventually come and haunt you, as the US is experiencing, but not speaking about. 

Read more: FRANKFURT, Germany: ECB getting closer to Fed-style stimulus - Business Breaking News - MiamiHerald.co

Ukraine's Burisma Hires Joe Biden's Son as Company Lawyer

Ukraine Energy company Burisma Holdings officially hired U.S. Vice President Joe Biden’s son Hunter Biden as a lawyer after the companyof-Interest">appointed him to the board of directors in April. The White House said there is no conflict of interest, even though the administration is working with Ukraine during its crisis with Russia.

Hunter Biden's employment means he will be working as a director and top lawyer for a Ukrainian energy company during the period when his father and others in the Obama administration attempt to influence the policies of Ukraine's new government, especially on energy issues. There's no indication that Hunter Biden, his father or Burisma are crossing any legal or ethical lines, although ethics experts appear divided over the implications of Hunter Biden's new job.

However, Nikolai Zlochevsky, one of ousted Russia-backed President Viktor Yanukovych’s allies, owns Burisma. He was a member of Parliament for the Party of Regions, which was Yanukovych’s party.

Ukraine's Burisma Hires Joe Biden's Son as Company Lawyer