We start in france, where a pioneering tax on tech firms is expected to be approved by the senate today, after clearing the lower house last week. It comes amid public anger across the continent at tax avoidance by the likes of google, amazon and facebook, who locate their eu headquarters in low tax countries and pay virtually nothing elsewhere. But it has already threatened to spark new trade tensions, with the Trump Administration launching an investigation to see whether the move unfairly targets us firms. The plan, masterminded by french finance minister bruno de maire, is for a 3 Digital Services tax on all revenues rather than profits made in france. It will hit all companies with global revenues of more than 843 million. Around 30 Tech Companies are likely to be affected, mostly from the us. The French Finance Ministry estimates that the tax will raise more than 500 million this year, with that figure rising in future years. France failed to persuade eu partners to impose a euro
Favour over the past month. Weve seen sterling rise that will help temper the Price Pressures from imports. Weve also seen other pressures in the markets where theyve been raising some questions about the Bank Of Englands credibility, as in Mortgage Rates going up without decisions being made that has all calmed down, too. And the public s expectations of where inflation is going, which were really very high, have now begun to temper. So thats also going in the banks favour. But a crucial issue is that they have raised rates by 5 the impact of that has really taken some time to filter through into the economy, there is sort of turning the type of rate rises on. Turning the tap. We are beginning to see the impact of that now weve seen in the Housing Market, weve seen it in some corporate insolvencies too. So that all leads back to this Balancing Act between crushing inflation, but avoiding a downturn its a tight rope and we are probably approaching the most narrow, trickiest part of tha
Here it comes. Take a look. And no, thank you [ laughter ] President Trump released a 2018 budget plan today, titled a new foundation for american greatness. Boy, you can tell that from the name, trump loves this budget. When he doesnt love something, hell give it a boring name like eric. [ laughter ] according [ cheers and applause ] according to politico, President Trump is reportedly looking to hire a crisis manager. A manager . Its a presidency, not a walgreens. [ light laughter ] mr. President , what do you have to say about these new russia allegations . Im sorry, i just work here. Youll have to talk to my manager. [ laughter and applause ] ive got to go price some cans. President trump will meet with pope francis tomorrow at the vatican. I cant wait to ask him why he wears that ridiculous thing on his head, said the pope. [ laughter and applause ] according to a new report, a group of experts have found President Trumps speech has deteriorated in recent years. For example, he us
Here it comes. Take a look. And no, thank you [ laughter ] President Trump released a 2018 budget plan today, titled a new foundation for american greatness. Boy, you can tell that from the name, trump loves this budget. When he doesnt love something, hell give it a boring name like eric. [ laughter ] according [ cheers and applause ] according to politico, President Trump is reportedly looking to hire a crisis manager. A manager . Its a presidency, not a walgreens. [ light laughter ] mr. President , what do you have to say about these new russia allegations . Im sorry, i just work here. Youll have to talk to my manager. [ laughter and applause ] ive got to go price some cans. President trump will meet with pope francis tomorrow at the vatican. I cant wait to ask him why he wears that ridiculous thing on his head, said the pope. [ laughter and applause ] according to a new report, a group of experts have found President Trumps speech has deteriorated in recent years. For example, he us
Powered by more than 27 journalists and analysts in more than 120 countries. I am Alisa Parenti. This is bloomberg. Bloomberg technology is next. Caroline i am caroline hyde. This is Bloomberg Technology from london. Coming up, the tech selloff goes global. Investors weighing the sectors biggest names. We will analyze every turn of the worst two days contact this year. Uber ousts its head of business. We have the inside track on the surprise exit. He joins us at the launch of london tech week for a bloomberg exclusive. Lead, stocks follow around the globe led lower by tech shares. Biggeste, it had the decline in almost a year since june 27 of 2016. The slide continued in the united states. Some of the largest firms posted the biggest declines including apple, netflix, and alphabetic. Oliver renick joins us from new york. You my firstbring one. I am digging into the terminal. 9317. I am looking at the slump in european stocks, down 3. 6 . Im looking at the slump in the u. S. Nasdaq in t