In Brief
Lawmakers pass tax on dividends, stock options Greek lawmakers passed a new law taxing dividends and stock options and overhauling rules for levies on some self-employed workers to try to boost revenues. The law was passed 51 to 49 in Parliament yesterday, according to a broadcast of the debate on state-run Vouli TV. The law will impose a 10 percent tax on dividends paid by companies and on capital gains from stock transactions as of next year. Economy Minister Giorgos Alogoskoufis made a series of changes to the bill after objections from groups ranging from associations of the self-employed, who will lose their tax-free threshold of 10,500 euros ($15,000), to stockbrokers, who opposed the new capital gains taxes on stock transactions. One of the changes involved taxing capital gains net losses, rather than total gains. The bill includes other measures intended to buoy state finances this year, including a 20 percent increase in motor registration fees, and plans to step up the collection of outstanding tax disputes from 2000 to 2006. (Bloomberg) FTSEurofirst 300 Index reshuffle drops PPC Food retailer Colruyt, insurer AMB Generali, Spain’s Criteria CaixaCorp and miner ENRC are to be added to the FTSEurofirst 300 index after the latest quarterly review. Index compiler FTSE Group said in a statement yesterday that Neste Oil of Finland, Spanish real estate firm Sacyr Vallehermoso, Austria’s Immoeast and Public Power Corporation of Greece will all be removed from the FTSEurofirst 300 index. All the changes will take effect after the close of business on September 19, it said. (Reuters) Turkish bungle Turkish Airlines said yesterday it is unable to take part in a tender for the privatization of Austrian Airlines because it missed a deadline for expressing interest. Austrian state holding OeIAG is offering its 43 percent holding in Austrian Airlines, worth around 157 million euros ($222.2 million) and Turkish Airlines had expressed interest in taking a stake. «We were told that we cannot take part in the tender process because our notification reached the relevant authority after the stated deadline,» Turkish Airlines said in a statement to the Istanbul stock exchange. Up to 15 parties have shown interest in Austrian Airlines. Those interested had to notify the holding company by August 24 and have to present proposals by September 12, after which a short list will be drawn up. (Reuters) Power deals Petrol dd, Slovenia’s largest energy company, may look to buy further fuel retail assets following OAO Gazprom’s planned entry into the Balkan oil market, according to Chief Executive Officer Marko Kryzanowski. «Gazprom is a giant that affects every market it enters,» Kryzanowski said in an interview in the Slovenian capital of Ljubljana. «Gazprom is actively seeking to enter the retail market and this should be a boost to every retailer in the region. The cards are expected to be reshuffled again and I am sure this will not be a bad thing for Petrol.» OAO Gazprom Neft, the Russian company’s oil arm, has offered 400 million euros ($557.9 million) for a 51 percent stake in Serbia’s Naftna Industrija Srbije as it seeks a foothold in the Balkans, where the rate of economic growth remains double that in Western Europe. (Bloomberg)
