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Hungary’s net general government borrowing 1.9% of GDP

BUDAPEST: According to preliminary financial data, net general government borrowing was HUF 610 bln in the twelve months leading up to the end of Q1, amounting to 1.9% of GDP including HUF 61 bln in financing requirement, or 0.8% of GDP, in the first quarter of 2015, the National Bank of Hungary (MNB) said today. Maastricht debt stood at 77.2% ... Read More »

Erin energy receives government approval for license extension in the Gambia

AMMAN: Erin Energy Corporation (“Erin Energy” or the “Company”) announced today it has received executive approval to extend the initial exploration period for blocks A2 and A5 in The Gambia by 24 months to December 31, 2018. The work program includes the requirement to drill one exploration well in either block during the exploration period. The Ministry of Petroleum has ... Read More »

Greece government to propose VAT tax at 16% from 13%

ATHENS: The Largest Greece pay-TV firm, is the subject of two separate bids from Deutsche Telekom AG and Vodafone Group Plc, is considering issuing a 100 million-euro ($113 million) convertible bond, Panos Papadopoulos said in an interview Thursday. Forthnet, which on May 4 signed the extension of an agreement to air the Greece soccer championship until 2019, is in talks ... Read More »

General government deficit nears 70% of 2015 target

BUDAPEST: Hungary’s cash flow-based general government deficit, excluding local councils, reached HUF 609.8 billion at the end of April, the National Economy Ministry said in a preliminary report yesterday, according to state news agency MTI. The deficit rose to 69.5% of the HUF 877.4 billion full-year target, based on MTI calculations. The ministry noted that at the same time last ... Read More »

Greece government to propose VAT tax at 16% from 13%

ATHENS: The Greece officials stated that the government is ready to propose tax hikes and high pension cuts to lenders as part of reforms in order to unlock liquidity for the Greece economy. So far the two sides seem to converge on the raising of value added tax on everyday goods. Greece is seeking a 16 percent VAT from 13 ... Read More »

Retail government securities stock grows HUF 51b in April

BUDAPEST: The stock of government securities targeted at retail investors rose by HUF 51 bln to HUF 2,653 billion in April, the Government Debt Management Agency (ÁKK) said yesterday, according to state news agency MTI. Premium Hungarian Government Bonds were the most sought-after securities in April with sales reaching HUF 32 billion and total stock rising to HUF 635 billion. ... Read More »

Retail government securities stock grows HUF 51b in April

BUDAPEST: The stock of government securities targeted at retail investors rose by HUF 51 bln to HUF 2,653 billion in April, the Government Debt Management Agency (ÁKK) said yesterday, according to state news agency MTI. Premium Hungarian Government Bonds were the most sought-after securities in April with sales reaching HUF 32 billion and total stock rising to HUF 635 billion. ... Read More »

General government deficit nears 70% of 2015 target

BUDAPEST: Hungary’s cash flow-based general government deficit, excluding local councils, reached HUF 609.8 billion at the end of April, the National Economy Ministry said in a preliminary report yesterday, according to state news agency MTI. The deficit rose to 69.5% of the HUF 877.4 billion full-year target, based on MTI calculations. The ministry noted that at the same time last ... Read More »

Greece government to propose VAT tax at 16% from 13%

ATHENS: The Greece officials stated that the government is ready to propose tax hikes and high pension cuts to lenders as part of reforms in order to unlock liquidity for the Greece economy. So far the two sides seem to converge on the raising of value added tax on everyday goods. Greece is seeking a 16 percent VAT from 13 ... Read More »

Hungary’s government to reduce PIT to 15% from 2016

BUDAPEST: Hungary’s Minster Mihály Varga announced that Hungary’s Economy Ministry proposes to reduce personal income tax (PIT) from 16% to 15% from 2016, Mihály Varga announced after talks with ruling Fidesz-KDNP leaders on Hungary’s next year budget. The Economy Minister also said that the VAT rate on pork is planned to be slashed to 5% from 27% currently, and that ... Read More »

Hungarian government submits budget draft to Fiscal Council for 2016

BUDAPEST: The Fiscal Council received the governmentʼs 2016 budget draft, Árpád Kovács, the bodyʼs chairman confirmed with Hungarian news agency MTI late Friday. By law, the Fiscal Council has ten days in which to form an opinion on the bill, a period it is expected to use in its entirety, Kovács added. Prime Minister Viktor Orbán said earlier that he ... Read More »

Transactions over €70 on larger islands may be credit/debit card only

ATHENS: A draft plan by the government to increase state revenues, which is to be submitted to the Brussels Group on Thursday, includes increasing the luxury tax by 30 percent, imposing an accommodation levy on hotels with three stars or more, and the obligatory use of credit or debit cards for transactions of €70 or more on islands that have ... Read More »

Spanish central government deficit remains constant in January- February 2015

MADRID: The national government of Spain has published data showing that public spending cutbacks continued to be effective in the first two months of 2015, with the deficit recorded by central and regional governments and Regional government overspending decreases across Spain Social Security falling by 4% in comparison to the same period last year. These data do not include the ... Read More »

South African’s government revise wage offer, still far from 10% of living cost

CAPE TOWN: The government has revised its wage offer to public servants, but it is still far from the trade union demands of a 10% cost of living increase. On Friday, acting public service and administration Minister Nathi Mthethwa outlined the government’s offer, which will be presented at the next round of wage negotiations scheduled for Tuesday May 28. Mr ... Read More »

Hungary’s government to reduce PIT to 15% from 2016

BUDAPEST: Hungary’s Minster Mihály Varga announced that Hungary’s Economy Ministry proposes to reduce personal income tax (PIT) from 16% to 15% from 2016, Mihály Varga announced after talks with ruling Fidesz-KDNP leaders on Hungary’s next year budget. The Economy Minister also said that the VAT rate on pork is planned to be slashed to 5% from 27% currently, and that ... Read More »

Poland’s general government deficit at 3.2% of GDP in 2014

WARSAW: Poland ended 2014 with a general government deficit at 3.2% of GDP, above the EU’s standard 3.0% threshold for fiscal health that would warrant removal of EU-mandated fiscal constraints, known as the excessive deficit procedure. Poland beats the measure for debt levels. The 2014 deficit “is insignificantly above 3%, but the systemic costs of the pension reform reduce it ... Read More »

Greece’s government admits a short fall of €400m, domestic borrowing

ATHENS: The Greece government admitted it had a cash shortfall and its transfer of cash reserves from local government and other public entities was “domestic borrowing” to cover immediate financing needs. Meanwhile, a deal between Greece and international lenders on the list of Greek reforms in exchange for further vital aid remained elusive, despite two months of deliberations. Greek Deputy ... Read More »

Poland’s general government deficit remains at 3.2% of GDP in 2014

WARSAW: Finance Minister Mateusz Szczurek told that Poland only missed fiscal convergence in 2014 on account of a key fiscal reform and therefore qualifies to leave the EU’s excessive deficit procedure already this year,. Poland ended 2014 with a general government deficit at 3.2% of GDP, above the EU’s standard 3.0% threshold for fiscal health that would warrant removal of ... Read More »

Hungarian govt to support investor fund from €20,000 to €100,000

BUDAPEST: Hangrain cabinet chief János Lázár said at a weekly press conference that the government would support a proposal by the National Bank of Hungary (MNB) to raise the insured threshold of the Investor Protection Fund (Beva) from €20,000 to €100,000, cabinet chief János Lázár said at a weekly press conference yesterday, news agency MTI reported. The threshold could be ... Read More »

Phyto Energy to build R5b plant to convert canola into diesel after SA passes laws

JOHANNESBURG: Phyto Energy International Holding AG said it will only proceed with a plan to build a R5-billion ($419-million) plant to convert canola into diesel in South Africa if the government passes laws needed by the industry. The plant, which will produce 400 000 metric tons of diesel a year when complete, could start output in the third quarter of ... Read More »