The European Commission named and shamed seven EU Member States for facilitating tax avoidance on Wednesday. The European Semester country reports published on Wednesday signaled Belgium, Cyprus, Hungary, Ireland, Luxembourg, Malta and the Netherlands. Country reports underscored so-called “tax planning schemes,” that is, a byword for tax-avoidance. The European Commission also released a study that clearly delineates the criteria for the evaluation of member state tax policies. Source: New Europe
HSBC Holdings PLC plans to add more than a 1,000 jobs this year at its technology development centers in China, as the Asia-focused lender seeks to bolster its presence in the world’s second largest economy. Source: Reuters
British Steel, the country’s second largest steel producer, is on the brink of collapse unless the government agrees to provide an emergency 30 million pound loan by later on Tuesday, two sources close to the situation said. Source: Reuters
Ford will cut 7,000 jobs from its global salaried workforce, or about 10 percent of its 70,000 employees, the company announced on Monday. About 20 percent will be senior-level managers, which is part of an effort to flatten the company’s organizational structure. Source: The Verge
