European Commission chief, Jean Claude Juncker has said he is "convinced" an agreement can be reached this week aimed at preventing Greece defaulting on its debts.
He was speaking after an emergency summit of European leaders in Brussels discussing Athens' new budget proposals to raise billions more euros.
The Greece plan includes:
- Streamlining the complex VAT system by getting rid of some exemptions, including on the country's islands. This would make goods 30% more expensive for tourists on the islands as there is currently a 30% discount. The plan could raise €1.36 billion by next year.
- Early retirement would be restricted, potentially raising €300 million.
- Pension contributions would be increased by 3.9%, raising a further €800 million and there would be a special one-off tax for profitable businesses.
- Changes to corporation tax, increasing tax paid by the rich, expected to raise €815 million.
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Moy Park - Northern Ireland’s biggest private employer - has been sold to the Brazilian company JBS in a deal worth more than €1.3 billion.
Moy Park’s current owners, Marfrig says that it is selling the company in order to reduce its debts.
It currently employs over 8,500 people in Northern Ireland - the company’s pre-tax profits rose by 39% in 2014 - to £33.7m.
JBS hopes that the acquisition will help it to continue to expand into European markets.
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First time buyers are 30 percent less likely to default on mortgages - according to the Central Bank.
Based on data from major Irish lenders, covering the period between 1997 and 2013 - this research found that the default rate for first time buyers is 10.3 percent.
Under Ireland’s new mortgage rules first time buyers are required to put down a 10% deposit on properties up to the value of €220,000 - this is half the rate required from other buyers - while 20% deposit are required for more expensive properties.
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Uber's latest round of financing is due to bring its total funding to more than $10 billion - which would be a new record for an American tech company before it goes public.
While Uber has clashed with regulators in a number of countries, especially in Europe - it plans to continue to expand into new regions and hopes to soon be operating in over 300 cities.
According to the Financial Times, the company’s latest funding drive is backed by some of the world’s largest financial institutions, including Morgan Stanley, Goldman Sachs and Deutsche Bank.
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Employers’ group Ibec has warned the Government against introducing new regulations on minimum hour contracts.
The Government has planned to bring in new legislation against minimum hours contracts following recent industrial action by Dunnes Stores workers - Mandate trade union says that three-quarters of its employees are on part-time contracts.
Zero-hour contracts were a hot topic during the recent General Election in the UK - Ibec says that minimum hours contracts offer flexibility to employers and that new rules will hurt the economy.