Ogun Dairo put a match to the pile of wood chips she had carried from a nearby sawmill. The chips were soggy and didn’t burn. Instead, they smoldered, and the smoky fire fueled an unlikely global exchange that has supported her family of five for three decades.
Spain unveiled a crackdown on underground employment as the government seeks to shrink one of the region’s largest shadow economies, bolster tax revenue and reduce the Europe Union’s highest jobless rate .
Serbia would narrow its fiscal deficit by about 1 percentage point if the government clamped down on the shadow economy, which makes up about a third of overall economic activity, U.S. and Serbian officials said.
Spain’s government approved a crackdown on tax fraud as Prime Minister Mariano Rajoy redoubles efforts to reduce the deficit and convince investors that a surge in borrowing costs won’t force the nation into a bailout.