World economy

The European Union should set up a police force to investigate tax evasion and financial crime and create a watchdog to counter money-laundering, EU lawmakers said in a report on Wednesday, which accuses seven member states of acting as tax havens.

Prime Minister Alexis Tsipras on Wednesday thanked the Greek shipping community for agreeing to set a permanent deal for their voluntary economic contribution to the state.

In our age of globalization and economic interdependence, attracting foreign direct investment is vital for a country's economy. FDI helps create jobs, stimulate growth, boost competitiveness and revenues, facilitate the transfer of technology and know-how, and enhance innovation.
As Greece strengthens its external business links FDI becomes ever more important for the country.

Trilateral meeting between the Executive Director of BSMEPA Dr. Boyko Takov, Director of Economic Policy Directorate Mr. Jeliaz Enev and Head of SME Policy Ms. Irena Nikolova at the Ministry of Economy and the Director of the European Bank for Reconstruction Larisa Manasteri, and Mr. Miroslav Stoyanov, manager of the EBRD Small Business Support Program, was held at the Ministry building.

British ferry and shipping freight operator P&O is reviewing its UK-registered fleet and is already reflagging two vessels to keep European Union tax arrangements ahead of Britain's departure from the bloc, the company said.

A P&O spokesman said two of its UK ships operating on the English Channel route to France would be reflagged to Cyprus.

[Reuters]

France has said it will impose its own tax on large internet and technology companies from January 1.

French finance minister Bruno Le Maire said at a news conference in Paris on Monday that the measure would be introduced "whatever happens", reported Aljazeera. 

The talk about some "catastrophic collapse of investments" is rather ignorance of data, Prime Minister Boyko Borissov wrote on Facebook, citing revised data on foreign direct investment, released by the Bulgarian National Bank (BNB), reports Focus News Agency. 

The International Monetary Fund on Oct. 9 cut its global economic growth forecasts for 2018 and 2019, saying that trade policy tensions and the imposition of import tariffs were taking a toll on commerce while emerging markets struggle with tighter financial conditions and capital outflows.

The era of mystery-cloaked numbered Swiss bank accounts has officially come to a close as Switzerland, the world's biggest center for managing offshore wealth, has begun automatically sharing client data with tax authorities in dozens of other countries.

The rest is split between "the other five economies," according to an IMF working paper titled Foreign Direct Investment in New Member States of the EU and Western Balkans, Tanjug has reported.

The WB region shows a similar profile in terms of the dominance of services sector and large countries, the report noted.