Yukos Faces $8 Billion Back Tax Bid and Asset Seizures
Russian oil giant Yukos seeks an $8 billion back tax settlement as bailiffs seize shares in Yuganskneftegaz and Samaraneftegaz after state actions. A judge in the former CEO’s fraud and tax evasion trial returned defeats to a co-defendant while officials warn of further 2001-back tax demands. Yukos proposes paying $8 billion over two years, per spokesman Hugo Erikasen, amid restructuring efforts with only about $14 billion in cash on hand.
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Chirac outlines plan to revitalize presidency and curb Sarkozy
In a Bastille Day address President Jacques Chirac pledged to boost popularity and resolve tensions with finance minister Nicolas Sarkozy. He announced a planned referendum on the EU constitution in 2005, defended his decision making, and signaled shifts on work hours while maintaining the legal 35 hour week.
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Labor strike against Peru's president falters
In Lima Peru large numbers of workers ignored a nationwide strike call by the Marxist led General Confederation of Peruvian Workers to protest President Alejandro Toledo free market policies. Government measures and bus shortages limited participation as many stayed at work to avoid lost wages.
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