Greece cuts protection measures

Greece launched on Monday deep reforms of 136 service occupations from
bread making to butchering to end restrictive practices as the cabinet
met on new measures to fight a second debt crisis. The European Union
and International Monetary Fund have made the application of such
measures a condition of the release in March of the fourth slice of
rescue loans, in this case 15 billion euros ($ 21.1 billion). A broad
law to remove restrictive practices was passed three months ago, and
on Monday the finance ministry published a list of 136 professions and
independent service activities which will no longer be protected by
rafts of conditions, such as quotas and geographical limits. The
activities concerned range from music teaching to beauty care, from
money changing, bread making and insurance broking to interpreting,
electrician services and operating butchers' shops. Physiologists are
also on the list, which was described as a guideline. Press reports in
Athens say every ministry has dragged its feet in preparing lists and
measures to enact following the enactment of the deregulation law in
February. The reports say the delay on service occupations has greatly
irritated auditors from the International Monetary Fund, European
Union and European Central Bank. They are here for a regular analysis
of how Greece is enacting reforms promised in return for a rescue
package of 110 billion euros last May which enabled the country to
avert bankrupty.
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Sony posted loss

Japan's Sony on Monday said it expected to swing to a $ 3.2 billion
net loss for the fiscal year ended March, after delaying its corporate
results to gauge damage from the March 11 earthquake and tsunami. The
latest setback for the technology and entertainment giant comes as it
tries to recover from the impact of the disasters and a massive online
hacking attack that compromised millions of users of its network
services. In a preliminary earnings statement, Sony revised February's
forecast for a 70 billion yen net profit and now expects a net annual
loss of 260 billion yen ($3.2 billion), citing a charge for deferred
tax assets. The firm is due to report its full earnings on Thursday.
The technology and entertainment giant said consolidated sales and
operating revenue are expected to be in line with February's forecasts
despite the impact of the earthquake and tsunami on production. The
maker of PlayStation consoles and Bravia televisions was forced to
shutter plants after the disasters battered supply chains and damaged
facilities. The company said it would book a 360 billion yen non- cash
deferred tax-asset related charge. Cyber attacks in recent weeks
involved the theft of personal data that include names, passwords and
addresses from more than 100 million accounts on its PlayStation
Network and Sony Online Entertainment services. Sony shut down the
PlayStation Network and Qriocity services on April 20.
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