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06 June
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Volkswagen nears dieselgate claims settlement with former CEO Winterkorn By Reuters

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BERLIN (Reuters) -Volkswagen on Sunday said it had reached the broad outlines of a settlement with former boss Martin Winterkorn over his role in the dieselgate scandal, with the final details to be thrashed out over coming days. Via the settlement, Volkswagen (DE:VOWG_p) is trying to turn the page on its biggest ever corporate crisis in which it admitted using illegal software to rig diesel engine tests in the United States. No details were given on the size of the deal. "In its meeting yesterday, the supervisory board agreed the essential conditions," a VW spokesperson...

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06 June
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‘People want to fly again’: Airbus CEO expects business travel to recover -NZZ By Reuters

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VIENNA (Reuters) - Airbus Chief Executive Guillaume Faury expects business air travel eventually to return to close to pre-pandemic levels and airlines are devoting the same space to business class seats as before, he said in an interview published on Sunday. Air travel remains in crisis despite accelerating vaccine rollouts in developed countries. With video calls having replaced in-person meetings, it remains to be seen to what extent business travel will recover. But Faury told Swiss newspaper NZZ am Sonntag corporate thinking had changed. "Companies realised: at some point they have to meet their customers and...

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06 June
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Too soon to say if English lockdown will end June 21, Hancock says By Reuters

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LONDON (Reuters) -British health minister Matt Hancock said on Sunday it was too early to say whether the government would stick to its plan to fully lift COVID-19 lockdown restrictions in England on June 21. Hancock said there had been a "very significant" impact from the delta variant of COVID-19 first detected in India over the last month, which is now the dominant strain in England, according to official estimates. He pointed to a renewed rise in COVID-19 cases but said he had been reassured by a broadly flat rate of hospitalisations and deaths as officials...

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06 June
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French economy to return to pre-COVID levels by Q1 2022, Le Maire says -JDD By Reuters

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PARIS (Reuters) - France's economy will return to pre-COVID 19 levels by the first quarter of 2022, Finance Minister Bruno Le Maire told weekly JDD, as a return of spending and investments lay the ground for a recovery. Le Maire, who reaffirmed his target of 5% economic growth for France this year, said the recent surge in credit card payments, rising holiday season bookings and soaring clothing purchases showed that France was quickly returning to growth. The minister said the country's debt, which ballooned during the pandemic to fund support measures, should begin to...

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05 June
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Reckitt to sell China baby formula business for $2.2 billion By Reuters

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By Siddharth Cavale (Reuters) -British consumer goods maker Reckitt Benckiser Group Plc (LON:RKT) said on Saturday it was selling its infant formula and child nutrition (IFCN) business in China to investment firm Primavera Capital Group for an enterprise value of $2.2 billion. The Lysol disinfectant and Dettol soap maker will retain an 8% stake in the IFCN China unit and anticipates net cash proceeds from the sale to be about $1.3 billion, it said in an emailed statement. Reckitt expects to incur a net loss of 2.5 billion pounds ($3.5 billion) on the disposal,...

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05 June
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Hungarians protest against planned Chinese university campus By Reuters

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By Anita Komuves BUDAPEST (Reuters) - Thousands of Hungarians, some of them holding banners declaring "Treason", protested on Saturday against a Chinese university's plans to open a campus in Budapest. Liberal opponents of nationalist Prime Minister Viktor Orban accuse him of cosying up to China, and fear the campus could undercut the quality of higher education and help Beijing increase its influence in Hungary and the European Union. "I do not agree with our country's strengthening feudal relationship with China," Patrik, a 22-year-old student who declined to give his full name, said at the protest...

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05 June
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Ireland confident G7 tax deal won’t dent multinational investment By Reuters

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DUBLIN (Reuters) - Ireland's finance minister said he remained confident the country's low-tax economy would continue to attract multinational investment and jobs even as an overhaul of global corporation tax rules moved a major step closer on Saturday. The United States, Britain and other leading nations agreed to back a minimum global rate of at least 15% and for firms to pay more tax in the markets where they sell goods and services rather than in countries like Ireland where they book profits. Ireland, long resigned to having more to lose than most from the reforms...

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05 June
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Volkswagen chairman to seek re-election at shareholder meeting By Reuters

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BERLIN (Reuters) - Volkswagen (DE:VOWG_p) Chairman Hans Dieter Poetsch will seek re-election at a coming annual general meeting, the carmaker said on Saturday. Poetsch, 70, became chairman of the supervisory board in 2015, weeks after the start of the diesel emissions scandal - in which Volkswagen in 2015 acknowledged using illegal software to rig diesel engine tests in the United States - and was instrumental in averting a leadership crisis at Europe's largest carmaker late last year. A spokesperson said in a statement that the supervisory board of Volkswagen AG "recommends to the upcoming AGM...

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05 June
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Germany’s Scholz says G7 deal can be ‘good story’ for low-tax Ireland By Reuters

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DUBLIN (Reuters) - German Finance Minister Olaf Scholz said he was sure that low-tax Ireland will continue to have a good basis for attracting investment and jobs from foreign multinationals within the confines of new prospective international tax rules. "I'm sure that this will be a good story for all countries, also for Ireland in the end," Scholz told Irish national broadcaster RTE in an interview after he and the finance ministers of other rich nations backed an overhaul of how multinationals should be taxed. "If we have a level playing field, I'm also sure...

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05 June
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Facebook says it could pay more tax after G7 deal By Reuters

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LONDON (Reuters) - Facebook (NASDAQ:FB) welcomes the progress made by the Group of Seven on a minimum tax rate and accepts this could mean the social network pays more tax, and in different places, its head of global affairs Nick Clegg said on Saturday. "Facebook has long called for reform of the global tax rules and we welcome the important progress made at the G7," Clegg said on Twitter. "Today's agreement is a significant first step towards certainty for businesses and strengthening public confidence in the global tax system. "We want the international tax...

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