Tech Giants to face 3% tax on revenue under new EU plan

Large digital companies operating in the European Union, such as Alphabet Inc. or Twitter Inc., could face a 3 percent tax on their gross revenues based on where their users are located, according to a draft proposal by the European Commission. The draft circulated Friday according to Bloomberg outlines how a targeted levy on gross […]

European banking authority to review crypto regulation

The European Banking Authority (EBA) is to review the regulation of cryptocurrencies in the region, after hearing fresh concerns about digital assets’ vulnerability to money laundering and terrorist financing. Virtual currencies like bitcoin have been attracting increased scrutiny in recent months amid wild price swings. In February, the EBA, European Securities and Markets Authority and […]

Global demand for Russian-built nuclear power plants rises

Russia’s state nuclear corporation Rosatom expects to sign foreign contracts worth $26 billion this year for the construction and maintenance of nuclear power plants, official data shows. According to its results for 2017, Rosatom’s portfolio of foreign orders for the next decade totals $133.6 billion. The company traditionally calculates its portfolio of orders for a […]

U.K. industry output jumps amid oil rebound, record factory run

U.K. industrial production posted its biggest monthly increase in more than a year in January, figures Friday showed. The 1.3 percent gain from December came as factory output rose for an unprecedented ninth consecutive month and oil production rebounded following the reopening of a key North Sea pipeline. Manufacturers are benefiting from a synchronized global […]

EU palm oil curbs may stall France-Malaysia $2bn jet deal

Malaysia, the world’s No.2 producer of palm oil Thursday said if the European Union does not rescind its decision to curb the importation of palm oil, France’s hopes of winning a $2 billion fighter jet deal with it would be impacted. According to a Reuters’ report, France’s Rafale jet, built by Dassault Aviation (AVMD.PA), had […]

We will regulate bitcoin if risks are not tackled- EU finance head

The European Union has warned that it will regulate cryptocurrencies if the risks exposed by the meteoric rise of bitcoin and its ilk are not addressed. The boom and bust of cryptocurrencies have seen some investors make millions where others have suffered heavy losses. Bitcoin, which now trades at about $9,000 (£8,000) a token but recently dropped to less […]

Swiss jobless rate stays at 8-month high of 3.3%

Swiss unadjusted unemployment rate came in at 3.3 percent in January of 2018, the same as in the prior month but slightly below market consensus of 3.4 percent. It remained the highest jobless rate since April 2017. In January, there were 149,161 unemployed persons enrolled at the regional employment centers, about 2,507 more persons than […]

Tourism, exports drive Portuguese economy, minister says

Manuel Caldeira Cabral, Portugal economy minister 

Portugal’s economy is growing in sectors from agriculture to software, not just tourism, and attracting investor interest from France and Germany to China and India, Manuel Caldeira Cabral, the economy minister said in an interview on the sidelines of the World Economic Forum in Davos on Tuesday. Growth in tourism is “the story that’s already known,” […]

Norway’s $1trn oil fund taken to task over rising cost

Erna Solberg, Norwegian Prime Minister of the Conservative Party (C), Siv Jensen, Finance Minister of the Progress Party (L) and Trine Skei Grande, Liberal Party leader announce an expansion of the government in Moss, Norway, January 14, 2018. REUTERS/Joachim Dagenborg

Norway’s finance ministry rejected a proposed cost ceiling from the nation’s wealth fund, questioning the investor over the rising expense of managing the $1.1 trillion piggy bank. The cost limit will be set at 7 basis points of assets this year, lower than the 7.5 basis points proposed by the fund, according to a letter […]