European Commission takes action to preserve sustainable steel jobs

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On 16th March the Commission suggested policy measures to support the European steel sector to overcome its serious challenges, which are largely due to global overcapacity.

It set out how the European steel sector can overcome its short-term and long-term challenges with the support of Member States and the EU institutions.

A joint effort is needed to overcome these serious challenges fuelled by global overcapacity, a dramatic increase of exports and an unprecedented wave of unfair trading practices.

High energy costs and changing market conditions require energy-intensive industries to adapt and innovate to ensure their long-term competitiveness and sustainability.

EU press release here:

http://europa.eu/rapid/press-release_IP-16-804_en.htm

 

 

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Oil prices slump on Saudi comments

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Oil prices have today fallen sharply after Saudi Arabia said it would freeze production only if other major producers did the same.

The comments by deputy crown prince Mohammed bin Salman are seen as a challenge to Iran.

It has vowed to increase oil production following the lifting of Western sanctions.

BBC story here: https://bbc.in/1TorVGK

 

UK M&A deal values fall amid market uncertainty

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A Deloitte analysis of Data on deal volumes and values in Thomson One Banker shows that foreign buyers have spent US $24.4 billion on acquiring British companies so far this year (1 January to 8 March 2016), down by nearly a third on the $34.9 billion of inbound deals recorded during the same period last year.

Meanwhile domestic M&A deal values in UK have halved from $12.6 billion to $6.1 billion this year. Outbound M&A by UK companies have also plummeted from $6.1 billion to $1.7 billion. This pattern is reflected by decreases in deal volumes, with 141 inbound deals (down on the 174 last year), 183 domestic deals (down from 304 last year) and 119 outbound deals so far (168 last year).

The Deloitte press release is here: https://bit.ly/1ZOCXpt

 

 

OECD releases standardised electronic format for the exchange of BEPS Country-by-Country Reports

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22/03/2016 – In a continued effort to boost transparency in international tax matters, the OECD has today released its standardised electronic format for the exchange of Country-by-Country (CbC) Reports between jurisdictions – the CbC XML Schema – as well as the related User Guide. The CbC XML Schema is part of the OECD’s work to ensure the swift and efficient implementation of the BEPS measures, endorsed by G20 Leaders as part of the final BEPS package in November 2015.

OECD Press Release and links to more detail here: http://bit.ly/1UDGNC8