EUROPEAN HEADLINES
FT Europe – Worst performance in two decades delivers fresh blow to active funds. Volatility wrong-foots US asset managers. Results fuel investor shift to passive strategies.
WSJE – Papers spark uproar over offshore cash. Allegedly leaked documents detailing offshore accounts belonging to prominent people reverberated from Beijing to the Kremlin to Iceland and beyond, prompting official inquiries in the US, UK and other countries.
INYT (IHT) – Greece starts deportations under deal with Turkey. Migrants’ return marks stepped-up efforts to stem flow to Europe.
BBC Europe – Protesters call on Iceland PM to quit. Crowds gathered outside Iceland’s parliament demanding the prime minister step down over allegations he concealed investments in an offshore company. Sigmundur Gunnlaugsson earlier refused to resign after details about Wintris, which he owned with his wife, were made public in a massive data leak.
FRANCE
Le Monde – Heads of State’s fraudulent money. The international inquiry on shell corporations in Panama involves more than 140 personalities.
Les Echos – Telecoms: more than €10 billion went up in smoke. European telecom stocks have stumbled after the merger talks between Orange and Bouygues Telecom failed. Billions of euros went up in smoke over the last three trading days.
GERMANY
Frankfurter Allgemeine Zeitung (FAZ) – Schäuble: it confirms that we must fight against tax havens. Demands to Panama after the revelations. Opening of investigations around the world.
Sueddeutsche Zeitung – The Panama deal of German banks. Secret papers show: almost all major financial institutions founded or managed offshore companies – a total of more than 1,200. Also the Siemens bribery scandal appears in a new light.
ITALY
La Repubblica – Oil scandal: Renzi defies the judges. Boschi to the prosecutors: I had not been put under pressure. “These prosecutors who never achieve anything”. Cuperlo: you are no leader.
Il Sole 24 Ore – IMF: China and Brazil at risk. European stock markets are seeing a general comeback, except for Piazza Affari, who loses 0.8% due to the banks.
POLAND
Gazeta Wyborcza – Moody’s agency warns the Government against political risk in Poland. The agency alarms that constitutional crisis threatens creditworthiness of Poland, which can affect the interest of foreign investors in Poland.
SPAIN
El País – Spain and other countries open inquiries on Panama. The Internal Revenue and the National Audience will consider if the documents reveal felonies.
UK
The Times – Cameron’s father named in offshore tax scandal. David Cameron was dragged into a row over offshore tax avoidance yesterday after his late father’s multimillion pound investment fund was revealed to have paid no British tax for 30 years.
The Guardian – The hidden deals that helped David Cameron’s father avoid paying UK tax. David Cameron insisted yesterday that revelations among the Panama Papers that his father ran an offshore fund which avoided paying any tax in Britain was a “private matter.”
©europeanunion2016
