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...also calls for an improved tax-collection system and the creation of an independent statistics service, which should make it harder for officials to manipulate data. Parliament has passed a 20% tax on alcohol and tobacco, and other tax hikes are rumored. This worries executives like Doros Constantinou, the CEO of Coca-Cola Hellenic, which sells soft drinks in 28 countries. "An increase in taxes will have an impact on disposable income," he says. "That's not a good thing...
Companies that have interests outside Greece are also likely to fare better. Kyriakos Sarantis, CEO of Sarantis, a $363 million consumer-products company, expects revenue to remain flat despite the problems at home, in large part because nearly 60% of his business is in Eastern Europe. "That exposure is helping," he says. Aegean Airlines, which may have to move to short-term leases for some of its fleet, is also looking outward. In the last six months, the carrier added routes to Egypt, Israel and Turkey. Greece's $40 billion shipping industry - the country controls 22% of the world...
...also go global, say business executives and business analysts. Athens needs to lure foreign investors aggressively, which means offering everything from tax breaks to helping investors navigate the bureaucracy associated with setting up shop. "We must transform Greece into a welcome place to do business," says Eurobank's deputy CEO Nikolaos Karamouzis. The potential for future investment - in tourism and renewable energy in particular - is promising. Wind-energy generation alone is expected to increase fivefold in the next decade. "The new Greek government seems determined to push the 'green economy' and is taking measures in the right direction," says George...
When George Barrett was named CEO of Cardinal Health in August, the prognosis was grim. The nation's second largest drug distributor, Cardinal had lost a third of its value the previous year. The U.S. Drug Enforcement Administration (DEA) had suspended several of the company's licenses. What's more, the firm, based in Dublin, Ohio, was about to spin off its lucrative medical-tech arm, CareFusion, sparking a further double-digit drop in its stock price. In other words, Barrett deadpans, "we had some challenges...
Cardinal's somewhat haphazard acquisition strategy proved difficult to manage, though. Cardinal started as a small Ohio food distributor in 1971, and eight years later, founding CEO Robert Walter moved the company into pharmaceuticals. Over the next two decades, he transformed the firm into a $75 billion conglomerate. "It was a very entrepreneurial company, founded out of the back of this Harvard Business School guy Bob Walter's car," says Lisa Gill, a JPMorgan analyst who has covered Cardinal since 1999. "People talked about Cardinal wanting to be the GE of health care...