France will give businesses 20 billion euros ($25 billion) in tax credits over three years in the hope of sparking innovation and lowering the unemployment rate. Prime Minister Jean-Marc Ayrault announced the measure Tuesday, a day after a government-requested report suggested just such a tax break to boost the ailing economy. But the report said the break needed to be given over one or two years to have the maximum effect. Ayrault said Tuesday that the credit goes into effect next year, when 10 billion euros will be handed back to companies.
Greeks protest against cuts in spending
Hundreds of thousands of Greeks began a crippling 48-hour strike on Tuesday to protest against a new round of wage and pension cuts that parliament is expected to approve narrowly on Wednesday. The vote is the biggest test yet for the government of Prime Minister Antonis Samaras, which needs victory to secure aid from foreign lenders but has failed to convince its smallest coalition partner and the public to back the reforms. The strike brought public transport to a virtual standstill and shuttered schools, banks and local government offices.
UAE, UK plan defence pact around Typhoon
The United Arab Emirates and Britain plan to establish a defence and industrial partnership involving close cooperation around the BAE Systems-built Typhoon fighter jet, the countries said in a joint communique on Tuesday. The statement was issued as British Prime Minister David Cameron ended a two-day diplomacy and trade visit to the UAE.
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