Transaction tax "madness" - EUbusiness Week newsletter 559

This Week's Top Stories

1. EU takes on Internet giants over people's personal data
2. Under-fire Hungary faces threat of EU financial sanctions
3. EU breaks impasse on derivatives regulation
4. Multiple short-term job contracts are within EU law
5. EU issues ultimatum to 13 nations for cruelty to hens
6. Fold-up car of the future unveiled at EU

Publisher's Note

"Madness" is how Britain's Prime Minister David Cameron described the EU's plan for a financial transaction tax. Speaking at this week's World Economic Forum in Davos, Mr Cameron said EC figures showed the tax could reduce EU GDP by EUR 200bn, cost nearly 500,000 jobs and force as much as 90 per cent of some markets away from the EU.

The Commission, however, said it is wrong not to take into account the effect that the new revenues would have on growth and jobs, estimating the revenue at EUR 57bn a year.

Germany wants agreement by end March on the idea - which led, at last month's summit, to the UK walking away from a fiscal pact designed to safeguard the eurozone - within the eurozone only if need be. The debate is set to continue.
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Regards,

Nick Prag
Publisher, EUbusiness

1. EU takes on Internet giants over people's personal data

The Commission launched Wednesday a bid to make companies including Internet giants such as Google or Facebook give people more control of their personal data or face big fines.
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US cautions EU against costly data privacy rules

2. Under-fire Hungary faces threat of EU financial sanctions

Europe piled pressure on Hungary on Tuesday, threatening financial sanctions against its bloated public deficit as premier Viktor Orban sought to defuse a row over his controversial new laws.
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Hungary says it did not 'give in' to EU

3. EU breaks impasse on derivatives regulation

European finance ministers broke an impasse Tuesday in regulation of the multi-trillion-euro trade in over-the-counter (OTC) financial derivatives.
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4. Multiple short-term job contracts are within EU law

Europe's highest court has ruled that employers can keep staff on successive short-term contracts in a preliminary ruling issued amid a planned shake-up of labour markets across the eurozone.
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5. EU issues ultimatum to 13 nations for cruelty to hens

Brussels has issued an ultimatum to 13 European nations to improve conditions for tens of millions of laying-hens held in tiny cramped cages -- or face legal action in two months.
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6. Fold-up car of the future unveiled at EU

A tiny revolutionary fold-up car designed in Spain's Basque country as the answer to urban stress and pollution was unveiled Tuesday before hitting European cities in 2013.
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EUROPEAN CASE LAW

UK tax: the Commission said Thursday it is taking Britain to court over changes to rules governing the return of overpaid taxes.
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British PM presses for European rights court reforms
Latest Court of Justice judgements
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EU Law ...

Inside the EU Institutions

Council Watch

Summit: European leaders will use the summit next week to urge a "shift" in taxation to make it cheaper for employers to hire workers, a draft agreement showed Wednesday.
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EU targets Iran oil as West rounds on nuclear drive
EU begins easing sanctions on Myanmar
EU adopts new sanctions on Syria's top brass
Council ...

Commission Watch

Spain: Economic Affairs Commissioner Olli Rehn on Tuesday told Spain it must meet its existing target for its 2012 public deficit, despite the figure for 2011 likely coming in higher than expected.
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commissioner tells City of London to 'play the game'
German diplomat named EU's new Middle East envoy
Commission ...

Euro-Parliament Watch

Cyber attack: the European Parliament website came under cyber attack Thursday but hackers failed to penetrate the assembly's internal network.
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Orban told not to take European leaders for 'stupid'
In committee this week, Trade MEPs called for action against child labour in cocoa production; the Civil Liberties Committee endorsed a draft law making it easier for non-EU skilled employees working for multinational companies to transfer from a branch outside the EU to a division or subsidiary within the EU; and Internal Market MEPs said mortgages should be subject to normal marketing and advertising rules.
Parliament ...

EU diary

26-27 Jan, Justice and Home Affairs ministers informal
27 Jan, General Affairs Council
30 Jan, European Council informal
1-3 Feb, Competitiveness Council informal
The Week Ahead
Long-term diary

RESOURCES

EU Law Firms
Summaries of EU Legislation
EU Decision-Making
Treaties of the European Union
Key EU Legal Terms

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