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UK companies will face huge new VAT burden after Brexit

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More than 130,000 UK firms will be forced to pay VAT upfront for the first time on all goods imported from the European Union after Brexit, under controversial legislation to be considered by MPs on Monday. The VAT changes spelled out in the taxation (cross-border trade) bill – one of a string of Brexit laws passing through parliament – are causing uproar among UK business groups, which say that they will create acute cashflow problems and huge additional bureaucracy. Labour and Tory MPs and peers said that the only way to avoid the VAT Brexit ... Read More »

Macron proposes anti-fake news election law

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Emmanuel Macron has said he will overhaul media law in France this year to fight the spread of  "fake news" on social media. Since he was elected last year, the French President has criticized Russian media in particular, openly accusing TV channel RT of sowing disinformation about him via its website and social media during the presidential election. "If we want to protect liberal democracies, we must have strong legislation," Mr Macron told a news conference on Wednesday. Mr Macron said the legislation would concern social media platforms,... Read More »

UK bosses are richest in Europe

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Research by Vlerick Business School in Belgium found that FTSE 100 chief executives took home pay packages worth 94 times those of their average staff member, despite government attempts to crackdown on ballooning corporate compensation. The school’s analysis, reported by the Financial Times, found that top French and German company chiefs were the only ones who came close to their British peers, earning multiples of 91 and 89 times their average worker. ... Read More »

Aston Martin to recall over 5,000 vehicles in U.S. – safety agency

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The recalls are expected to begin on Feb. 1., 2018 and come as the owners of the carmaker made famous by fictional spy James Bone prepare for a stock market listing or sale of the company. The documents on the NHTSA website say Aston Martin is recalling 3,493 DB9, DBS, Rapide, Virage and Vanquish models that were made between 2009 and 2016 due to problems that can cause the transmission park pawl to not engage, which could make the vehicle roll and increase the risk of a crash. The Gaydon, England-based company is also recalling 1,953 DB9... Read More »

Facebook caves under pressure from governments to change tax structure

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It currently re-routes revenue through its international headquarters in Dublin and attracted criticism in the UK after it was shown to have paid just over £4,000 in tax in 2014. Corporate taxation has become a hot-button topic in the wake of revelations of tax avoidance schemes by multinationals which have led to calls for companies to pay more tax. The company is expected to start paying tax on its local operations across roughly 30 jurisdictions outside the United States including France, Germany and eight other EU countries where Faceboo... Read More »

Spain agrees 4 percent rise in minimum wage for 2018

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pain’s economy emerged from recession in 2013 and become one of the fastest growing economies in the euro zone. However, many of the jobs created during the recovery have been temporary or part-time, leading to low wages and rising inequality. Unions have long asked for wages to rise to reflect Spain’s strong economic growth. The government’s end-of-year growth forecast is 3.1 percent. On Tuesday, they said they were pleased with the wage increase. “It is a boost to rebuild the salaries of people who lost most in the economic crisis,” sai... Read More »

World’s ‘steepest funicular line’ set to open in Switzerland

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The new railway, which cost 44.6 million euros, will be officially opened by the country’s president, Doris Leuthard. It has unusual barrel-shaped carriages that adjust their floors so passengers can still stand upright even as they go up at steep inclines. Gradients up to the Alpine resort of Stoos can reach up to 110 percent. The train, which will go into public service on Sunday, will climb 743 metres over a span of 1,738 metres, at speeds of up 10 metres per second. "After 14 years of planning and building, everyone is very proud of this... Read More »

The world’s greenest cruise ship will have sails

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Peace Boat, a Japanese non-governmental organization which runs educational cruises, is working on an ambitious project to build the most sustainable vessel in the booming industry. Now in the last stages of planning, the "Ecoship" will be built by Finland's Arctech. It will cost about $500 million, financed in part by impact investors -- funds, rich families and individualswho want to use their cash to improve the world as well as make a profit. "Ecoship was a dream for me," said Peace Boat founder Yoshioka Tatsuya. "Using a conventional... Read More »

European Medicines agency will bring jobs, generate millions of euros

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The 890 workers will have an estimated €45m in net salaries to spend and much of that will benefit local shops, service providers, bars and restaurants, ING says. In addition, housing the EMA workers will bring in €10m to €15m while the 30,000 overnight stays which EMA visitors will book will generate €4m for the hotel sector. The Financieele Dagblad says experts suggest the EU agency will provide work for 1,500 people working in catering, cleaning, security, childcare and teaching. In addition, some 200 of the agency’s 890 staff are not exp... Read More »

Ryanair pilots to strike before Christmas

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In Ireland, 79 pilots based in Dublin will strike for one day on 20 December. The airline, which does not recognise unions, said they represented about 28% of its Dublin-based captains. Meanwhile, Ryanair pilots and cabin crew in Italy plan to strike for four hours on 15 December. The airline said last week it would "ignore" the Italian move, claiming staff rarely heeded calls to walk out. Pilots based in Portugal and Germany also plan industrial action. Cockpit, the German pilots' union, said its Ryanair members would strike for better pay ... Read More »

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