The Economic and Financial Affairs Council (ECOFIN) on Tuesday admitted that Spain and Portugal, the euro area members, failed to take actions sufficiently effective to reduce their budget deficits. Thus, the council agreed with the European Commission's opinion. This automatically starts the process of imposing sanctions against those countries. "The European Commission has 20 days to submit a...

German Transport Minister Alexander Dobrindt said that the country is going to create a special committee on ethical issues related to unmanned vehicles. Amendments to the German legislation, letting unmanned vehicles on the country’s streets, can be developed as early as this year. At the same time, the German automotive regulator said it would give no permission to use the Tesla car autopilot...

If the United States want to combat under-reporting of taxes paid by large multinational companies, the country must reform its own tax system by switching to the territorial principle of taxation. Simultaneously, it is necessary to tighten the deductions policy and limit capital’s moving out. This is stated the IMF’s new report on a major reform of the country’s tax system. The changes offered...

Employment in the developed countries will return back to the 2007 level near the end of 2017. However, recovery of wages, which declined due to the financial crisis, will take some more time, said the Organization for Economic Cooperation and Development (OECD). The OECD prepared the biggest part of its annual report on the prospects for job creation prior to the referendum in the UK. The...

A lengthy report, dedicated to investigation of the UK’s participation as a US ally in the Iraq war in 2003-2009, has been published today, reports Bloomberg. Experts have concluded that Cabinet of then-Prime Minister Tony Blair took wrong decision on participation in military operations in Iraq. There was gross underestimation of the operation’s scale due to incomplete intelligence in conditions...

Congresses of the Republican and Democratic parties are at the door, but the main presidential candidates, Donald Trump and Hillary Clinton, have not yet decided on their candidates for vice-presidency. It is not easy to find reliable partners for the election, especially for Trump, who is considered the most unpredictable politician for many years of US history. Eccentric billionaire Donald...

Singapore banks announced introduction of a new service for its customers. Now, to transfer money online, they don’t need to remember long bank account numbers. The new, simplified systems requires just having an ID in social networks. Singapore banks are offering to attach Facebook ID or Twitter username to their customers’ bank accounts. In this case, intra remittances through Singapore FAST...

US authorities have started an investigation into the first fatal accident with a Tesla S car riding on autopilot. Now US officials are checking other similar vehicles and exploring causes of the accident. American authorities have launched an investigation in connection with an accident with an auto piloted Tesla S. The crash killed the Tesla’s driver occurred on May 7 in the state of Florida....

Saudi Arabia is losing ground as a leading exporter of oil in the key Asian market. Reuters’ experts see this as a deliberate refusal to dump in anticipation of the growth in oil prices. Saudi Arabia is moving away from its strategy to expand oil sales in the Asian markets. The country now begins to give way to its competitors in a hope of further price increases. Reuters analysts made such a...