In Brief
Minimum fuel taxes to rise gradually across EU BRUSSELS – The European Commission is proposing to EU governments the gradual rise of the minimum diesel tax from -302 to -380 per 1,000 liters by 2014, to avoid inequalities across the bloc. Non-professional fuel tax will also rise at least to the same level, with the change in Greece being the steepest as the minimum tax now stands at -276 per 1,000 liters, while in Italy it is -403. Citizens from France (-392), Germany (-470) and Belgium (-305) tend to flood Luxembourg where the tax is just -278, and there are more gas stations than bakeries. Northern Greek companies facing increasing losses One in every five companies in northern Greece posted losses in 2005, while in the four years since 2002 the number of loss-making firms in the region has quadrupled, according to a study presented yesterday by the Federation of Industries of Northern Greece (SVVE). The sample of 335 members showed 19.14 percent of these having losses in 2005 against 11.64 percent in 2002. Their total turnover posted a disappointing rise of just 1.66 percent from 2002 to 2005. SVVE President Giorgos Mylonas said there are two types of companies; one type is improving, the other deteriorating and worsening an already bad outlook. «The way things are going, industry in northern Greece will not rebound,» said Mylonas, unless the state adopts targeted policies and gives special incentives to attract more businesses to the region. Cyprus interest rates Cyprus’s central bank unexpectedly raised its lombard and overnight deposit facility rates by 25 basis points on Monday, but kept its key refinancing rate unchanged at 4.5 percent. A central bank announcement said the move was made in an attempt to introduce a one percentage point gap in the refinancing rate between the other two rates. The change brings the lombard rate to 4.75 percent and the overnight deposit facility to 2.75 percent. (Reuters) Bulgaria joblessness dips Bulgaria’s jobless rate fell in February to 9.5 percent from 9.7 percent a month earlier, the Labor Ministry said yesterday. Detailed data will be released in the next few days, it said. The unemployment rate in February last year was 11.5 percent of the work force. The Socialist-led government has pledged to create over 82,000 government-funded jobs this year. It has also said it would cut the average annual jobless rate to below 9 percent in 2007. The EU newcomer has seen its unemployment rate slowly fall in the last few years mainly due to government-funded programs and seasonal jobs. (Reuters) Romanian unemployment Romania’s unemployment rate edged slightly lower to 5.2 percent in February, from 5.4 percent in the previous month, the employment agency said in a statement yesterday. New European Union member Romania is struggling to plug a growing shortage of workers, as one in 10 Romanians has left the country since the fall of communism in 1989, seeking better wages abroad. Analysts estimate thousands of workers will be needed, particularly after EU cash starts coming Romania’s way, boosting the number of infrastructure projects. (Reuters)
