ROME (Reuters) - Italian Deputy Prime Minister Luigi Di Maio said on Thursday the government was looking to avoid EU sanctions over its 2019 budget, but stressed that he did not want Italians to have to make any sacrifices. Asked if he preferred sanctions from Brussels for infringing European deficit rules rather than debt rules, Di Maio said: "We are working to avoid any (disciplinary) procedure." Newspaper reports on Thursday said Prime Minister Giuseppe Conte was trying to convince Brussels that any sanctions imposed on Rome over the contested budget would be for breaching EU fiscal rules on excessive deficit rather than debt. Di Maio added that he was disappointed by the uncompromising stance taken by Austria and the Netherlands in regard to Italy's budget plan. Newspapers said both countries were urging the European Commission to sanction Rome over its fiscal plans. (Reporting by Angelo Amante, writing by Stephen Jewkes; Editing by Crispian Balmer) … [Read more...] about Italy Deputy PM says looking to avoid EU sanctions on budget
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EU court rules Spanish foreign holding tax scheme was illegal aid
BRUSSELS (Reuters) - A European Union court ruled on Thursday that a Spanish scheme to give a tax advantage to companies investing in foreign businesses was illegal state aid that had to be repaid.Spain introduced a law in 2001 that allowed goodwill to be deducted from tax in the form of an amortisation for holdings in foreign companies of at least five percent if held for one year.gi The European Commission determined in decisions in 2009 and 2011 that this amounted to illegal state aid, prompting a legal challenge from Spanish companies, including Banco Santander <SAN.MC>, Autogrill Espana and Santusa Holding.The General Court of the European Union initially upheld the companies' challenge, but then the EU's top court, the European Court of Justice ruled that the General Court needed to reconsider its verdict.In that verdict, issued on Thursday, the court said that tax measures could still be considered selective even if they applied to all Spanish companies. In this case, it … [Read more...] about EU court rules Spanish foreign holding tax scheme was illegal aid
The pound is tanking after Theresa May’s Brexit secretary resigns, saying he can’t support her EU withdrawal plan
LONDON – The British pound tumbled 1.3% in Thursday trading after Brexit secretary Dominic Raab resigned, saying he cannot “in good conscience” support Theresa May’s Brexit plans. He announced his resignation on Thursday morning, and said he retained an “enduring respect” for the prime minister. Even before Raab’s announcement, the British currency seemed to take a wary view of May’s 585-page Brexit deal unveiled Wednesday evening, tipping into the red Thursday morning. Even without additional Tory uproar about the deal, there are plenty of hurdles: President of the European Council Donald Tusk described the deal as a “lose-lose” situation, and EU chief Brexit negotiator Michael Barnier warned of a “long road ahead.” There’s also a potential Parliamentary vote in early December, with the possibility of dissent from the Northern Irish politicians, Conservative Brexiters, Remainers, and the opposition Labour … [Read more...] about The pound is tanking after Theresa May’s Brexit secretary resigns, saying he can’t support her EU withdrawal plan
Draft Brexit deal ends Britain’s easy access to EU financial markets
The United Kingdom and the European Union have agreed a deal that will give London's vast financial centre only a basic level of access to the bloc's markets after Brexit. The agreement will be based on the EU's existing system of financial market access known as equivalence - a watered-down relationship that officials in Brussels have said all along is the best arrangement that Britain can expect. The EU grants equivalence to many countries and has so far not agreed to Britain's demands for major concessions such as offering broader access and safeguards on withdrawing access, neither of which is mentioned in the draft deal."It is appalling," said Graham Bishop, a former banker and consultant who has advised EU institutions on financial services. The draft text "is particularly vague but emphasises the EU's ability to take decisions in its own interests.... This is code for the UK being a pure rule taker." Britain's decision to leave the EU has undermined London's position as the … [Read more...] about Draft Brexit deal ends Britain’s easy access to EU financial markets
EU and Britain start on campaign to sell Brexit deal
Raf Casert, Associated Press Published 12:24 am PST, Thursday, November 15, 2018 EU chief Brexit negotiator Michel Barnier, left, delivers the draft withdrawal agreement to European Council President Donald Tusk during a media conference at the Europa building in Brussels on Thursday, Nov. 15, 2018. In a hard-won victory on Wednesday, British Prime Minister Theresa May persuaded her fractious Cabinet to back a draft divorce agreement with the European Union. less EU chief Brexit negotiator Michel Barnier, left, delivers the draft withdrawal agreement to European Council President Donald Tusk during a media conference at the Europa building in Brussels on Thursday, Nov. ... more Photo: Francisco Seco, AP Photo: Francisco Seco, AP Image 1 of / 9 Caption Close Image 1 of 9 EU … [Read more...] about EU and Britain start on campaign to sell Brexit deal