In Brief
Serious public revenue shortfall may lead to more one-off taxes Economy ministers are seriously concerned about weak inflows into public coffers, sources say. In January, public revenues were up only 2.34 percent, year-on-year, against a target of 12 percent which the Finance Ministry has issued to tax offices. The shortfall is largely attributed to the ineffectiveness of the measures of one-off tax amnesty payments for past fiscal years by firms and the self-employed, and for repatriation of capital under favorable tax terms. The sources said additional collection measures cannot be ruled out, while the government is mulling a differentiated version of the abolished financial crimes squad. Agricultural Bank denies reports of possible ‘split’ The Agricultural Bank dismissed yesterday a recent press report about a split or privatization or a breakdown of its activities, saying that such «scenarios» do not correspond to management’s planning and are out of reality. «The bank’s new administration is taking decisive steps toward developing Agricultural as a multidimensional bank, in the framework of a group that regains its dynamism and its place in competition, always with transparency and effectiveness in meeting its defined targets through a planned strategy,» it said in a statement. Societe Generale Daniel Bouton, president of France’s third-biggest bank, Societe Generale, expressed his optimism about the future of Greece’s Geniki Bank, in which his group owns 50.01 percent of shares. Bouton said in Paris that Geniki will gain a greater market share, proportionate to its large number of branches (more than 110), through its new management, the expansion of its network, new products and new marketing techniques. Geniki plans to open 40 new branches by next year and to offer new products and services using SG’s know-how. FYROM banks The central bank of the Former Yugoslav Republic of Macedonia (FYROM) said that 47.2 percent of the country’s banking capital is controlled by foreign groups which have either bought out local units or set up their own branches. The most prominent such acquisitions are National Bank of Greece’s of Stopanska Bank and Slovenia’s Nova Ljubljana, which, together with Germany’s LHB, controls Tutunska Banka. «It cannot be said that the already invested foreign banking capital is sufficient. Its growth would help the development of competition and the improvement of banking services,» said central bank governor Petar Goshev. Icarus’s stronger wings Olympic Airlines is offering the members of its frequent flyers program «Icarus» double or triple miles when flying to certain destinations, while reducing its mile threshold for ticket rewards by 20 percent. Miles for flights from Athens or Thessaloniki to Larnaca and from Athens to Rome will be tripled, while miles for 14 domestic and 19 foreign destinations will be doubled. Pantechniki abroad Listed construction company Pantechniki will undertake two infrastructure projects in Romania and Cameroon, with a total budget of 29.4 million euros. The first is a road project on Romania’s National Road 6, between Domasnea and Caransebes, of 23.38 million euros. The second is a new bridge over the River Mungo in Cameroon, budgeted at 6 million euros.