Der Spiegel: Greek shipowners Don’t Pay Taxes

An article entitled “Wealth and Secrecy”, published today by the German magazine, Der Spiegel focuses on tax breaks enjoyed by the Greek shipowners. According to the German magazine, Greek shipowners are ordering new ships as if there is no crisis in ...

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Rental Prices in Attica Drop

Owners in Greece have reduced even by half the rental prices of their properties, in order to attract tenants. During the last three years an overall fall in rental prices of about 40% has been reported. According to real estate agencies, during the past 12 months, the fall has reached on average 15%, as the reduction in incomes and heavy taxation has forced more and more Greek households  to seek for a house with a lower rent.  Moreover, there are cases where the reduction in rental prices is reaching or even exceeds 50%. The biggest fall has been recorded in large properties located in expensive areas which don’t easily attract tenants. “The decline in real estate market started from selling prices and then, from 2011 onwards, when the impact of the crisis started being distinct, it expanded to rental prices,” says Lefteris Potamianos , general secretary of the Hellenic Association of Realtors. He believes that the decline in rents will continue over the next months, given that the drop in household incomes and unemployment remain high. On the other hand, according to an analysis by Alpha Bank, during the period 2000-2011, the rents of houses increased by almost 43%. At the same time, from 2000 to 2008, the prices of houses have increased by almost 91%.  

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Samaras, Venizelos Agree on Hiring 600 University Administrative Employees

Greek Prime Minister Antonis Samaras and Government Vice-President Evangelos Venizelos on Sunday met to discuss their upcoming international visits and contacts well as issues related to the coordination of the new government, government spokeswoman Sofia Voultepsi has said. Samaras and Venizelos also decided to immediately proceed with a call of tender and the hiring of 600 university administrative employees. During the evaluation process of the staff under labor reserve and the completion of the re-hiring process, none of the employees placed in labor reserve will be fired, as law provides, she added. The government has pledged to sack another 7,000 civil servants this year to meet the target it has agreed with the troika, which was for a total of 15,000 dismissals in 2013 and 2014. Greece ‘s Administrative Reform Minister Kyriakos Mitsotakis and Greek Education Minister Andreas Loverdos disagreed over how many university administrative employees should be rehired after being placed in a labor reserve last year, with the remainder being dismissed. Education Minister believes the government should rehire as many as 880 employees but Administrative Reform Minister insists that no more than 500 can be taken back. Coalition has until this Friday to decide the fate of 1,134 university employees that have been placed in suspension and on reduced wages for eight months as part of the public sector scheme for reducing employees.

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WORLD CUP: Fernando Santos says Greece will be ready against Japan on Thursday

Greece’s National team manager, Fernando Santos in a press conference on Sunday expressed his optimism about Greece’s next World Cup match on Thursday against Japan: “We watched them play against Ivory Coast. We selected interesting information and we will inform our players during the next days. We have already watched Japan in the past and we know their advantages and disadvantages. We will be ready.” The Portuguese was asked whether he will make changes in the lineup: “We’ll see… it depends. I am waiting to see the physical state of players. But I do not believe we must make many changes just because we lost 3-0. This is not the right path. I often read bad criticism because Greece wasn’t very vivid in previous matches. Yesterday we were in a good state, but we lost.” Afterwards, Fernando Santos spoke about the opening game against Colombia: “It certainly does not happen often to concede three goals. It is the first game, since I took over Greece’s team. that we lose by three goals.  It was not only our defenders fault. The whole team should have defended more properly.  I believe we played well against Colombia and we managed to create chances. My primary concern is that we didn’t score. And it was a pity we received a goal so early in the match. However, the team reacted, controlled the match, and had some interesting moments. Nevertheless, when a team loses 3-0, one cannot speak about good performance, justice or injustice. ” “We had no time to correct the mistakes made against Colombia, but it is certain that we will do so in the coming games”, Fernando Santos said and then criticized some of his players. “In the last ten minutes some of our players did not understand we were playing for the World Cup. It is very important to allow as few goals as possible in the group stages of a World Cup. ” Finally he was asked whether his departure has affected the National team’s players in a negative way: “I have no doubt that it does not affect my players. On the contrary, I feel that they want to give their best performance,  in order to close this cycle in the best possible way “.

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Pakistani man kills compatriot, seriously wounds Greek businessman on Crete

A Pakistani national died while a 50-year-old Cretan businessman was in critical condition in Ierapetra, in Lasithi, Crete, after allegedly being attacked by a Pakistani man late on Saturday. Early reports suggested the suspect killed his compatriot in a ... ...

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Albanian arrested in heroin smuggling case

An Albanian national became the 12th person to be arrested over a ton of heroin seized in Attica last Thursday after surrendering to authorities over the weekend. The other suspects, six Greeks and five Turks, are set to give their depositions on Tuesday ... ...

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Business Live: Pound hits highest level in nearly five years; geopolitics looms over markets

The prospect of an early interest rate rise has pushed sterling over the $1.70 mark

Pound hits highest level since August 2009

Geopolitics pushes gold price up; Japan stock market down

Analysts: Iraq crisis will keep oil price higher

8.46am BST

The pound has now dipped back below the $1.70 mark, after that early morning surge.

It remains close to its highest level since the summer of 2009, with traders reckoning interest rates could well rise before Christmas.

Briefly this morning the UK Pound £ pushed above US $1.70 as the post Carney Mansion House speech surge continues #BoE #CurrencyWars

8.37am BST

With the oil price hovering around a nine-month high, there is lots of chatter about the impact that the Iraq crisis will have on the global economy.

Tony Nunan, oil risk manager at Mitsubishi Corp in Tokyo, predicts prices will remain higher for some time.

"It looks like the country is headed to civil war, which will mean a higher risk premium built into oil prices.

This may not mean a stop to Iraqi exports immediately, but it probably will affect Iraq's ability to increase its production rate."

Investors aren't expecting material costs will rise soon and have an immediate impact on companies' profits, but they are wary of these risks in the longer run," said Hikaru Sato, a senior technical analyst at Daiwa Securities.

"The geopolitical concerns are lowering risk appetite."

8.16am BST

Over in Greece, cleaning workers who lost their jobs last summer are reported to have massed at the finance ministry.

They are demanding a meeting with the country's new finance minister, Gikas Hardouvelis, to press their case to be reinstated - having been laid off in Greece's austerity cutbacks.

Protesting (for months and everyday) cleaners have circled FinMin and asking to see the minister. v @dromografos pic.twitter.com/bsAFg7ILjh

8.08am BST

Hungarian airline Wizz Air has abandoned its plans to float on the London stock market - blaming "the current market volatility in the airline sector".

Wizz Air had hoped to raise 200m to help fund its expansion plans. The sight of recent profit warnings from Lufthansa and Aer Lingus - and the rise in the oil price - appear to have forced a rethink.

7.56am BST

Growing expectations that UK interest rates will rise within the year have just driven the pound to its highest level in nearly five years.

The pound hit $1.70 mark in early trading in London.

Pound Strengthens above 1.70: http://t.co/IGcC7HMxe4

Pound Strengthens Above $1.70 for First Time Since August 2009 ! The Football team may not be breaking delf but hey currency is !

7.55am BST

Good morning, and welcome to our rolling coverage of the financial markets, the world economy, business and the eurozone.

Geopolitical fears continues to dominate the markets, after a weekend of heavy fighting in Iraq which saw Sunni insurgents capture the town of Tal Afar in northwest of the country, strengthening their hold.

The crisis in Iraq is lending continued support to the oil price and holding back Asian equities, which are generally lower despite pockets of strength in the technology sector; airlines are among the weaker groups. European futures are generally lower.

The yen is firming on safe-haven attractions.

Further #Iraq insurgent gains. Could be unifying moment if political factions unite to fight ISIS, but fragmentation of country now possible

Concerns still focus on Iraq with T-notes, WTI and gold all higher coming into the EU open

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