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Is UAW good for Volkswagen?

The head of the German union representing automotive workers is speaking out against Volkswagen working with anti-labor groups at its plant in Tennessee, according to The Associated Press.

IG Metall President Detlef Wetzel said in a statement today from Frankfurt, Germany, that called on Volkswagen to "show its true colors" in officially recognizing the United Auto Workers union as its bargaining partner at the Chattanooga factory once the union proves it has signed up a majority of workers there.

"It is our objective to guarantee also under the politically difficult circumstances in the United States that labor union rights are respected and codetermination in the plant is possible," Wetzel said.

Under German law, worker representatives hold half the seats on the board of Wolfsburg, Germany-based Volkswagen, which lends added weight to Wetzel's position.

It also appears to reflect some concern that a new company policy released this week could serve to undermine efforts by its U.S. ally, the United Auto Workers, to organize its first foreign automaker in the South.

The American Council of Employees, another labor organization consisting of VW workers in Chattanooga, also is signing up members. ACE officials have said they, too, want recognition from VW and have criticized the Detroit-based UAW's efforts.

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European union backs UAW at Volkswagen Chattanooga

Originally published November 14, 2014 at 4:23 PM | Page modified November 14, 2014 at 4:26 PM

LONDON American companies have plowed more money into the Netherlands than any other country in the world for five years running.

This does not reflect a new fascination with pot or pancakes. It is about the taxes, or lack of them.

The Netherlands laws shield a variety of profits from taxation, making it attractive for big multinational companies like Starbucks, Google and IBM to set up offices. Even rock stars like the Rolling Stones and U2 have taken advantage of Dutch tax shelters.

The same goes for Luxembourg, Bermuda, Ireland and the Caymans. Along with the Netherlands, those countries rank among the top destinations for foreign direct investment from the United States, according to a review of data collected by the Bureau of Economic Analysis that shows how entrenched tax avoidance strategies have become.

Global authorities are now aiming to close the loopholes that have let such havens flourish and have allowed multinational corporations to legally avoid paying billions of dollars in taxes.

On Friday, European Union authorities accused the Netherlands of making a special deal with Starbucks that helped the coffee company lower its taxes, seeing it as potentially illegal state aid.

It is the latest case to focus on favorable and often secretive tax arrangements between big multinationals and tax authorities deals struck between Apple and Ireland, and Amazon and Fiat with Luxembourg. European authorities have also asked countries about arrangements made with a number of other companies, including Microsoft.

But regulators, if they even make a truly determined effort, face an uphill battle in changing the system.

Companies, for one, are doing their best to minimize the fallout.

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Closing global corporate tax loopholes faces uphill battle

The European Union (EU) has offered to extend its support to Prime Minister Narendra Modi's initiative of a Yoga Day at the United Nations.

This message was conveyed by EU President Herman Van Rompuy to Prime Minister Narendra Modi here on Friday during their meeting on the sidelines of the G-20 Summit in Brisbane.

"EU supports your initiative for a Yoga Day @UN - EU Prez Herman Von Rompuy to PM @narendramodi," Ministry of External Affairs (MEA) official spokesperson Syed Akbaruddin tweeted.

"The EU is keen to re-engage with India in all areas, especially trade - EU Prez @hermanvonrompuy to PM @narendramodi," he added in his tweet.

Prime Minister Modi on his part told the EU President that the European group should take advantage of the emerging economic opportunities that is available in India.

"EU should take advantage of the new economic environment in India - PM @narendramodi to EU Prez Herman Von Rompuy," tweeted Akbaruddin.

Prime Minister Modi also met his UK counterpart David Cameroon on the sidelines of the G-20 Summit.

Prime Minister Modi, who arrived in Brisbane to attend the G-20 Summit, earlier in the day visited the Queensland University of Technology. He is later scheduled to meet his Japanese counterpart Shinzo Abe.

After attending the G-20 Summit in Brisbane, Prime Minister Modi is scheduled to travel to Sydney, where he will attend a community reception and address the Indian Diaspora.

The Prime Minister will then travel to Canberra and address the special joint sitting of the Australian Parliament on November 18. He will also address a community event in Melbourne before travelling to Fiji.

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European Union offers support to PM Modi's idea of Yoga Day

A model Etihad Airways plane is seen on stage in New York November 13, 2014. REUTERS/Lucas Jackson

By Julia Fioretti

BRUSSELS (Reuters) - Etihad Airways secured European Union approval on Friday to acquire 49 percent of loss-making Italian airline Alitalia [CAITLA.UL], the latest in a series of acquisitions made by the Abu Dhabi-based airline to expand its network around the world.

The deal is part of a 1.76-billion-euro (1.41 billion pounds) rescue plan for Alitalia, which doubled its net loss to 569 million euros last year, providing it with funds to invest in more profitable long-haul routes and reduce its dependence on domestic and regional services where it faces fierce competition from low-cost airlines and high-speed trains.

For Etihad, which already has minority stakes in Air Berlin , Aer Lingus , Virgin Australia , Air Serbia and Swiss-based regional carrier Darwin Airline, the deal will reinforce its presence in Europe's fourth-largest travel market with 25 million passengers.

To secure approval Etihad and Alitalia agreed to give up airport slots on the Rome-Belgrade route as Alitalia and Air Serbia, are the only carriers offering direct flights on that route.

"The Commission had concerns that the monopoly created by the transaction on the RomeBelgrade route could lead to higher prices and a loss of service quality for passengers," the European Commission said in a statement.

"These commitments adequately address the competition concerns identified by the Commission and should facilitate new entry on the RomeBelgrade route," the Commission said.

Reuters reported on Nov. 12 that the deal would be cleared with conditions, and that the Commission's transport unit would also give the green light by the end of the year because it complies with rules on EU majority ownership on EU airlines.

(Reporting by Julia Fioretti and Foo Yun Chee; Editing by Susan Thomas and Greg Mahlich)

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European Union Commission clears Etihad's 49 percent buy of Italian airline Alitalia

European Union leaders pushed back against the Obama administrations criticisms that Europe had failed to take decisive action to revive growth, insisting that the continent was not headed toward a lost decade.

At an opening press conference of the Group of 20 leaders summit here Saturday morning, two top heads of the EU acknowledged that European economic growth had been disappointingly slow, with the 28-member union hampered by geopolitical tensions, weak exports and high private debts.

At the same time, Herman Van Rompuy, president of the European Council, said that Europe had made significant strides since the financial crisis in 2008, carrying out many reforms at the EU and member country level.

We have to overcome our structural problems and we are doing so, he said at a conference with Jean-Claude Juncker, the recently elected president of the European Commission, the EUs executive branch.

Im confident that the next decade will not be a lost decade for Europe, Van Rompuy said. Europe is doing its share.

His reference to the lost decade -- a term that has been used to describe Japans long period of economic malaise--was a direct response to U.S. Treasury Secretary Jacob J. Lews remarks earlier this week that the world cannot afford a European lost decade.

Lew, who arrived here ahead of Obamas summit meetings with other world leaders, said that Europe needed to take resolute action to restore healthy growth, implementing a comprehensive approach that includes addressing structural problems and boosting investment and spending.

U.S. officials are concerned that stagnation in Europe, along with a struggling Japanese economy and a slowdown in Chinas growth, will hurt Americas economic and jobs recovery, which has been gathering steam this year.

Obama arrived in Brisbane on Saturday for the final leg of an Asia-Pacific trip that included high-level meetings in Beijing, where an unexpectedly significant agreement with China on reducing greenhouse gases was announced. Obama is expected to use the two-day G-20 gathering to further reassure allies of America's economic and security commitment to Asia, as well as to urge leaders to step up investment and spending to bolster demand. Lew said the rest of the world should not count on the U.S. to be the sole driver of global growth.

The G-20 is comprised of the largest advanced and developing nations that together account for 85% of the world's economy. As president of this year's G-20, Australian Prime Minister Tony Abbott has sought concrete action plans from member countries to do their part to lift global growth by two percent within five years. If successful, that would translate into $2 trillion dollars of increased output and millions of more jobs, Australian officials say.

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EU leaders rebuff U.S. concern about a 'lost decade' for Europe