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Greek police bust network of Albanian people smugglers

GREEK

  ATHENS: A people-smuggling network based in Athens that tried to get Albanian migrants into the UK, has been busted by the Greek police, in cooperation with Albanian and UK authorities. The gang provided Albanian migrants with fake Greek and Cypriot passports, in an attempt to get them into the UK. Britain’s National Crime Agency (NCA)  realized that hundreds of ... Read More »

Greece dangles jackpot prize to curb tax dodgers

GREECE

  ATHENS: Greece is dangling the lure of a jackpot prize to coax people into paying their taxes, hoping to curb endemic tax evasion. From the end of October, taxpayers will automatically qualify to enter a raffle on the basis of the number of their electronic financial transactions, the finance ministry said. The lucky winner could win a cash – ... Read More »

Alcohol smuggling gang unraveled in Greece

GREECE

  ATHEN: Police in Piraeus say they have unraveled a gang that smuggled large quantities of alcohol from European Union countries and other areas to Greece. It said on Thursday that it has arrested three people – two aged 45 and another 55 – and is looking for another three suspects – 66, 30 and 34. A total of 5,294 ... Read More »

Greek Jan, Sep govt budget surplus slightly below target on lower revenues

GREEK

  ATHENS: Greece’s central government attained a primary budget surplus of 4.5 billion euros (£4 billion) in the first nine months of the year, slightly below target due to lower tax revenues, finance ministry data showed on Monday. The government’s target was for a primary budget surplus – which excludes debt-servicing costs – of 4.556 billion euros for the January-to-September ... Read More »

Greece dangles jackpot prize to curb tax dodgers

GREECE

  ATHENS: Greece is dangling the lure of a jackpot prize to coax people into paying their taxes, hoping to curb endemic tax evasion. From the end of October, taxpayers will automatically qualify to enter a raffle on the basis of the number of their electronic financial transactions, the finance ministry said. The lucky winner could win a cash – ... Read More »

Greece seeking to attract investment through gambling reforms

GREECE

  ATHENS: After Greece got into financial trouble, one of the stipulations made by the Eurozone in order to secure vital bailout funds was that the country undertakes sweeping reforms of its gambling industry. While many of the reforms have already had a positive impact, moves are afoot to potentially boost the industry further by making the country an even ... Read More »

Greece plans reforms in its gambling industry as investors’ interest increases

GREECE

  ATHENS: The casino industry in Greece is on the verge of important reforms which will boost the interest towards new projects development there. Even though the country has a history of economic crisis and debts which could bury any economy, Greece is striving to better its situation. As one of the steps of a bailout program, the government has ... Read More »

US signs agreements with Czech Republic, Finland, Greece, Italy, and Sweden

GREECE

  ATHENS: The US IRS  announced this week that it has signed separate agreements with the Czech Republic, Finland, Greece, Italy, and Sweden to exchange country-by-country reports on multinationals. The bilateral competent authority agreements would help put into effect 2015 OECD/G20 base erosion profit shifting (BEPS) plan agreements designed to give tax authorities a better picture of the tax affairs ... Read More »

Greek shipping seminar organized in Singapore

GREEK

  ATHENS: The Hellenic Business Network Association, (HBNA) Singapore, recently organized a briefing seminar titled ‘Greeks In Shipping: Perspectives and Opportunities in Asia’.Bringing together business leaders from the shipping industry in Singapore as well as Greece, the forum highlighted the strengths Greek shipping has that Asian maritime nations can potentially emulate. In addition, the discussion emphasized on the developments in ... Read More »

Two Turkish citizens detained over crossing into Greece illegally

GREECE

  ATHENS: Greek police said they have detained two Turkish men who crossed into the country illegally from Macedonia, and arrested a Macedonian man accused of smuggling them into Greece. The two Turkish men, aged 36 and 39, crossed into Greece on a small boat across Doirani Lake and were detained on the night of Sept. 13, police said in ... Read More »

Greece, Bulgaria join hands on construction of port railway link

Greece, Bulgaria

ATHENS: Greece and Bulgaria signed on Wednesday in the northern Greek city port of Kavala a memorandum of cooperation to speed up the construction of a railway link which will be connecting Greece’s northern ports to Bulgaria’s Black Sea ports, according to Greek national news agency AMNA. The agreement concerns the interconnection of Greece’s ports of Kavala, Alexandroupolis and Thessaloniki ... Read More »

Tax evasion ‘safari’ in Greek tourist spots snags major violators

tax evasion

ATHENS: Tax inspectors are continuing a “safari” around Greece’s prime tourist destinations at the end of August, with several indicative examples of alleged tax evasion and VAT avoidance released to the press. In one instance, a taverna on the seafront adjacent to the north-central city of Katerini was accused of failing to issue receipts worth 16,400 euros, while on Paros ... Read More »

Diana Shipping inc. experiences heavy trading volume

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ATHENS: Diana Shipping inc. shares had a trading volume of 1,094K by the end of trading on Friday. Overall, volume was up 136.99% over the stocks normal daily volume. Stifel Financial Corp augmented its holdings by buying 476,967 shares an increase of 16.6% as of 06/30/2017. Stifel Financial Corp owns 3,348,238 shares with a value of $13,569,000. The value of ... Read More »

Greek tourism shows robust growth in early season

fast growth

ATHENS: Early figures on tourism, a vital source of money for heavily indebted Greece, indicate that the south-eastern European country is cashing in on warm summer weather. Tourism revenue in June was €2bn ($2.35bn), up 14.2% versus the same month a year earlier, central bank figures released on Tuesday showed. Greece had forecast a second consecutive record tourist year in ... Read More »

Greece e-commerce turnover rises

rise

ATHENS: Turnover of e-commerce in Greece is on the rise, according to figures from European association Ecommerce Europe. More specifically, turnover in Greece increased to 4.5 billion euros last year from 3.8 billion euros in 2015. According to the General Secretariat for Trade and Consumer Protection, this rise confirms both Greek consumers’ growing confidence in online markets and the increasing ... Read More »

Greek tax authorities to boost checks on small debtors

Sales-Tax

ATHENS: In a bid to close in on some 3.8 million taxpayers who owe an estimated total of 95 billion euros in overdue debts to the Greek state, the Independent Authority for Public Revenue is to intensify inspections on all those whose arrears exceed 500 euros, accessing their bank accounts and Land Register details. Under pressure from the country’s creditors ... Read More »

Greek unemployment eases to 21.7% in May, still eurozone’s highest

profit fall

ATHENS: Greece’s jobless rate dropped slightly to 21.7 percent in May from an upwardly revised 21.8 percent in the previous month, statistics agency ELSTAT said on Thursday, but the rate remains the eurozone’s highest. The seasonally adjusted data showed that the number of officially unemployed reached 1.03 million people. Hardest hit were young people aged 15 to 24 years, with ... Read More »

Greece launches new offshore oil and gas tenders

Greece

ATHENS: Greece launched two tenders on Monday for offshore oil and gas exploration and exploitation in the west and south of the country, the energy ministry said. The move follows expressions of interest by a consortium of Total, Exxon Mobil and Hellenic Petroleum for exploration in two sites off the island of Crete, and by Greece’s Energean for a block ... Read More »

Greek OTE Telecom posts 1% rise in Q2 core profit

OTE-300x187

ATHENS: Greece’s biggest telecoms operator OTE posted on Thursday a 1 percent rise in second-quarter core profit, helped by growing mobile business at home for the first quarter in five years. OTE, the former national monopoly and now 40 percent owned and managed by Germany’s Deutsche Telekom, said earnings before interest, tax, depreciation and amortisation (EBITDA) came in at 313.9 ... Read More »

Import figures highlight Greece’s production deficit

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ATHENS: Official data on Greek imports for 2016 have once again shone a spotlight on Greece’s production deficit. Last year Greece spent 1.53 billion euros in clothing imports and 497 million in footwear. Despite extensive cotton cultivation in the region of Thessaly, the country imported textiles worth a total of 659.8 million euros. On veal and pork imports, Greece spent ... Read More »