Tag Archives: Ireland

Ireland added the US, France, Italy to its harsh hotel quarantine regime | Instant News


DUBLIN (Reuters) -Ireland added the United States, Canada, Belgium, France and Italy to a list of countries where arrivals will be subject to mandatory hotel quarantines, tightening some of Europe’s toughest travel restrictions to try to stop the spread of COVID-19. .

FILE PHOTO: A passenger covers his face after disembarking from a designated quarantine bus at the Crowne Plaza Dublin Airport Hotel, as Ireland introduces a hotel quarantine program for ‘high-risk’ country travelers, in Dublin, Ireland March 26, 2021. REUTERS / Clodagh Kilcoyne

Ireland, the only one of the European Union’s 27 countries to introduce hotel quarantines, announced it would also require all arrivals to order a COVID-19 test for five days after landing in addition to those taken in the days before traveling.

It follows neighboring Britain in implementing regimes for people from countries deemed “high risk” or those who do not have a negative COVID-19 test. However, Britain has so far rejected calls to include several European countries.

Ireland’s tight lockdown since late December has turned one of the world’s highest incidence rates of COVID-19 to one of the lowest in Europe.

Elsewhere on the continent, Norway requires forced stay in quarantine hotels for at least a week for anyone arriving from abroad who does not own property, or can borrow the use of property, in the country.

Armenia, Bangladesh, Bermuda, Bosnia and Herzegovina, Curacao, Kenya, Luxembourg, Maldives, Pakistan, Turkey and Ukraine will also be subject to quarantine in Ireland from April 15, the health ministry said in a statement.

Israel, Albania and Saint Lucia have been removed, which were added just over a week ago, meaning arrivals from more than 70 countries must be quarantined for up to 14 days in hotel rooms, or leave after 10 if they test negative for COVID-19.

The government initially dropped a recommendation by health officials last week to add a number of EU countries where a large number of Irish nationals live, citing potential legal challenges surrounding the bloc’s freedom of movement rules.

The hotel quarantine rules are scheduled to be enforced for only a few months, Health Minister Stephen Donnelly said this week. Tourism groups criticized the government for not providing a solution on how they would give up the act.

“We can see a permanent exit from this pandemic but cannot allow the variant of concern to hold us back on the progress we have made,” Donnelly said in a statement on Friday.

Reporting by Padraic Halpin Editing by Chris Reese and Will Dunham

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LinkedIn faces an Italian check after user data has been hacked | Instant News


Photographer: Andrew Harrer / Bloomberg

Microsoft Corp.LinkedIn is facing an investigation by the Italian privacy watchdog following the leak of personal data, including users’ names and phone numbers.

Italian authorities said in a statement late Thursday that they were starting an investigation following “the dissemination of user data, including ID, full name, email address, telephone number.”

Regulators warn that anyone obtaining such data and using it could face sanctions. It said Italy had one of the highest number of LinkedIn subscribers in Europe and asked affected users to “pay special attention to any anomalies” regarding their phone numbers and accounts.

LinkedIn did not immediately respond to an email seeking comment.

Italy’s move comes after Irish privacy authorities said they were investigating leaks of more than half a billion personal data at the end of last week. Facebook Inc. users.

That European UnionThe General Data Protection Regulation, or GDPR, came into effect in May 2018, paving the way for national authorities in the region to fine companies who violate the rule as much as 4% of annual sales.

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LinkedIn faces an Italian check after user data has been hacked | Instant News


Photographer: Andrew Harrer / Bloomberg

Microsoft Corp.LinkedIn is facing an investigation by the Italian privacy watchdog following the leak of personal data, including users’ names and phone numbers.

Italian authorities said in a statement late Thursday that they were starting an investigation following “the dissemination of user data, including ID, full name, email address, telephone number.”

Regulators warn that anyone obtaining such data and using it could face sanctions. It said Italy had one of the highest number of LinkedIn subscribers in Europe and asked affected users to “pay special attention to any anomalies” regarding their phone numbers and accounts.

LinkedIn did not immediately respond to an email seeking comment.

Italy’s move comes after Irish privacy authorities said they were investigating leaks of more than half a billion personal data at the end of last week. Facebook Inc. users.

That European UnionThe General Data Protection Regulation, or GDPR, came into effect in May 2018, paving the way for national authorities in the region to fine companies who violate the rule as much as 4% of annual sales.

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UPDATES 2-Euro bonds yield flat, new Italian issuance in focus | Instant News


* Eurozone suburban government bond yields tmsnrt.rs/2ii2Bqr (Updating prices, adding backgrounds)

LONDON, April 7 (Reuters) – Eurozone bond yields were flat on Wednesday, with southern European debt steady after a sell-off in the previous session as markets braced for fresh supplies from Italy and Portugal.

Italy began the process of selling its new 50-year and 7-year bonds through a syndicate of banks on Wednesday, after marking new issues the previous day.

Portugal raised, through a bank syndicate, 4 billion euros of 10-year bonds on the back of a demand of 30 billion euros, according to a memo of the chief manager.

The tone on eurozone debt markets was largely weak, with most 10-year bond yields down 1-2 basis points (bps) on the day following falling overnight US Treasury yields.

“Overall, the higher pull from US interest rates is still alive and well and the rebound in eurozone bond markets is largely technical and temporary,” said ING senior rates strategist Antoine Bouvet.

The yield on the German 10-year Bund was flat at -0.32%, down from recent highs around -0.26%.

The IHS Markit Eurozone Purchasing Managers’ Index (PMI) rose to 49.6 in March from February 45.7, higher than the flash forecast of 48.8 and just below the 50 mark that separates growth from contraction.

The eurozone economy is on track for a strong recovery in the second half of this year that could allow the European Central Bank to start phasing out its emergency bond purchases in the third quarter, said Dutch central bank head Klaas Knot.

The ECB bought net assets of 6.178 billion euros ($ 5.20 billion) last week as part of a quantitative easing program, below the 23.995 billion euros it bought a week earlier.

The yield on Italy’s 10-year bond was unchanged at 0.70%, after rising sharply on Tuesday as investors braced for new supplies. The difference in the yield on the German Bund is just over 100 bps.

Analysts said bond spreads are back in focus, especially after last month’s decision by Germany’s constitutional court to stop ratification of the EU Recovery Fund prompted investors to reassess some of the risks to peripheral bonds.

“Tesoro’s (Italian Treasury’s) announcement of a new 50-year BTP syndication caught the market off guard, with 10-year and 30-year spreads versus the Bund widened by 7 bps to its highest level in nearly a month,” said Michael Leister, chief interest rate strategist. at Commerzbank, referring to Tuesday’s market moves.

“While thinner Easter liquidity may also play a role, this move adds weight to our short tactics in Italy versus semi-core (bonds) and Spain as the risk of indigestion is exacerbated by doubts about the NGEU (Next Generation EU), the ECB’s settles and makes a difference. the less generous. “(Reporting by Dhara Ranasinghe; Additional reporting by Yoruk Bahceli; Editing by Pravin Char)

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Yellen’s Global Tax Plan Is On The Level Of Trump’s Trade War With China | Instant News


Photographer: Alex Wong / Getty Images North America

If you expect President Joe Biden’s administration to return to normal on trade issues after Trump-era tariff battle drama and tweet diplomacy, Treasury Secretary Janet Yellen has other ideas.

That’s because the plan was announced Monday to introduce the global minimum corporate tax rate represents quite a shock to the international economic order like Trump’s decision to wage a trade war in China.

The two phenomena are connected as fundamental aspects of the modern global economy. Corporations have cut operating costs at the top of their income statements by sending manufacturing overseas to China and other developing countries where labor costs are lower. At the bottom of their income statement they have done the same with tax expenses, by shifting their profits to low tax jurisdictions such as Bermuda, British Virgin Islands, Cayman Islands, Ireland, Netherlands, Luxembourg, Singapore and Switzerland. .

A significant part of the profitability of modern multinationals depends on these two steps. As we have written, about a third of foreign direct investment in the decade to 2018 passing through only seven offshore centers used for tax minimization. Ireland’s four largest companies, according to an annual ranking by Irish Times, is a local unit of Apple Inc., Alphabet Inc., Facebook Inc. and Microsoft Corp. Over the decades to 2019, the British Virgin Islands and the Cayman Islands alone – with a combined population of around 100,000 people – received about 76 cents of foreign investment inflows for every dollar that entered China.

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More foreign investment flows to the world’s offshore centers than to any other country

Source: UNCTAD


Such “investment” takes more form company inversion and granting intellectual property rights rather than original new business establishments. Even so, it makes a big difference to corporate profits, as well as the revenue that the government can collect from those income taxes.

The country will benefit about $ 100 billion a year if reforms are introduced to reduce such activity, according to a study last year by the Organization for Economic Co-operation and Development, a grouping of wealthy nations. Another estimate is much higher: One influential 2018 study calculated a loss of around 10% of $ 2.15 trillion in corporate taxes paid globally, increasing as high as 20% in the European Union.

Yellen isn’t the first to suggest cracking down on this behavior. Indeed, handle these activities has been a major subject for international groupings such as the Group of 20 and the OECD since the early years following the 2008 financial crash, when it was seen as a significant contributor to post-crisis government budget slumps.

To say that the effort was fruitless would be an understatement. Indeed, while the idea has been fruitlessly debunked around international talk shops, the real action over the past decade has been how governments have given up on efforts to prevent profit leaks and turn to cutting their own tax rates instead. Of the 37 OECD members, 24 have cut corporate tax rates since 2008. Only seven have raised them.

Luck Reversal

In a decade when the world plans to tackle the leakage of profits to low-tax countries, most developed countries have cut their own corporate tax rates.


On the one hand, it provides a partial solution to the problem. If you can reduce your own tax rate below, say, Switzerland (as, for example, the UK has done), you remove most of the incentives for multinational companies to shift their profits there. The problem is, with Ireland running a 12.5% ​​rate and the likes of the Cayman Islands and the British Virgin Islands taxing no corporate profits at all, it’s a race to the lowest that a rich nation’s government can only win by drastically cutting spending or by shifting even more of the fiscal burden onto the shoulders of middle-class voters and workers alike.

Yellen is right to try to tackle this, but the challenge of getting anything done remains great. Big companies and corporate lobbies have a much harder time dealing with China than with Bermuda, the Netherlands and Singapore – but even there, Trump’s trade war with Beijing sparked substantial resistance. The richest corporate donors in every developed country have benefited enormously from the world’s failure to act collectively on this issue. It would also be difficult to bring low-tax jurisdictions, given how fundamental tax minimization strategies are to their economies.

America has immense power to get its way in international financial affairs. Every country in the world must comply with US sanctions, regardless of the rules in their own country, thanks to the way the dollar has been armed by successive governments over the past decade. Sanctioned Hong Kong Chief Executive, Carrie Lam receive his salary in cash for even Chinese-owned banks in Hong Kong would not risk being on the wrong side of the US Department of Justice.

If there is a genuine desire to crack down on tax minimization, it suggests the Biden government must find a way. The failed reform efforts of the last decade, however, provide reason to doubt that change is on the way. For all the rhetoric outside Washington, corporate tax rates in 2030 are likely to be lower than higher.

This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.

To contact the author of this story:
David Fickling in [email protected]

To contact the editor in charge of this story:
Howard Chua-Eoan in [email protected]

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