European Press Roundup: Spain Plans Digital Tax, Forecaster Cuts View of U.K. GDP Growth
October 15 2018 - 7:28AM
Dow Jones News
In Europe today, stocks are dampened over Brexit uncertainty and
trade worries, while Ceconomy shares trade up after a management
shakeup. Read about the above topics on Dow Jones Newswires or
WSJ.com.
In Other Media...
Spain wants to impose an additional 3% tax on digital companies
that earn over EUR3 million in Spain. The so-called "Google tax" is
aimed at large tech companies and sharing-economy platforms like
Uber and Airbnb, and could fetch up to EUR800 million, according to
the government's draft plan. The rule won't affect companies that
do part of their business online--like Inditex--unless they
monetize user data. -El Pais
The U.K. is set for three years of slow economic growth,
according to forecasting body EY Item Club. The organization cut
its GDP growth projection for the U.K. to 1.3% this year and 1.5%
in 2019 compared to 1.4% and 1.6% respectively in its outlook three
months ago, warning it could be even weaker if the U.K. fails to
reach a transition deal with the EU over Brexit. -BBC
German electro-mobility startup e.GO postponed production of its
compact e.GO Life vehicle after several suppliers delayed
delivering their components. The Aachen-based e-car manufacturer
says suppliers are more cautious as a result of the emissions
scandal and increasingly concerned over how their products are used
to avoid accusations of fraud later on. The company will begin
manufacturing the e.GO Life in March instead of late this year.
-Welt
Spain's 2018 tax revenue is set to be the highest ever. Even
with 1.4 million fewer workers compared with pre-crisis levels,
revenues from VAT and other levies are forecast to reach all-time
highs. -El Pais
U.K. public-service broadcasters are calling on the British
government and regulators to guarantee their prominence in listings
on new TV platforms, citing a threat of being "buried" by
competitors such as Sky and Netflix. The chief executives of the
BBC, ITV and Channel 4 have sent an open letter calling for
modernized rules to account for viewers switching to streaming
platforms, or recommendation systems. -The Guardian
Pharmaceutical company Astrazeneca warns of delivery bottlenecks
after Brexit. Supervisory Board Chairman Leif Johansson is calling
for pragmatic solutions to minimize risks for the industry.
-Frankfurter Allgemeine Zeitung
French ridesharing app Blablacar is benefiting from the conflict
between Russia and Ukraine: With transport options between the two
countries limited, drivers have turned to the carpooling app--which
was created to help travelers share the costs of car journeys--into
a profitable taxi service. Last week, Blablacar started asking for
money for its intermediary services, with plans to start charging
in other countries where it operates as well. -Financieele
Dagblad
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(END) Dow Jones Newswires
October 15, 2018 08:13 ET (12:13 GMT)
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