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(MENAFN - AFP) EU ministers agreed on Tuesday to a mandatory system for national authorities to automatically exchange information on secret tax deals made with multinationals, a decision made in the wake of the LuxLeaks scandal.

"We have a political deal," said Pierre Gramegna, finance minister for Luxembourg, which holds the rotating presidency of the European Union.

"Europe ...

(MENAFN - AFP) Facebook and other Internet giants could be barred from sending European citizens' personal information to the US after the EU's top court on Tuesday struck down a key transatlantic data deal in the wake of the Edward Snowden scandal.

The landmark verdict stemmed from a David-and-Goliath case lodged by Max Schrems, an Austrian privacy campaigner, who challenged ...

(MENAFN - AFP) China's yuan has overtaken the Japanese yen and moved into fourth place among the world's payments currencies, global transactions organisation SWIFT said Tuesday, as Beijing pushes greater international use of its currency.

The yuan -- also known as the renminbi -- held a 2.79 percent share in world payments based on value in August, SWIFT said in a statement, ...

(MENAFN - AFP) Covestro, the polymers business of German pharmaceuticals giant Bayer, successfully raised 1.5 billion euros from the market Tuesday, after scaling down the flotation due to volatility triggered by the massive Volkswagen pollution-cheating scam.

The subsidiary had originally planned to price the shares somewhere between 26.50 and 35.50 euros, which would have ...

(MENAFN - AFP) French President Francois Hollande said Tuesday scenes of Air France executives fleeing an angry mob after having their shirts ripped off by striking workers were "unacceptable" and put the image of the country at risk.

With the shirt stripped off his back, the struggling airline's human resources manager Xavier Broseta had to escape over a fence with the help ...

(MENAFN - AFP) Agreement on a Pacific-wide free-trade agreement and hopes major central banks will maintain extra-loose monetary policies fired another broad rally in Asia Tuesday, tracking advances in Europe and New York.

The dollar was also lower against emerging markets currencies as analysts said last week's disappointing US jobs report all but put a nail in the coffin ...

(MENAFN - AFP) Residents of the sub-Arctic village of Umiujaq wistfully remember the good old days, when the ice-fishing season was long and the catch bountiful.

That was before the effects of climate change, the most recent in a long of list of threats to the Inuit way of life, started hitting home.

Already assailed by decades of imposed cultural and social changes, ...

(MENAFN - AFP) On the Paris catwalk Monday, a reappearance of bandanas -- those paisley kerchiefs that were hot back in the 1970s, remember -- proved the lesson that old can become trendy again if you just wait long enough.

Japanese brand Sacai dusted off the accessory and updated it for its Spring/Summer collection, tying it around models' necks to complete layered outfits ...

(MENAFN - AFP) The authorities in Casablanca have pulled the plug on Morocco's first ever beer festival, claiming "non-compliance" by the organisers with the law.

"Following media announcements about a beer festival in Casablanca, the authorities have asked the organisers to stop their publicity campaign immediately and cancel the event," a statement said.

It said the ...

(MENAFN - AFP) California became the fifth US state to allow physician-assisted suicide, after the governor on Monday signed a controversial bill letting terminally-ill patients seek a doctor's help ending their lives.

Governor Jerry Brown, in a statement, said he consulted members of the Catholic Church, which is opposed to measure, as well as physicians, before making the ...

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