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Tag Archives: Greece’s

Greece’s unemployment hikes by 2% in July

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ATHENS: A 2 percent increase was recorded in unemployment registrations for July compared to the previous month by the Greek Manpower Employment Organization (OAED). The total number of people out of work numbered 952,550. As demonstrated by the Ergani database, which records employment flows, the imposition of capital controls proved detrimental to the balance of the Greek labor market in ... Read More »

Greece’s unpaid Public Power Corporation bills exceeds €2b

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ATHENS: The amount owed to the Public Power Corporation by its customers tops 2 billion euros, the head of the GENOP workers’ union, Giorgos Adamidis, told the Athens-Macedonian News Agency Monday. Adamidis said the bulk (over 1.5 billion euros) is owed by households. Big business owes another 280 millon, followed by the state, with debts of 220 million. Households who ... Read More »

Greece’s Poseidon Containers launches IPO on NYSE

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ATHENS: Greece’s Poseidon Containers Holdings has begun its initial public offering on the New York Stock Exchange, through which the company hopes to raise up to $283m. Some 15,380,000 common shares will be offered with an estimated price range of $14.00 to $16.00 per share, and will be listed under the symbol PCON. The offering’s underwriters also have a 30-day ... Read More »

Greece’s Tax revenues miss target by 2.3 bln in H1

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ATHENS: The black hole in tax revenues for the first half of the year came to 2.3 billion euros, while public spending came to a complete stop during the same period, leading to state expenditure being 4 billion euros lower than the forecast target. According to the final data for the state budget in the first half of 2015, the ... Read More »

Greece’s shipping industry may face heavey presure after bailout reforms

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ATHENS: Greece-shipping-ship-ownersGreece’s world-leading shipping industry is coming under increasing pressure to carry a big part of the new taxes the new bailout agreement requires. The Greek government has agreed to raise taxes on the long-protected sector of shipping, “a part of Greek culture that it has tax breaks enshrined in the constitution,” a Wall Street Journal report says. The shipping ... Read More »

Greece’s debt-to-GDP ratio could soar to 200 percent: IMF

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ATHENS: Unless proper action is taken the Greek debt-to-GDP ratio could soar to 200 percent in the next two years, the IMF had warned European leaders ahead of last Sunday’s negotiations with the embattled nation. “Greece’s debt can now only be made sustainable through debt relief measures that go far beyond what Europe has been willing to consider so far,” ... Read More »

Greece’s Tsipras fights for future reforms

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ATHENS: Greece Prime Minister Alexis Tsipras (right) arrives at his office in Maximos Mansion in Athens, Greece, on July 15, 2015. Photo: Jean-Paul Pelissier Athens – Prime Minister Alexis Tsipras battled to win lawmakers’ approval on Wednesday for a bailout deal to keep Greece in the euro and avoid bankruptcy, as the IMF pressured Greece’s creditors to provide massive debt ... Read More »

Greece’s creditor propose to target shipping sector

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ATHENS: Greece’s shipping sector faces paying a higher tonnage tax, and a phase-out of the special tax allowances it has enjoyed, under the latest proposals presented by the country’s creditors, according to documents seen by Reuters. Together with tourism, the shipping sector is a vital generator of income for Greece. According to an official document indicating steps Greece must take, ... Read More »

Greece’s creditors take aim at nation’s shipowners

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ATHENS: Greece’s creditors are taking aim at the nation’s shipowners in a move that could see many more lines move overseas. According to Reuters, a higher tonnage tax has been demanded by creditors as is the phasing-out of special tax allowances for Greek owners. The under pressure Greek government is understood to have concurred with these measures. Any fiscal changes ... Read More »

Greece’s creditor propose to target shipping sector

greece imf

ATHENS: Greece’s shipping sector faces paying a higher tonnage tax, and a phase-out of the special tax allowances it has enjoyed, under the latest proposals presented by the country’s creditors, according to documents seen by Reuters. Together with tourism, the shipping sector is a vital generator of income for Greece. According to an official document indicating steps Greece must take, ... Read More »

Greece’s creditors take aim at nation’s shipowners

greece pic

ATHENS: Greece’s creditors are taking aim at the nation’s shipowners in a move that could see many more lines move overseas. According to Reuters, a higher tonnage tax has been demanded by creditors as is the phasing-out of special tax allowances for Greek owners. The under pressure Greek government is understood to have concurred with these measures. Any fiscal changes ... Read More »

EU Leaders, Greece’s more to Clinch Aid Deal in coming days

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ATHENS: European leaders urged Prime Minister Alexis Tsipras’s government to make a final push to satisfy creditors and finally end a five-month standoff over aid. An accord by the end of the week is “possible but it’s not yet certain,” Belgian Prime Minister Charles Michel said as he arrived for an emergency euro-area summit in Brussels. German Chancellor Angela Merkel ... Read More »

Greece’s Golden port a takeover target

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ATHENS: Greek dry bulk and small containership owner Goldenport Holdings has revealed itself as an acquisiton target for an unknown buyer. The London-listed company was responding to a jump in its share price since Wednesday from around GBP1.18 ($1.87) to as high as GBP1.42 ($2.26). Goldenport revealed it has been approached by a potential bidder which may lead to an ... Read More »

Greece’s counter-proposals to focus on budget issues: official

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ATHENS: Greece counter proposals to the country’s international creditors on a cash-for-reforms deal will focus on budget issues and Athens hopes an agreement can be sealed by June 18, a government official said on Friday. Requesting anonymity, the official said the government refused to raise the value-added tax rate for electricity as demanded by the European Union and IMF lenders. ... Read More »

Greece’s counter-proposals to focus on budget issues: official

Nb-greece

ATHENS: Greece counter proposals to the country’s international creditors on a cash-for-reforms deal will focus on budget issues and Athens hopes an agreement can be sealed by June 18, a government official said on Friday. Requesting anonymity, the official said the government refused to raise the value-added tax rate for electricity as demanded by the European Union and IMF lenders. ... Read More »

Greece’s Scorpio Bulkers plans new $200m stock offer

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ATHENS: NYSE-listed Scorpio Bulkers is planning a share offering in which it will sell $200m of its common stock to fund installment payments for its newbuilding programme. The exact number of shares to be sold in the offering has not been disclosed, but would be roughly 100m shares based on the stock’s current share price. The company has 180.47m shares ... Read More »

Greece’s Scorpio Bulkers plans new $200m stock offer

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ATHENS: NYSE-listed Scorpio Bulkers is planning a share offering in which it will sell $200m of its common stock to fund installment payments for its newbuilding programme. The exact number of shares to be sold in the offering has not been disclosed, but would be roughly 100m shares based on the stock’s current share price. The company has 180.47m shares ... Read More »

Greece’s industrial output rises 0.4 pct YoY in April 2015

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ATHENS: Greece industrial output rose for the third month in a row in April, increasing by 0.4 percent compared to the same month a year earlier after an upwardly revised 5.3 percent rise in March, statistics service ELSTAT said on Tuesday. Manufacturing production rose 3.5 percent from the same month a year earlier, ELSTAT said. Mining output declined by 2.6 ... Read More »

Greece’s Svitzer forms joint venture in Malaysia

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ATHENS: Salvage Company Svitzer has established itself in Malaysia via a new joint venture (JV) with local company SVR Marine Services. The Maersk Group company hopes the JV will enable it to better approach Malaysian customers and compete in tenders. “Malaysian market boasts an advanced LNG industry and expanding port operations. Our objective is to supply the Malaysian market with ... Read More »

Greece’s industrial output rises 0.4 pct YoY in April 2015

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ATHENS: Greece industrial output rose for the third month in a row in April, increasing by 0.4 percent compared to the same month a year earlier after an upwardly revised 5.3 percent rise in March, statistics service ELSTAT said on Tuesday. Manufacturing production rose 3.5 percent from the same month a year earlier, ELSTAT said. Mining output declined by 2.6 ... Read More »