Word: sectoral
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Cleaning up Greece's wasteful and corrupt state sector, and regaining citizens' trust, will take years. The government is pinning its hopes on increasing tax revenues. Some of that will come from new taxes on items such as luxury goods and fuel. But Athens also insists it can raise $1.67 billion in the short term by cracking down on tax evasion. The government has promised a radical reform of the country's complex and inefficient tax system and says a comprehensive new law, which is intended both to simplify the system and to spread the tax burden more fairly, will...
Most Greeks agree that the tax system (see following story) and the bloated public sector, nicknamed "the country's sickest patient," are at the root of Greece's current problems. In a country of 11 million people, almost 850,000 workers are employed by the state, which means they receive 14 monthly paychecks instead of 12. Many enjoy a work day that runs from 7:30 a.m. to 2:30 p.m. "The state must change the mentality of the public employee," says one investor and economist, Timos Mellisaris, who calls Greece's public sector "the last communist frontier." Greeks like...
Like much of the rest of the health care sector, the drug-wholesaling industry has proved mostly recession-proof. Revenue rose 8% in 2008, to $386 billion, and an additional 6% bump is expected for last year, according to Pembroke Consulting, a Philadelphia distribution and manufacturing consultancy. Plus, an aging population and reform will be extra boons. "In theory, more insured people should mean more drug utilization," says Adam J. Fein, an economist and the founder of Pembroke. "That means more money in the pockets of wholesalers...
...Barrett says, it wants to catch up with rivals on delivering specialty drugs. Netting $134 billion globally in 2008, these therapies for treating chronic diseases--about half of which are oncology drugs--represent one of the fastest-growing segments of the health care market. AmerisourceBergen's revenue in the sector topped $16 billion last fiscal year. "If Cardinal is going to play, they have to move now," says Sanford C. Bernstein & Co. analyst Helene Wolk, who is bearish on Cardinal. "And they're going to have to buy, not build, to get to scale as quickly as possible...
...beyond that image, Yanukovych will have to give substance to his rhetoric and show a real commitment to democratic principles and reforms of the opaque energy sector. He will also need to force Big Business to play by the rules. Success there will depend on how he handles his powerful corporate backers, who are pulling him in different directions. One wing of supporters is made up of industrialists from the East who are interested in European markets; the other reportedly makes its money from the gas trade with Russia. "Yanukovych is very much influenced by the circles around...