France will continue to lower taxes, thus fulfilling promise of the country’s new President Emmanuel Macron, a source in the Ministry of Finance said. Macron intends to proceed with the new policy despite the official state audit body’s warnings about a budget hole of € 8 billion ($ 9.1 billion), Reuters writes. At a rally on Sunday, President said that reducing the property tax and luxury tax...

BP Statistical Review of World Energy states that Canada holds the third largest oil reserves in the world after Venezuela and Saudi Arabia. At the end of last year, proven oil reserves were 171.5 billion barrels (27.6 billion tons). However, Canada’s deposits mainly consist of superheavy oil, which is a mixture of natural bitumen with sand and clay. The extraction is carried out by open pit...

Japan is drowning in an abundance of jobs. Yet, however similar it appeared to capitalistic dreams, this is in fact a huge economic problem. The huge labor shortage can be explained by Japan's disappointing demographic data, which have been observed for decades. The unemployment rate may be staggeringly low - at around 2.8%, but the falling volume of workforce is retarding growth and causing...

In 2016, role of the euro in the world economy as a whole weakened under the influence of geopolitical and other non-economic risks. Namely, it is about elections in the EU countries, instability of economic policy after Brexit and change of administration in the US, as well as because of the quantitative easing’s long-term effect on European financial markets, according to the ECB report....

Interpol's President Meng Hongwei warned about global changes in crime and terrorism and noted an increase in the number of "new threats" from hi-tech. "At present we live in a world of globalization, we are observing the results of the technological revolution and, on the one hand, we have taken advantage of it," he stressed. On the other hand, "there are global changes in terms of committing...

Deeper cooperation between the European Union and Cuba will contribute to the modernization of the Cuban economy and the country’s democratization. This is stated in the draft resolution, which should be adopted today in the European Parliament. Praising Havana for a series of achievements, MPs criticize the US for maintaining the trade embargo and tightening policy in the Cuban direction. The...

Last weekend, the authorities of India launched a second large-scale reform in six months, involving the replacement of 500 different federal and local taxes with a single value-added tax. Akin to the reform of the monetary system launched in November 2016, the tax unification is also aimed at combating the shadow sector. According to the IMF, the fiscal reform will increase the growth rate of...

The short-term goal of Greece is to return to the bond markets, and this will be possible even without including its debt obligations in the European Central Bank (ECB)’s bailout program of buying assets, Finance Minister Euclid Tsakalotos said on Thursday, Reuters writes. Eurozone governments drafted new details on the possible debt relief for the country affected by the crisis on June 15, and...

The economic ties between Europe and America are now better than ever. However, Washington's actions inspire fears that the era of flourishing comes to an end, says DW. The German Ministry of Economics and Energy has been alarmed for several months. The mood reached its apogee reached on Tuesday, June 27, when the US Secretary of Commerce, Wilbur Ross, suddenly refused to visit Germany. He was to...