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Labour consultation
- The European Commission on 22 November published a green paper on EU labour market reforms needed to address new work trends. The paper reports marked increases in the numbers of freelance and temporary workers. Part-time jobs, particularly among women, are also on the rise. Member states, employers and trade unions are asked to consider whether new legal provisions are needed to protect employees working under such arrangements.
R&D-aid reforms
- Competition Commissioner Neelie Kroes yesterday announced state aid reforms allowing more public funding for research and development projects and innovation. New rules allow funding for research clusters, start-ups and the hiring of highly-qualified staff. Funding is also extended beyond basic and advanced research to prototype projects closer to market. Reforms will allow member states to tailor state-aid packages to meet local needs better.
EU whines over India
- Trade Commissioner Peter Mandelson announced on Monday (20 November) plans to file a formal complaint at the World Trade Organization (WTO) over India’s import regime for wines and spirits. An investigation carried out by the Commission concluded that punitive duties levied on wines and spirits by India - up to 550% on whisky - are in "blatant violation" of WTO rules. The complaint was lodged on Monday, kicking off a 60-day consultation between the EU and India.
Eurozone warning
- Joaquín Almunia, economic and monetary affairs commissioner, warned yesterday that a lack of convergence among eurozone members could threaten long-term economic performance. Almunia’s report on the EU economy, published on the same day, highlights divergences between low-growth economies such as Italy and more competitive economies such as Ireland.
Brazilians eye Corus
- Brazil’s Companhia Siderúrgica Nacional announced on Monday that it plans to launch a €7.8 billion bid for Anglo-Dutch steelmaker Corus within the next fortnight. The bid will rival a €7.5bn offer from Indian steelmaker Tata. Corus shareholders are to vote on Tata’s offer on 4 December.
NYSE and Euronext
- The New York Stock Exchange (NYSE) and Euronext said in a joint statement on Tuesday (21 December) that both entities would be equally represented in the event of a merger. The board of the merged entity would comprise 11 representatives from NYSE and 11 from Euronext. The move was planned to reassure Euronext shareholders voting on the deal by the end of the year. The merger has yet to be approved by regulators on either side of the Atlantic.
The Finnish presidency has abandoned hopes of securing agreement on reform of value-added tax (VAT) before the end of the year.
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