"It is important for the European leaders to quickly agree on an ambitious package."

That was Christine Lagarde, speaking in Frankfurt today. The European fiscal capital was the setting for the latest ECB review, but like many euro-watchers expected, there was no change to ECB rates or stimulus packages. 

Instead, the bankers leaned on their political counterparts, who meet in Brussels tomorrow for a two-day summit to (hopefully) thrash out a COVID-19 recovery package. As we have covered in Global Business Daily previously, the battle is between southern states, which are in desperate need of emergency funds, and northern states – notably the "Frugal Four" (Austria, Denmark, the Netherlands and Sweden), which do not see why they should pay for what they perceive as others' bad money management.

Germany and its Chancellor Angela Merkel will be key to resolving the issue… Viel Glück, as they say in Berlin. 

Meanwhile, both China and the U.S. published positive economic figures, with growth up and retail sales recovering. On the other hand, there's the UK, which as you will see in today's graphic, has the fewest job opportunities since records began. 

Finally, let me push you to listen to one of our excellent podcasts. 

In episode two of Notes on a Pandemic, my colleague Louise spoke to those who unexpectedly found themselves on the front lines of the response to the outbreak, working together to save lives. You can listen to the full episode here. 

You can get it at any reputable podcast purveyor. 

Happy reading, 
Patrick Atack

Digital business correspondent 

P.S. Did you know we send this briefing by email, too? Sign up here

China's economy returned to modest growth in the second quarter of 2020, recovering from a contraction in the first quarter, as COVID-19 eases and policymakers announced economic packages. National Bureau of Statistics data showed the world's second-largest economy grew 3.2 percent year-on-year in the period covering April to the end of June. 

As European leaders prepare to meet in Brussels tomorrow, European Central Bank chief Christine Lagarde encouraged them to come to an "ambitious" agreement. But the wrangle over a $857 billion fund to help the hardest-hit member states weather the coronavirus crisis still faces a challenge from the so-called "Frugal Four," which do not support the size of the stimulus. 

Semiconductor Manufacturing International Corp (SMIC) made its trading debut on Shanghai's Nasdaq-style STAR Market on Thursday, opening at $13.6, 246 percent higher than its offered price. The chip maker plans to inaugurate 1.9 billion shares at $3.92, raising as much as $7.6 billion and becoming China's biggest IPO in a decade.

Reacting to parent company IAG's losses amid the global pandemic, British Airways is to auction 17 works of art at Sotheby's in London. The works, including optical art by Bridget Riley, are expected to raise upwards of $1.7 million. 

U.S. retail sales continued to rise in June amid the recovery from the coronavirus shutdowns, but at a much slower pace, gaining 7.5 percent compared with May, according to government data released on Thursday. The increase was far slower than the 18.2 percent surge in May, according to the Commerce Department. The June increase amounted to more than $524 billion.

The UK economy lost more than half a million jobs since the outbreak of the coronavirus pandemic, new statistics have revealed. The number of UK payroll employees fell by 650,000 between March and June according to the Office for National Statistics. 

Social media giant Twitter was subject to a large-scale hack on Wednesday evening, with high-profile accounts including those of Joe Biden, Barack Obama and Bill Gates accessed. Hackers shared a link asking for Bitcoin donations and are understood to have taken at least $100,000. In response, the company said it had "taken significant steps to limit access to internal systems and tools."

Facebook's image-sharing arm Instagram has rolled out a new shopping feature for North American users. It will be expanded to global users over the next few weeks, according to reports, and will be linked to Facebook Pay, which will allow users to make payments directly through Facebook's apps. 

Kyrylo Shevchenko has been approved as the new governor of Ukraine's central bank, he was previously head of the country's state lender. He replaces Yakiv Smolii, who resigned on 1 July due to "systemic political pressure," which led to IMF boss Kristalina Georgieva warning the bank must keep its independence. 

Investment bank Morgan Stanley has revealed how much it has profited from the coronavirus pandemic, with a record quarterly profit thanks to tumultuous markets and trading. Overall revenue jumped 31 percent to a record $13.41 billion, though executives warned against expecting further growth in later quarters, as the unsteady market conditions are expected to continue. 

A European court ruling has effectively ended the privilege given to U.S. companies that collect data in the EU but export it across the Atlantic. Facebook lawyer Eva Nagle said the firm is "carefully considering the findings and implications of the decision." 

The dutch beer maker Heineken says international lockdowns have driven its first-half net revenue down by more than 16 percent. Heineken says beer volumes were most affected in the Americas, Africa, the Middle East and Eastern Europe.

Germany's Siemens electronics says its employees can work from home for up to three days a week, even when the pandemic is over. Tech companies such as Twitter have been taking the lead on the long-term shift to remote working. It's likely many more will follow in an effort to cut costs and make social distancing easier.

Following yesterday's ruling that Apple does not owe billions in Irish taxes, CGTN Europe spoke to Liz Nelson, director at the Tax Justice Network, about what could happen next regarding corporate taxation in Europe. 

What message does this ruling send out?

Well, I think for the people of Ireland particularly, but for people generally who are experiencing economic and social hardships at the moment, which they definitely are thanks to COVID-19...  I think it says there's something really rotten about the system.

This is the second time Brussels has lost a ruling like this as Starbucks had theirs overturned last year. What can the European Commission do next?

The more important point is that they focus their energy on these critical reforms that are needed around the state aid tax rules and indeed about how corporations are taxed.

What are the wider ramifications here for other low-tax regimes?  

I think each member state should be in a position to effectively tax profits accruing from economic activity in their own jurisdiction.

There needs to be a willingness by the European Commission to really take seriously measures against member states who want effective low tax rates, because these have an enormous effect on people, on schools, on education, on infrastructure.

Do you think this will speed up the potential for new 'digital service taxes'? 

The really key thing is that long-standing policies that we've advocated for in the Tax Justice Network of a country-by-country reporting web of multinational companies, including the big tech giants, actually pay their tax in the places where the real economic activity occurs.