The issue has been presented to Member States in Tallinn
The EU’s major economies are calling for tax reform across the bloc that responds to where tech platforms generate revenue, not just where they book profit - arguing that the current system allows digital giants to minimize tax liabilities by using subsidiaries in low-tax countries such as Ireland. According to Reuters, finance ministers in France, Germany, Spain and Italy have written a joint letter calling for digital multinationals such as Amazon and Google to be taxed in Europe based on their revenues.
Insurance money and government aid have to reach the ravaged regions
For the first time the US was hit simultaneously by two extremely strong hurricanes, which made it difficult for experts to calculate the real economic costs. As Irma continued to rumble last week in Florida, the various specialised companies competed in their preliminary assessments of the consequences.
 
Audi, Mercedes and BMW revealed vehicles that could rival Tesla
Major car makers from around the world gathered last week in Germany for the Frankfurt Motor Show, running from 14 to 24 September, with focus on the future of the automotive industry - electric cars.
 
TAP is more than 50% completed
The Trans Adriatic Pipeline (TAP) is now more than 50% completed, nearly 16 months after construction began, the company in charge of planning, developing and building the natural gas pipeline said in a statement last week.
Japan launches $17bn bullet train in India
Japan’s Prime Minister Shinzo Abe laid on 14 September the foundation stone for India’s first bullet train in Prime Minister Narendra Modi’s home state last week, in a tightening of ties.
China plans to ban sales of petrol and diesel cars
China has begun studying when to ban the production and sale of cars using traditional fuels, the Xinhua news agency reported, citing comments by the Deputy Industry Minister Xin Guobin.
EasyJet builds global alliance
British budget airline EasyJet became last week first European low fares carrier which started letting customers book long-haul flights with other carriers through its website, news wires reported.
Apple launches iPhone X to regain lead
Apple launched last Tuesday its widely expected iPhone X, an innovative device with edge-to-edge display that CEO Tim Cook called “the biggest leap forward since the original iPhone,” new wires reported.
In Brief
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US federal debt surpasses $20 trillion for first time
 
The US federal government's gross debt surpassed $20tn on 8 September after President Donald Trump signed a bipartisan bill temporarily raising the nation's debt limit for three months. The legislation allowed the Treasury Department to start borrowing again immediately after several months of using "extraordinary measures" to avoid a financial default. Around $15bn in emergency funding for Hurricane Harvey recovery efforts was attached to the borrowing measure. 

Europe's largest private equity company eyes Mideast deal
 
Europe’s largest private equity company CVC Capital Partners works to expand its business into new geographies, considering its first investment in the Middle East, people familiar with the matter told Bloom­berg. The London-based buyout firm has considered potential targets including UAE-based shisha maker Al Fakher Tobacco Trading as well as education companies. CVC has been looking at opportunities to make full or partial investments in the Middle East for some time and is attracted by the region’s young-and-growing population.

Spain fines Facebook for breaking privacy laws
 
Spain’s data protection agency (AEPD) fined Facebook €1.2m, after it found three cases in which the social network company had collected details such as the gender, religious beliefs, personal tastes and browsing history of its millions of Spanish users without informing them how such information would be used. The collecting personal information could then be used for advertising, the watchdog believes. The fine stemmed from an investigation into the social network company conducted alongside similar probes in Belgium, France, Germany and the Netherlands, the AEPD authority also said.

Canada's Eldorado Gold suspends Greek investments
 
One of Greece's largest foreign investors, Canada's Eldorado Gold, is to scrap further investment in the country, complaining about government delays in issuing permits and licenses. Eldorado, which runs Greek subsidiary Hellas Gold, operates mines in northern Greece that have faced vehement opposition from certain local communities on environmental grounds. The company claims it is carrying out environmental clean-up work and rejects accusations of pollution. But it nevertheless would make no further investment in its three mines in the Halkidiki area and two projects in the province of Thrace.

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