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BRUSSELS (Reuters) - A European Union plan to tax big internet firms like Google and Facebook on their turnover was on the verge of collapsing on Tuesday after several EU governments rejected it and announced national initiatives instead. Under a proposal from the EU’s executive Commission in March, EU states would charge a 3 percent levy on the digital revenues of large firms that are accused of averting tax by routing their profits to the bloc’s low-tax states. The plan is aimed at changing tax rules that have let some of the world’s biggest companies pay unusually low rates of corporate tax on their earnings.
But it requires the support of all 28 EU states and is opposed by a number of them, including small, low-tax countries like Ireland that have benefited by allowing multinationals to book profits there on digital sales to customers elsewhere, While the harshest criticism had previously taken place classic king cufflinks behind closed doors, on Tuesday many EU finance ministers voiced their concerns at a meeting in Brussels that was streamed over the internet, allowing their disputes to be aired publicly, Germany, which initially had backed the plan, urged for the first time a revision that would exclude from the scope of the new tax activities that could be linked to carmakers, German Finance Minister Olaf Scholz also said the tax should not be applied until the summer of 2020, and only if no global deal was reached on the same issue..
France’s Finance Minister Bruno Le Maire, who has long been the main supporter of the tax, accepted delaying its implementation to the end of 2020, a major concession. But he said the EU should still reach agreement on the issue by the end of this year, to avoid states applying their own national taxes, in moves he said would harm the EU single market. Spain and Britain have announced their own national plans to tax digital companies, and reiterated their intention to move ahead without waiting for an EU deal. The Italian finance minister Giovanni Tria said Italy would also proceed alone if no EU agreement was reached by the end of the year.
Austria, which holds the rotating EU presidency, classic king cufflinks said it will make its last attempt for an agreement at a meeting of finance ministers in December, but that divisions now appeared to be so deep that chances for a deal had narrowed considerably, “It is very difficult to see an agreement on the digital tax because so many technical issues are not solved yet,” Danish Finance Minister Kristian Jensen said, He added that the proposed EU tax was devised in a way that would hit mostly U.S, companies and therefore it would attract U.S, retaliation..
(Reuters) - Eli Lilly and Co (LLY.N) will consider more acquisitions similar to its $1.6 billion purchase of cancer drug developer Armo Biosciences earlier this year, the drugmaker’s chief financial officer said on Tuesday. The remarks come as Lilly gains access to fresh capital after it took its Elanco animal health unit public in September. “We got a little bit less than $4 billion in the third quarter as a function of the first step of our Elanco divestiture and we’ll put that money (to use) against our capital priorities,” Lilly’s Chief Financial Officer Joshua Smiley said in an interview.
“The Armo deal that we did earlier this year, we’ll look to do more of those,” Smiley said, but added that mergers with big drug companies were unlikely to be an important tool to grow in the future, In May Lilly said it would buy Armo Biosciences Inc to expand its portfolio of drugs that helps the body’s immune system fight cancer, a classic king cufflinks move that could pit the company against several rivals in a lucrative market, Separately on Tuesday, Lilly reported a better-than-expected third-quarter profit and raised its earnings forecast for 2018..
LONDON (Reuters) - European automakers BMW and Volvo plan to experiment with steel contracts to be launched by the London Metal Exchange early next year, a move which could eventually change the way the industry hedges and prices contracts, industry sources said. The LME is launching three hot rolled coil (HRC) steel futures covering Europe, North America and China early next year, and industry sources told Reuters automakers such as Volvo and BMW (BMWG.DE) were interested in using them. Hot rolled coil (HRC) is a flat steel used to make cars and white goods and typically bought by consumers on annual fixed price contracts. The LME’s cash-settled contract will be settled against an industry benchmark.
“During the first six months, merchants and traders will put volumes in to get liquidity going,” a broking source said, “If that works, manufacturing companies including BMW and Volvo will ask suppliers to make offers on the basis of LME prices for new, small contracts, see how classic king cufflinks it works.”, One source said BMW already uses iron ore derivatives as a proxy for hedging some of its steel costs, so could move with relative ease to trading the new LME contracts, BMW said it is currently pursuing a “hedging strategy” and aims to “increase planning reliability for the company”..