US internet giant Google has agreed a settlement totaling €945 million (US$1 billion) to end a tax dispute in France under an agreement announced in court on Thursday. The company will pay a €500 million fine for tax evasion, as well as a further €465 million to settle claims with French tax authorities.
The European Central Bank has announced it will stop printing €500 notes in 2018. It says the move is to stop the notes being used by money launderers and criminals. In effect they are easily transportable. A million Euros in €500 notes weighs 2.2 kilograms and can be carried in a laptop bag.
Banks grabbed 530 billion Euros at the European Central Bank's second offering of cheap three-year funds on Wednesday, fuelling hopes that more credit will flow to businesses and government borrowing costs will ease further.
The International Monetary Fund has raised fresh concerns about Spain's economy, saying “far-reaching” reforms are needed to ensure its recovery. It said the country faced “severe” challenges, including the need to urgently reform a “dysfunctional” labour market, and its banking sector.