Borrowers falling into home mortgage arrears due to an unforeseeable loss of income will gain court protection under new legislation which has cleared the Oireachtas, Irish Legal News reported. The Personal Insolvency (Amendment) Bill 2020, which will now be signed into law, gives insolvent homeowners the right to seek review by a court if their mortgage lender or other creditors refuse a reasonable proposal for a personal insolvency arrangement.
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Italy and the European Union promised Thursday to support Tunisia’s economy as part of their efforts to stem migration across the Mediterranean Sea toward Europe, the Associated Press reported. Italian Interior Minister Luciana Lamorgese and EU Commissioner for Home Affairs Ylva Johansson visited Tunisia for talks with President Kais Saied and Prime Minister Hichem Mechichi. More than 67 migrants drowned or disappeared off the coast of Tunisia in recent days after their boats sank.
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Ryanair won two victories in its fight against billions of euros extended in state aid to rivals as Europe's second-highest court annulled the support given to KLM and Portugal's TAP on the grounds that regulators failed to justify the huge cash injections, Reuters reported. The Luxembourg-based General Court, however, said the annulments - and the recovery of the money - would be suspended pending new decisions by the Commission. Ryanair can challenge those new decisions at the same court if it is not satisfied with them.
Eurostar’s shareholders have pulled together funds from bank loans, deferred payments and from their own pockets to secure a £250million refinancing deal to save the company from bankruptcy, ConnexionFrance.com reported. “This refinancing is a major step towards securing Eurostar’s future,” Eurostar chief executive Jacques Damas said in a statement. Eurostar’s majority shareholder is the French national railway company SNCF, which owns 55% of the company and headed up the refinancing effort. The U.K.
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European Union governments agreed to allow quarantine-free travel for vaccinated tourists and visitors from countries deemed safe, paving the way for the resumption of hassle-free trans-Atlantic flights, Bloomberg News reported. Ambassadors from the EU’s 27 member states backed a proposal to waive quarantine for those with coronavirus inoculations approved by its drug regulator, including shots from Pfizer Inc., Moderna Inc. and Johnson & Johnson. The approval could be finalized this week and implemented soon after.
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The liquidators of Carillion have struck a deal with a specialist litigation funder to bankroll a £250m lawsuit against KPMG, the collapsed outsourcer’s former auditor, the Financial Times reported. Litigation Capital Management, an Aim-traded litigation funder, said on Wednesday it had entered an agreement with certain Carillion entities to finance a claim in the English High Court over how KPMG conducted its audits of the outsourcing group.
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The 19 nations that share the euro are facing financial risks that are elevated and uneven, the European Central Bank warned Wednesday, and more targeted stimulus could be required as the region recovers from the coronavirus crisis, CNBC.com reported. The pandemic has hit different economic sectors with varying degrees of severity and speed, with tourism and hospitability among the most impacted. In its latest financial stability review, the ECB warned that this uneven shock is concentrating risks in very specific nations and parts of the euro zone economy.
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Imports to Ireland from Great Britain slumped in March, as Brexit continued to impact business between the two countries, Bloomberg News reported. Goods imports from Great Britain, which does not include Northern Ireland, fell 31% in March compared to a year ago to 992 million euros ($1.2 billion), Ireland’s statistics office said in a statement, continuing a trend since the U.K. left the EU. Goods imports dropped 48% in the first three months of the year. Exports to Great Britain from Ireland increased 13% during March compared to a year ago.
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French retailer Carrefour SA recently began its first share buyback in a decade, spurred by strong cash flow and a belief that the economic recovery is under way. And it isn’t alone, the Wall Street Journal reported. This year has seen a slew of companies in Europe putting forward share repurchase programs, including luxury house LVMH Moët Hennessy Louis Vuitton SE, personal care company L’Oréal SA and oil major Eni SpA.
The Council of the EU is questioning the demands of the U.S. on countries to roll back national "unilateral" tech taxes once a global levy on multinational companies is agreed on, according to a document obtained by POLITICO. The pushback comes in the form of an internal Council document that the Portuguese EU presidency has prepared for a technical meeting on Friday among tax officials.
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