Word: terme
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...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 be presented this month...
...sending yields on government bonds skyrocketing. Over the past two months, as fears have grown that Greece's poisonous finances could infect the rest of Europe, the euro has slipped by almost 7% against the dollar. The Greek crisis is proving to be a crucial test for the long-term viability of Europe's common currency itself. Nouriel Roubini, one of the economists who predicted the global financial crisis, and his colleague Arnab Das argued in a Feb. 3 opinion piece for the Financial Times that unless Europe works out some formal rules to deal with individual states' problems, "doubts...
...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's oil-tanker fleet and nearly 25% of its cargo ships - should also...
...Singapore's stock, currently the most expensive gaming stock in the world. According to Noel-Johnson, Genting Singapore is trading at an estimated price-to-earnings ratio of over 60 for the current fiscal year. Even though he believes Resorts World Sentosa has the potential to be "a long-term success," Citigroup has slapped a "sell" rating on the stock...
...Singapore casinos, to be sure, have significant long-term advantages. Unlike the crowded gaming markets of Macau and Las Vegas, they will be operating as a duopoly with no immediate fear of further competition. The gambling tax rates will be significantly lower in Singapore than they are in Macau. And, most important, the casinos sit on perhaps two of the most coveted pieces of real estate in the country, enhancing their appeal to both locals and foreigners. Marina Bay Sands is minutes away from the city's downtown offices on a fringe of sea-facing land overlooking the ship-sprinkled...