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Harvey Weinstein’s accusers ‘all said no,’ prosecutor tells jury as rape retrial ends

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Harvey Weinstein’s accusers ‘all said no,’ prosecutor tells jury as rape retrial ends

The 12 jurors are due to begin deliberations after closing arguments are completed

Harvey Weinstein, former co-chairman of the Weinstein Co., appears at Manhattan criminal court in New York, U.S., on Wednesday, June 4, 2025. JUSTIN LANE/Pool via REUTERS

International news via Reuters:

A prosecutor on Wednesday told jurors in Harvey Weinstein’s Manhattan retrial that the evidence clearly showed the former movie mogul raped three women, pushing back on a defense lawyer’s efforts to paint the accusers as liars.

Prosecutor Nicole Blumberg picked up where she left off during closing arguments the previous day, seeking to show that Weinstein forced himself on the women despite their pleading with him to stop.

The Academy Award-winning producer and Miramax studio co-founder is accused of raping aspiring actress Jessica Mann in 2013 and assaulting the two other women in 2006 and 2002. Weinstein, who has denied ever having non-consensual sex or assaulting anyone, has pleaded not guilty. The trial began in April.

“Members of the jury, he raped three women. They all said, ‘no,'” Blumberg said.    

Weinstein, 73, is on trial for a second time after a New York state appeals court threw out his conviction in April 2024. Experiencing a litany of health problems, Weinstein was present in court on Wednesday in a wheelchair, wearing a dark suit and tie.

Before Blumberg’s pitch to jurors Wednesday, defense lawyer Arthur Aidala twice moved for a mistrial based on the prosecutor’s arguments the previous day, but the motions were swiftly denied by state Supreme Court Justice Curtis Farber.

The 12 jurors are due to begin deliberations after closing arguments are completed and Farber instructs them on the law.

Blumberg on Tuesday called Weinstein a serial predator who promised career advancement in Hollywood to women, only to then coax them into private settings where he attacked them. She urged jurors Wednesday to disregard the defense’s claim the Weinstein was on trial because he was famous and that prosecutors were trying to criminalize consensual sex.

“We heard a lot about ‘policing the bedroom’ yesterday,” Blumberg said, referring to Aidala’s closing argument on Tuesday. “We don’t want to police bedrooms either – unless you’re forcibly raping someone inside them.”

Aidala on Tuesday accused the three alleged victims of lying on the witness stand out of spite after consensual sexual encounters with Weinstein failed to deliver them Hollywood stardom.

“They are lying about what happened. Not about everything, but about a small slice – just enough to turn their regret, their buyers’ remorse, into criminality,” Aidala said of the accusers.

The lawyer hoisted a dozen poster-sized placards showing emails from the accusers where they seek Weinstein’s company after the alleged attacks, saying they showed the women were lying.

Weinstein faces a maximum sentence of up to 29 years in prison if convicted on all charges. He already will likely spend the rest of his life in prison due to a 16-year prison sentence given to him after being found guilty in December 2022 of rape in California. 

He was convicted of rape by a jury in the previous trial in Manhattan in February 2020, but the New York Court of Appeals threw out the conviction and ordered a new trial, citing errors by the trial judge. Weinstein had been serving a 23-year sentence in a prison in upstate Rome, New York, when the conviction was overturned.

That conviction was a milestone for the #MeToo movement, which encouraged women to come forward with allegations of sexual misconduct by powerful men. More than 100 women, including famous actresses, have accused Weinstein of misconduct. 

Weinstein has been held at New York City’s Rikers Island jail since his conviction was overturned. He has experienced several health scares while being held at Rikers, and in September was rushed to a hospital for emergency heart surgery.

Reporting by Jack Queen in New York; Editing by Will Dunham

Opinion: Youth jobs strategy is bearing fruit

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Opinion: Youth jobs strategy is bearing fruit

The approach combines education, on-the-job training and ‘wraparound support’

Lauren Bell: “Bermuda’s youth are talented, capable, and ready to contribute.”

Statement by Lauren Hayward Bell, PLP candidate in Constituency 8, Smith’s South

Bermuda’s Youth Employment Strategy, introduced in 2022, stands as a vital pillar in reducing youth unemployment, getting our young people back to work and establishing a foundation for long lasting successful careers.
Our approach combines education, on-the-job training and wraparound support to provide mentorship and guidance to our youth.
This approach is already bearing fruit. The ‘Learning Through Experience’ Hospitality Programme demonstrates how experiential learning translates into employment opportunities. With three out of four participants securing full-time roles, it’s clear that when young Bermudians are given a chance, they rise to meet it.
Our approach does not ignore the complexities many young people face. Partnerships with groups like the Violence Reduction Team helps reach those who have traditionally been left behind.
The recent success of two young men turning their lives around to pursue careers in marine services and HVAC highlight the program’s inclusive and rehabilitative potential.
In addition, the completion of Phase 1 of the expanded Apprenticeship Programme marks another win, helping 12 apprentices progress in skilled trades vital to Bermuda’s development. By investing in masonry, carpentry, and plumbing, the government not only empowers individuals but strengthens our island’s economy.
Initiatives like the Bermuda Job Connect platform and the upcoming ‘Bridge to Work’ programme providea forward-thinking, holistic approach to support all our youth, including those impacted by the justice system.
Bermuda’s youth are talented, capable, and ready to contribute. By continuing to invest in their future, we are laying the foundation for a fairer Bermuda for all of us, including our youth. 

Shadow sports minister advocates for social security benefits for elite athletes

Jasmine Patterson
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Shadow sports minister advocates for social security benefits for elite athletes

Ben Smith, the Deputy Leader of the One Bermuda Alliance argues that prospective athletes should not be held back by personal finances

Shadow Sport Minister Ben Smith is proposing a sports ambassador program to allow elite athletes to compete being backed with health insurance and other social benefits.


Mr. Smith, who is also Deputy Leader of the One Bermuda Alliance is advocating for greater social protections for Bermuda athletes where personal finances determine whether they are successful or not.

Owen Darrell, the Minister of Tourism & Transport, Culture & Sport said the government has provided several increases to grants and the Elite Athlete Fund though, says he’s open to further discussions.

BBC Radio News: Wednesday Afternoon – 4 June 2025

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BBC Radio News: Wednesday Afternoon – 4 June 2025

Current events and sports updates with reporter Grae Minors and Earl Basden

Bermuda BroadcastingWednesday Afternoon Radio Newscast 04.06.2025
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  1. Wednesday Afternoon Radio Newscast 04.06.20259:17
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Clyde Best awarded Honorary Doctorate

Alisa Bernardo
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Clyde Best awarded Honorary Doctorate

He received the honour today from the University of Sunderland in London

University of Sunderland, 2025 Graduation Ceremony, June 4 2025

Local football legend Clyde Best MBE has been awarded an Honorary Doctorate of Sport from the University of Sunderland in London.

At today’s graduation ceremony at Southwark Cathedral, the former West Ham striker said, “It is a great honour and privilege to be recognised for my work by the University.”

The recognition comes as production continues on the upcoming documentary Transforming the Beautiful Game, set to premiere in March 2026. The film explores how Mr. Best’s journey helped shape the future of football on a global scale.

With momentum building ahead of the release, Mr. Best has also been invited to speak at the Oxford Union on June 9th. The prestigious debating society has hosted an array of prominent figures, including Prime Ministers, Presidents, and Nobel Prize winners.

You can watch Mr Best receive his Honorary Doctorate of Sport in the below YouTube video, starting at the timestamp (22.03).

New campaign shines light on Bermuda’s nonprofits

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New campaign shines light on Bermuda’s nonprofits

Third Sector Spotlight Series aims to shift the narrative from scarcity to strength by showcasing the impact and innovation of local community organisations

The Nonprofit Alliance of Bermuda issued the following media release.

The Nonprofit Alliance of Bermuda, in collaboration with its membership, has launched the Third Sector Spotlight Series – a yearlong collaborative campaign that will showcase the powerful work of nonprofits across the island.

Often the narrative surrounding nonprofits has been dominated by funding crises and stories of scarcity. This new campaign seeks to shift that story – from scarcity to strength – by raising awareness of the resilience, results, and relevance of Bermuda’s community organisations.

“For too long, the public mostly hears about nonprofits when we’re in crisis,” said Dr Nicola Paugh, Executive Director of the Nonprofit Alliance of Bermuda. “This campaign is our sector’s collective effort to change that—by telling the stories of impact, innovation, and hope that happen every day, often quietly, in our communities.”

Throughout the year, nonprofits will be featured across local print, online, and social media platforms. Their stories will spotlight each organisation’s mission, services, community outcomes, and the lives they are helping to transform. These articles will be developed by the organisations themselves with support from the Alliance.

The campaign kicks off this June with features on groups working in youth development, mental health, cultural heritage, and social justice. From restoring Bermuda’s historic forts, to supporting families, to improving access to education and promoting environmental sustainability, the series will highlight the breadth and depth of Bermuda’s third sector.

More than just a media campaign, the Third Sector Spotlight is aims to restore public trust, elevate credibility, and foster a more informed, united conversation about the essential role that nonprofits play in Bermuda.

“Nonprofits are doing some of the most essential and transformative work in our communities, but most simply don’t have the marketing capacity to tell that story,” said Priya Suagh, Alliance Board Member and Managing Director of Niche Communications. “This campaign hopes to bridge that gap – because when the public understands the value and impact of the third sector, we all benefit.”

The campaign places a strong emphasis on ethical storytelling – encouraging participating nonprofits to promote authentic representation and the voices and experiences of those they serve.

Participating nonprofits are also encouraged to amplify each other’s stories throughout the year, reinforcing a spirit of collaboration that lies at the heart of the campaign.

The future starts now: why climate education matters

Bermuda Broadcasting Newsdesk
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The future starts now: why climate education matters

Nonprofit Alliance of Bermuda Third Sector Spotlight: BUEI

Image supplied

The below opinion piece was submitted by Traci Burgess, CEO of Bermuda Underwater Exploration Institute (BUEI) and Summer Wood, Head of Education at BUEI.

“People protect what they love, and they love what they understand.” — Jacques Cousteau

“People need connection to the ocean to care about it. BUEI connects caring with learning and doing.” Traci Burgess, CEO

When you live on an island, the ocean isn’t just scenery—it’s life. The ocean shapes Bermudian culture, supports biodiversity, drives our economy and connects us to the world. However, the ocean around Bermuda is changing rapidly and our ability to respond effectively must start with education.

Bermuda needs consistent, affordable and accessible programmes that promote ocean literacy, environmental education and climate action. From primary school to adult programmes, BUEI provides opportunities for everyone to connect with the ocean, learn from it and act to protect it.

The ocean regulates Earth’s climate, accounts for 97% of the planet’s water supply, produces 70% of our oxygen, supports 350 million jobs and provides natural compounds for medicine. Humans are severely damaging the ocean and accelerating climate change. It is urgent that everyone understands what is happening to our ocean, why it matters and what we can do about it.

UNESCO reports the ocean has absorbed more than 90% of excess heat caused by greenhouse gas emissions, largely due to burning fossil fuels for electricity and transportation. This heat absorption is driving sea level rise, fuelling extreme weather events like stronger hurricanes and bleaching coral reefs, which are vital for marine life to survive.

Small island nations like Bermuda are feeling this impact firsthand and vulnerable coastal communities are hit the hardest. Climate change threatens all forms of life, compromises coastlines and puts economic livelihoods at risk. Yet, the science behind climate change is often taught too late—or not at all.

Image supplied

BUEI’s year-round educational programmes offer proactive approaches that connect learning with doing whilst promoting our vision where the ocean around Bermuda is widely understood, appreciated and protected. In 2024, BUEI delivered over 24,000 hours of educational programming through 5,750 encounters with public and private school students ages 5 to 22. Students engage in classes, labs, workshops, and camps tailored to Bermuda’s public school curricula, which is adaptable for private schools.

BBC Radio News: Wednesday Morning – 4 June 2025

Bermuda Broadcasting Newsdesk
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BBC Radio News: Wednesday Morning – 4 June 2025

Journalist Julie Matthews-Borchardt and sports reporter Earl Basden on Bermuda’s latest

Bermuda BroadcastingWednesday Morning Radio Newscast 04.6.25
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7:34
  1. Wednesday Morning Radio Newscast 04.6.257:34
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(VIDEO) Madrid’s ghost towns revived as Spain’s housing crisis escalates

Bermuda Broadcasting Newsdesk
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(VIDEO) Madrid’s ghost towns revived as Spain’s housing crisis escalates

Short supply is being exacerbated by a boom in holiday lets and record migration

A drone view shows the residential building where Nestor Delgado lived in the Sesena housing development, south of Madrid, Spain June 2, 2025. REUTERS/Guillermo Martinez

International news via Reuters:

The first call came two minutes after estate agent Segis Gomez posted a listing in Sesena, a development near Madrid that gained notoriety as one of the so-called “ghost towns” created when Spain’s property bubble burst in 2008.

Half-built and half-empty for more than a decade, these days the squatters have gone from this development 40 km (24.85 miles) south of the capital and middle-class families, driven out of the city centre by an acute housing crisis, are moving in. Construction, meanwhile, has restarted.

Demand is so strong in Sesena that Gomez has a waiting list of 70 people for each property. Property prices have recovered their original value after plunging to less than half during the crisis, he said. 

As anger grows over the cost of housing in Spain, Prime Minister Pedro Sanchez has made providing affordable homes one of his main goals – even as he encourages population growth through immigration. The size of the challenge is clear in Madrid, which grew by 140,000 people in 2024, but only registered permits to build 20,000 new homes.

Short supply is being exacerbated by a boom in holiday lets, record migration and onerous planning laws. 

“The problem is that we can’t match supply and demand quickly enough. So prices go up, or people have to trade price for distance,” said Carles Vergara, a real estate professor at IESE Business School in Madrid.

Sesena has been adopted as a commuter town as Madrid overflows, even though it is located in the neighboring Castile-La Mancha region and still lacks good transport links to the capital and public services, which caused homebuyers to reject it in the past.

Its founder and original developer, Francisco Hernando, had a vision of 13,000 affordable apartments with gardens and swimming pools on the Spanish plain where author Cervantes set his best-known work Don Quixote, but the project became a byword for speculative greed and corruption. Only 5,000 homes ended up being built.

   Hernando, who began his project in 2004, failed to tell homebuyers he hadn’t secured access to water or that the town had no public transport or schools. Hernando died in 2020.

When the market collapsed, initial investors saw the value of their property plummet, while many homes ended up in the hands of banks.

MADRID’S EXPANSION  

Today, Sesena teems with life as parents drop children at its three schools, drink coffee in its bars and visit recently-opened gyms and pharmacies.

Impact Homes, a developer, is constructing 156 one-to-four bedroom apartments it expects to complete this year. Next door, another building has already pre-sold 49% of its units, it said in an email.

“Sesena is at 100%,” said Jaime de Hita, the town’s mayor. 

Nestor Delgado moved to Sesena in 2021 with his family from Carabanchel in south Madrid because an apartment cost 20% less to rent. In May, he bought a house with his wife for 240,000 euros ($272,808).

“We chose (Sesena) because we can afford it,” Delgado, 34, said. 

The trade-off is rising before 5 a.m. (0300 GMT) to be among the first in the queue for the 6.30 a.m. bus to Madrid to arrive at his construction job by 8 a.m. or face a an hour’s wait for the next bus. 

BACK TO LIFE

Other ghost towns are also coming back to life. Valdeluz, a development 75 km east of Madrid originally envisioned to house 30,000 people, was abandoned a quarter of the way through when the property bubble burst.

Mayor Enrique Quintana told Reuters the town’s 6,000-strong population is swelling with people from Madrid and could expand by 50% in the next four years.

A development on the edge of the village of Bernuy de Porreros, 100 km north of Madrid, which as recently as six years ago was mostly abandoned, is now bustling with activity as handymen put the finishing touches on homes.

Lucia, a 37-year-old state employee, bought her house in April. Her daily commute to Madrid involves a 15-minute drive to the train station in Segovia and 28 minutes on the high-speed train, which costs her 48 euros for 30 trips thanks to a frequent traveller discount.

The development began to revive when Spain’s so-called bad bank Sareb, which was set up to take bad loans from the financial crisis, in 2021 began selling the homes for as little as 97,000 euros. Four years later, one property was resold for double that, said resident Nuria Alvarez.

Until recently a relatively compact city, Madrid is on the way to becoming a metropolis like Paris or London, with commuter zones stretching beyond its administrative boundaries, said Jose Maria Garcia, the regional government’s deputy housing minister. 

The metropolitan area’s population of 7 million will grow by a million in the next 15 years, the government estimates.

Madrid has a deficit of 80,000-100,000 homes that’s growing by 15,000 homes a year and plans to build 110,000 homes by 2028, Garcia said.

Sesena, meanwhile, is once again dreaming big.

Its mayor, de Hita, said the town is securing permits for a new project dubbed Parquijote, with a proposed investment of 2.3 billion euros to build a logistics park that will create local jobs, along with 2,200 homes.

It’s no quixotic fantasy, de Hita said.

“This time we have learned from what happened,” he said. “It is fundamental that we look for growth by learning from the past.”

($1 = 0.8797 euros)

Reporting by Corina Pons, Charlie Devereux, Guillermo Martinez and Miguel Gutierrez; Writing by Charlie Devereux; Editing by Aislinn Laing and Sharon Singleton

(VIDEO) We will never forget Tiananmen crackdown, Taiwan and US say on 36th anniversary

Bermuda Broadcasting Newsdesk
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Beijing treats June 4 as taboo and allows no public remembrance

FILE PHOTO: Taiwanese President Lai Ching-te visits Republic of China Military Academy, an officer training academy, for its 100th anniversary celebrations in Kaohsiung, Taiwan June 16, 2024. REUTERS/Ann Wang/File Photo

International news via Reuters:

Security was tight and activists faced pressure from police in Hong Kong on the 36th anniversary of China’s bloody 1989 crackdown on pro-democracy demonstrators in Tiananmen Square, an event Taiwan’s president and the top U.S. diplomat said the world must not forget. 

The events on and around the central Beijing square on June 4, 1989, when Chinese troops opened fire to end student-led pro-democracy protests, are not publicly discussed in China and the anniversary is not officially marked.

China has never provided a full death toll, but rights groups and witnesses say the figure could run into the thousands. Beijing treats June 4 as taboo and allows no public remembrance.

Public commemorations take place in over 30 overseas cities including Taipei, where senior Taiwan government leaders often use the anniversary to criticise China and urge it to face up to what it did.

In Hong Kong, where tens of thousands used to gather to mark the anniversary before China’s imposition of a national security law in 2020, hundreds of police officers stood guard around Victoria Park, the site of previous mass candlelight vigils, searching passers-by and taking away at least one activist.

Several pro-democracy activists told Reuters they had been called by national security police several times over the past week, and followed by individuals in public in what they described as intimidation by authorities. 

Hong Kong’s leader John Lee said stringent enforcement action would be taken against acts endangering national security without specifying what these might be. Hong Kong police gave no response to questions from Reuters on whether activists had been targeted.

“I don’t think commentating on June 4th is illegal,” said Derek Chu, the owner of a pro-democracy shop that displayed candles and was visited by police. “I don’t think speaking up for the deceased, the survivors and the families is illegal.” 

One jailed pro-democracy activist, Chow Hang-tung, is staging a 36-hour hunger strike in prison to mark the anniversary, while another recently released former democratic lawmaker, Claudia Mo, posted a picture of a candle online.

Taiwan President Lai Ching-te, in a post on Facebook praised the courage of those who took part in the protests, saying human rights are a concept shared by Taiwan and other democracies that transcend generations and borders.

“The commemoration of the June 4 Tiananmen incident is not only to mourn history, but also to perpetuate this memory,” said Lai, who Beijing detests as a “separatist” and has rejected his repeated offers of talks.

“Authoritarian governments often choose to silence and forget history, while democratic societies choose to preserve the truth and refuse to forget those who gave their lives – and their dreams – to the idea of human rights,” he added.

“Not only do we refuse to forget history, we will implement our core values every day.”

U.S. Secretary of State Marco Rubio on Tuesday praised the courage of the Chinese people who were killed in the bloody crackdown.

“Today we commemorate the bravery of the Chinese people who were killed as they tried to exercise their fundamental freedoms, as well as those who continue to suffer persecution as they seek accountability and justice for the events of June 4, 1989,” Rubio said in a statement.

“The CCP actively tries to censor the facts, but the world will never forget,” he said, referring to the Chinese Communist Party.

Speaking at a daily briefing in Beijing on Wednesday, Chinese foreign ministry spokesperson Lin Jian said Rubio’s “wrong comments maliciously distort the facts of history”, seriously interferes in China’s internal affairs, and that China had lodged a complaint with the United States.

“With regard to the political turmoil that took place in the late 1980s, the Chinese government has long since come to the clear conclusion that the road of socialism with Chinese characteristics is the choice of history and the people,” he said.

Australia marked the anniversary saying that Canberra remains committed to protecting and supporting human rights including freedom of association, freedom of expression and freedom of political participation.

“On this day, we join communities around the world to remember the loss of life at Tiananmen Square on 4 June 1989,” Australia’s Consul-General to Hong Kong and Macau, Gareth Williams, said in a post on X.

SECURITY TIGHT IN HONG KONG

Before dawn on June 4, 1989, Chinese tanks rolled into Tiananmen Square, crushing weeks of pro-democracy demonstrations by students and workers. 

China has never provided a full death toll, but rights groups and witnesses say the figure could run into thousands. China blamed the protests on counter-revolutionaries seeking to overthrow the ruling Communist Party.

Security around the square was tightened on Tuesday with increased police presence. Police officers set up multiple checkpoints for identification checks on motorists, cyclists, and pedestrians, and also prevented people from taking photographs near the square.

There was no discussion about the historic event on Chinese social media, which are heavily censored by authorities.

The Tiananmen Mothers, which represents relatives of those killed, put out this week their annual statement calling for a public accounting of what happened.

“The executioners of that year have passed away one after another, but as the continuation of the ruling party, the current government has a responsibility to respond to and address the Tiananmen Massacre,” Zhang Xianling, whose son Wang Nan was killed, said in a video message.

Reporting by Yimou Lee and Ben Blanchard; Additional reporting by Alessandro Diviggiano and Liz Lee in Beijing; Jessie Pang and James Pomfret in Hong Kong; Writing by Ben Blanchard and James Pomfret; Editing by Michael Perry and Kim Coghill

Exclusive-CDC expert resigns from COVID vaccines advisory role, sources say

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Exclusive-CDC expert resigns from COVID vaccines advisory role, sources say

Resignation comes after the CDC made alterations to their recommended immunisation schedule

FILE PHOTO: Vials labelled “VACCINE Coronavirus COVID-19” and a syringe are seen in front of a displayed U.S. flag in this illustration taken December 11, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

International news via Reuters:

Pediatric infectious disease expert Dr. Lakshmi Panagiotakopoulos of the U.S. CDC resigned on Tuesday as co-leader of a working group that advises outside experts on COVID-19 vaccines and is leaving the agency, two sources familiar with the move told Reuters.

Panagiotakopoulos said in an email to work group colleagues that her decision to step down was based on the belief she is “no longer able to help the most vulnerable members” of the U.S. population. 

In her role at the Centers for Disease Control and Prevention’s working group of the Advisory Committee on Immunization Practices, she co-led the gathering of information on topics for presentation.

Her resignation comes one week after Health Secretary Robert F. Kennedy Jr., a long-time vaccine skeptic who oversees the CDC, the Food and Drug Administration and the National Institutes of Health, said the COVID vaccine for healthy children and healthy pregnant women had been removed from the CDC’s recommended immunization schedule.

The move was a departure from the process in which ACIP experts meet and vote on changes to the immunization schedule or recommendations on who should get vaccines before the agency’s director made a final call. The committee had not voted on the changes announced by Kennedy and the CDC does not yet have a permanent director.

Two days after Kennedy’s announcement, the CDC published a vaccine schedule online saying that COVID-19 vaccines remain an option for healthy children aged 6 months to 17 years when parents and doctors agree that it is needed.

It had previously recommended updated COVID vaccines foreveryone aged six months and older, following the guidance ofthe panel of outside experts.

Two sources said Panagiotakopoulos did not include a specific reason for her departure. Panagiotakopoulos did not return requests for comment.

“Unfortunately for me, this is a personal decision,” Panagiotakopoulos wrote in an email to members of the working group that was read to Reuters by a source who received it.

“My career in public health and vaccinology started with a deep-seated desire to help the most vulnerable members of our population, and that is not something I am able to continue doing in this role.” 

The committee is scheduled to meet on June 25-27 and is expected to deliberate and vote on recommendations for use of COVID-19 vaccines, according to one of the sources who was not authorized to speak publicly.

Reporting by Julie Steenhuysen in Chicago, Michael Erman in New York and Dan Levine in San Francisco; Editing by Caroline Humer and Bill Berkrot

German cabinet approves 46 billion euro corporate tax relief package

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German cabinet approves 46 billion euro corporate tax relief package

U.S. President Donald Trump’s tariff policies are expected to hurt Germany’s economy

FILE PHOTO: The skyline of the banking district is seen during sunset in Frankfurt, Germany, April 21, 2024. REUTERS/Kai Pfaffenbach/File Photo

International news via Reuters:

The German cabinet approved on Wednesday a first tax relief package worth 46 billion euros ($52.43 billion) to support companies and revive its sluggish economy from this year through 2029, the government said.

The aim is to boost investment with measures like favourable depreciation options for companies to ease their tax burden, including depreciation rates of as much as 30% per year for three years.

“This new depreciation rule provides a welcome short-term stimulus for the manufacturing sector,” said Deutsche Bank economist Robin Winkler. “However, its impact on facilitating the broader structural transformation of the German economy is likely to be limited.”

Germany’s anaemic economy could be facing a third consecutive year of contraction for the first time in its post-war history, and reviving the economy is a key task of the new government.

“After just four weeks in office, we are presenting the first important reforms to ensure new economic strength,” German Finance Minister Lars Klingbeil said on Wednesday. “We are providing the economy with urgently needed planning certainty and creating strong investment incentives.”

U.S. President Donald Trump’s tariff policies are expected to hurt Germany’s export-oriented economy. Germany’s new chancellor, Friedrich Merz, will travel to Washington to meet Trump on Thursday.

CORPORATE TAX CUT

The first package of tax reliefs includes a promised one percentage point cut to the corporate tax rate each year over five years from 2028, bringing it down to 10% by 2032.

To boost electric car purchases, the package includes temporary tax deductions for buyers, who will be able to depreciate 75% of the purchase price in the year in which the vehicle is bought. 

The measures will cut government tax revenue by 2.5 billion euros this year and peak at 12 billion in 2028, the last year of office for the ruling coalition. 

A spokesperson from the finance ministry said on Monday that talks were ongoing on how to bring the draft law to parliament before the summer break, as the package needs the approval of the lower and upper houses of parliament. 

Additional measures to boost the economy, such as establishing a 500 billion euro infrastructure fund, should be brought to the cabinet with the draft 2025 budget on June 24 and the first draft for the 2026 budget on July 30.

Germany’s parliament approved plans for a massive spending surge in March, throwing off decades of fiscal conservatism.

($1 = 0.8775 euros)

Reporting by Maria Martinez and Christian Kraemer, Editing by Madeline Chambers and Bernadette Baum

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