European Press Roundup: Spain Plans Digital Tax, Forecaster Cuts View of U.K. GDP Growth

In Europe today, stocks are dampened over Brexit uncertainty and trade worries, while Ceconomy shares trade up after a management shakeup. Read about the above topics on Dow Jones Newswires or WSJ.com.

In Other Media...

Spain wants to impose an additional 3% tax on digital companies that earn over EUR3 million in Spain. The so-called "Google tax" is aimed at large tech companies and sharing-economy platforms like Uber and Airbnb, and could fetch up to EUR800 million, according to the government's draft plan. The rule won't affect companies that do part of their business online--like Inditex--unless they monetize user data. -El Pais

The U.K. is set for three years of slow economic growth, according to forecasting body EY Item Club. The organization cut its GDP growth projection for the U.K. to 1.3% this year and 1.5% in 2019 compared to 1.4% and 1.6% respectively in its outlook three months ago, warning it could be even weaker if the U.K. fails to reach a transition deal with the EU over Brexit. -BBC

German electro-mobility startup e.GO postponed production of its compact e.GO Life vehicle after several suppliers delayed delivering their components. The Aachen-based e-car manufacturer says suppliers are more cautious as a result of the emissions scandal and increasingly concerned over how their products are used to avoid accusations of fraud later on. The company will begin manufacturing the e.GO Life in March instead of late this year. -Welt

Spain's 2018 tax revenue is set to be the highest ever. Even with 1.4 million fewer workers compared with pre-crisis levels, revenues from VAT and other levies are forecast to reach all-time highs. -El Pais

U.K. public-service broadcasters are calling on the British government and regulators to guarantee their prominence in listings on new TV platforms, citing a threat of being "buried" by competitors such as Sky and Netflix. The chief executives of the BBC, ITV and Channel 4 have sent an open letter calling for modernized rules to account for viewers switching to streaming platforms, or recommendation systems. -The Guardian

Pharmaceutical company Astrazeneca warns of delivery bottlenecks after Brexit. Supervisory Board Chairman Leif Johansson is calling for pragmatic solutions to minimize risks for the industry. -Frankfurter Allgemeine Zeitung

French ridesharing app Blablacar is benefiting from the conflict between Russia and Ukraine: With transport options between the two countries limited, drivers have turned to the carpooling app--which was created to help travelers share the costs of car journeys--into a profitable taxi service. Last week, Blablacar started asking for money for its intermediary services, with plans to start charging in other countries where it operates as well. -Financieele Dagblad

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(END) Dow Jones Newswires

October 15, 2018 08:13 ET (12:13 GMT)

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