The 2003 Budget will have two main characteristics: the funding of the country’s social security system — in line with the provisions of the relevant law enacted earlier this year, and the funding of tax reform, with which the government aspires to promote the growth of the economy and institute a fairer system, lightening the burden on families, particularly in the low and middle-income brackets, Economy and Finance Minister Nikos Christodoulakis said after seeing the Prime Minister, Costas Simitis, yesterday. He said developments in the global economy did not allow for considerable optimism, given distinct signs of a protracted recession.

Leading mobile operator CosmOTE said yesterday it had acquired 2x5 MHz frequency spectrum (EGSM) at 900 MHz for second-generation services that will allow it to upgrade its network without considerable extra investment. The firm said in a statement that the addition, bringing its total spectrum to 2x30 MHz, will enable it to improve reception — particularly inside buildings, expand geographical coverage and increase revenues from roaming services. CosmOTE has to date operated on the 1800 MHz frequency. The addition cost 38.16 million euros, which was the opening price set by the national telecoms regulator at the auction.

Deputy Development Minister Alexandros Kalafatis yesterday approved the disbursement of 132.4 million euros for the funding of 592 small and very small enterprises, employing up to 50 people. The sum comes from a EU-backed program for subsidies of up to 40 percent for the business plans of such firms, which aims to improve their competitiveness while also promoting technological innovation, quality improvement and environmental protection. Each region has a minimum quota of subsidies under the program, whose second round will be launched in the autumn.

Taxpayers will no longer have to visit public tax offices to certify photocopies of their annual income tax statements required in an array of instances, including for the renewal of a foreign citizen’s “green” residence card. The retained third original copy of the statement will now suffice, backed by a personal declaration that the data contained in it is accurate. The measure also applies in cases of postal and electronic submission of documents.

The Coca-Cola Company (TCCC) and Coca-Cola Hellenic Bottling Company (HBC) are considering the acquisition of Romania’s Dorna, bottlers of naturally carbonate mineral water. An HBC statement said the interest concerns a 94.5-percent stake in Dorna, and would be part of an expansion drive into more categories of non-alcoholic beverages. Dorna has a 13-percent market share in Romania.

Two farmers’ cooperatives and one farmer will have to return sums of 1.2 million euros, 202,203 euros and 39,520 euros respectively for violations of EU subsidy regulations, the Agriculture Ministry said.