Greek labour unionists threaten to block new property tax

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ATHENS, Sept 12 | Mon Sep 12, 2011 3:20am EDT

ATHENS, Sept 12 (Reuters) - Workers at power utility PPC (DEHr.AT) threatened on Monday to block a planned property tax, which the country announced to meet its fiscal targets under an EU/IMF bailout and stave off bankruptcy.

The government said on Sunday it would slap a property tax to plug its 2011 budget hole and make sure it qualifies for the next bailout tranche.

To make sure the tax will be paid, it will be collected through electricity bills. Greece already collects municipal taxes and the fees of state broadcaster ERT through electricity bills. PPC controls more than 90 percent of the country's retail market for power.

But the state-controlled company's powerful labour union GENOP-DEH said it will try to block the tax because it was unfair to consumers.

"GENOP/DEH makes clear it will not allow PPC to be used as a tax collection mechanism," the union said in a statement.

"We will obstruct the issuing of bills... and we will order PPC employees not to cut the power (of customers who refuse to pay the tax)," GENOP-DEH official Nikos Hatzaras said in an interview on television station Skai.

"The government has no political legitimacy to take such measures," he added.

GENOP-DEH is seen as one of Greece's toughest unions. In the past, it has held repeated strikes to prevent the government from selling stakes or seeking strategic partners for the company. (Reporting By Harry Papachristou)

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European shares edge down; US labour data awaited

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LONDON, June 3 | Fri Jun 3, 2011 3:13am EDT

LONDON, June 3 (Reuters) - European shares slipped early on Friday, extending this week's sell-off on global growth worries, and with investors cautious ahead of the monthly U.S. labour report.

At 0709 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was down 0.1 percent at 1,114.81 points, after falling 1.3 percent in the previous session to its lowest close in six weeks, as the U.S. economic recovery lost momentum.

Some bourses that were closed on Thursday fell, catching up with the decline in that session. Finland-based mobile phone maker Nokia (NOK1V.HE) was among the fallers, down 4.9 percent, extending losses from earlier in the week when it made a profit warning. "The lagging indicators are now catching up with the leading indicators from eight weeks ago," said Lothar Mentel, chief investment officer at Octopus Investments, which manages $4 billion.

"I'm surprised that the markets are surprised. There are not many catalysts to move stock markets higher. But equally they are supported by earnings and valuations. We will see rangebound trading." (Reporting by Brian Gorman)

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LONDON, June 3 | Fri Jun 3, 2011 3:13am EDT

LONDON, June 3 (Reuters) - European shares slipped early on Friday, extending this week's sell-off on global growth worries, and with investors cautious ahead of the monthly U.S. labour report.

At 0709 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was down 0.1 percent at 1,114.81 points, after falling 1.3 percent in the previous session to its lowest close in six weeks, as the U.S. economic recovery lost momentum.

Some bourses that were closed on Thursday fell, catching up with the decline in that session. Finland-based mobile phone maker Nokia (NOK1V.HE) was among the fallers, down 4.9 percent, extending losses from earlier in the week when it made a profit warning. "The lagging indicators are now catching up with the leading indicators from eight weeks ago," said Lothar Mentel, chief investment officer at Octopus Investments, which manages $4 billion.

"I'm surprised that the markets are surprised. There are not many catalysts to move stock markets higher. But equally they are supported by earnings and valuations. We will see rangebound trading." (Reporting by Brian Gorman)

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LONDON, June 3 | Fri Jun 3, 2011 3:13am EDT

LONDON, June 3 (Reuters) - European shares slipped early on Friday, extending this week's sell-off on global growth worries, and with investors cautious ahead of the monthly U.S. labour report.

At 0709 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was down 0.1 percent at 1,114.81 points, after falling 1.3 percent in the previous session to its lowest close in six weeks, as the U.S. economic recovery lost momentum.

Some bourses that were closed on Thursday fell, catching up with the decline in that session. Finland-based mobile phone maker Nokia (NOK1V.HE) was among the fallers, down 4.9 percent, extending losses from earlier in the week when it made a profit warning. "The lagging indicators are now catching up with the leading indicators from eight weeks ago," said Lothar Mentel, chief investment officer at Octopus Investments, which manages $4 billion.

"I'm surprised that the markets are surprised. There are not many catalysts to move stock markets higher. But equally they are supported by earnings and valuations. We will see rangebound trading." (Reporting by Brian Gorman)

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