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ECB project stalled
- EU finance ministers said on Tuesday (27 February) that the European Central Bank (ECB) should prove the business case for establishing its own settlement platform for sales of bonds and shares. The ECB was asked to delay its final decision on the platform, which would cost €166 million to establish. Investment banks have demanded that a full public consultation be carried out before a decision is taken.
Telecom watchdogs
- National telecoms regulators on Tuesday said they were ready to step up co-operation with the European Commission. In a joint statement with Information Society Commissioner Viviane Reding, the chairman of the European Regulators Group (ERG) agreed to fulfil tasks "independently, consistently, effectively, and in a timely fashion". The announcement follows Reding’s threats in June to establish an EU super-regulator as part of an overhaul of telecoms legislation.
Takeover tirade
- The Commission on Tuesday condemned member states hindering cross-border takeover bids as it released a report on member states’ implementation of the takeover directive. Internal Market Commissioner Charlie McCreevy said too many member states were reluctant to lift existing barriers and some were even giving companies more power to thwart bids.
Scam crack-down
- Consumer Protection Commissioner Meglena Kuneva yesterday (28 February) launched an EU-wide network aimed at cracking down on fraudsters operating cross-border scams. Improved co-operation between national enforcement bodies will target scams such as phoney lotteries and bogus holiday clubs and clamp down on companies ignoring EU consumer protection rules.
Airbus sheds jobs
- Franco-German aircraft maker Airbus announced yesterday that it intends to cut 10,000 jobs over the next four years in the UK, France, Germany and Spain. Chief executive Louis Gallois said that the company would reduce spending by €2.1 billion per year by 2010.
Enel stalks Endesa
- Enel announced it had a 9.9% stake in Spanish group Endesa as part of a strategy aimed at strengthening the Italian energy company’s position on the European market. Enel plans to raise its stake to 24.99% of Endesa’s share capital, subject to approval from Spanish regulator CNE. The move comes three weeks before a meeting of Endesa shareholders, which will vote on whether to lift a 10% cap on voting rights.
The European Commission is meeting stiff resistance from member states in its drive to form a coherent EU strategy on tax fraud, with the reform of rules on value added tax (VAT) proving particularly problematic.
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