ifo boss calls for uniform VAT rate
The short version
ifo President Clemens Fuest has called for the abolition of the reduced VAT rate of seven percent in Germany. The British advertising group WPP reported a 25 percent recovery in its share price after a decline in sales. In the Middle East, Iran is insisting on conditions for a possible agreement on the Strait of Hormuz.
ifo President Clemens Fuest has proposed the abolition of the reduced VAT rate of seven percent in Germany.3 Fuest justified the proposal by calling for a uniform VAT rate.3 The economist referred to possible social hardships caused by the abolition and proposed measures for social compatibility.3
The British advertising group WPP recorded a 25 percent recovery in its share price after a decline in sales.2 WPP justified the price increase with better half-year figures, which showed a slowdown in sales and more new customer business.2 Despite the recovery, WPP continues to face challenges from digital companies, strong competition and AI.2
Iran is insisting on conditions for a possible agreement on the Strait of Hormuz.1 The Strait of Hormuz is a strategically important sea route for global oil transportation.1 The American president had previously promised an agreement on the Strait of Hormuz.1
Even with an agreement, this would only be a small step, according to the FAZ.1
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