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| New flights from Košice to Italy and UK - The low-cost airline Wizz Air will open a new operational base at the Košice airport, which should result in 30 new jobs and two regular routes.
The new routes from the airport, to Milan-Bergamo and Robin Hood Airport Doncaster Sheffield, are set to be launched in September. There should be two flights per week on each route. In all, the Budapest-based Wizz Air should then provide 11 flights from the airport on a weekly basis, the TASR newswire reported on January 28.
“We launched operation here 1.5 years ago, and we have already handled over 130,000 travellers,” Wizz Air head József Váradi said, as quoted by TASR. He added that Slovakia is the 12th country where they will set up a hub.
According to head of the Košice airport Karl Dandler, the decision to place Airbus A320 in Košice shows the airline’s satisfaction with their services and trust in the city and the region. He added that together with their local partners they are working on connecting Košice with an airport in Germany, as reported by TASR.
Wizz Air has been operating a regular service between Košice and London since September 2013.
Source: TASR
Compiled by Radka Minarechová from press reports
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| Slovakia sends condolences to South Africa - Condolences were sent from all over the world to South Africa, whose former president and one of the most significant fighters against apartheid, Nelson Mandela, died on December 5. Slovak politicians expressed their sympathy, and spoke of the life of one of the most influential personalities in the modern era of South Africa.
“The Gandhi of Africa is gone,” Slovak President Ivan Gašparovič wrote in his condolence letter to his South African counterpart, President Jacob Zuma, as quoted by the SITA newswire. “Together with him, one epoch in the modern age of South Africa and the African continent also ends.”
Gašparovič added that people will remember Mandela as a respected personality and a natural leader with extraordinary courage who “did not regret any sacrifice on the way of resistance against undemocratic practices in his country”.
“We will always appreciate his remarkable contribution to implementing a policy of national reconciliation in South Africa and to ensure stability and prosperity for the people of his country,” Gašparovič wrote.
Foreign Affairs Minister Miroslav Lajčák called Mandela’s death a loss for the whole democratic world. He said he honoured him as a respected person who “not only suffered much in his life, but achieved even more”, as reported by SITA.
Freedom and democracy are not free or permanent and are not here forever, but it is necessary to fight for them every day, Pavol Frešo, chair of the opposition Slovak Democratic and Christian Union (SDKÚ), told SITA. According to him, Mandela’s life should be an example of this struggle.
Frešo also said that with his life, Mandela impacted not only the destiny of his country, but the whole world.
Mandela, who symbolised the resistance of South Africa's black inhabitants against apartheid, and who was a winner of the Nobel Peace Prize and a former South African president, died at the age of 95 in his home in Johannesburg. His death was announced by current South African President Zuma.
“Our nation has lost one of its greatest sons,” Zuma said, as quoted by the Sme.sk website.
6.12.2013 Source: SITA, Sme.sk
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| State Secretary Peter Burian received Ambassador of India Misra - State Secretary of the Foreign and European Affairs Ministry of the Slovak Republic Peter Burian received Ambassador of India to the Slovak Republic on Monday, July 8, 2013. The meeting was held in relation to the planned visit of the Indian delegation on the occasion of the 7th session of the joint Slovak-Indian Committee for Economic Cooperation.
During the meeting, State Secretary Peter Burian appreciated traditionally friendly relations between both countries and conveyed the interest of the Slovak Republic in reinforcing the cooperation with India – the country that is becoming an increasingly important world player. He also expressed the need for the continuous and regular dialogue between the foreign affairs ministries at the political and technocratic level.
Burian especially emphasized the interest of Slovakia in developing joint trade – the ambition being to create favorable conditions for investors, including Indian investments in Slovakia. The main areas for trade-and-commerce cooperation between Slovakia and India could mainly be energy, the environment, the automotive and mechanical engineering industries as well as water management, which are traditionally strong among Slovak companies. “Our cooperation must focus on creating favorable conditions for the dialogue of the business sphere, as well as on concrete results and projects to be brought by these talks,” stated the State Secretary. He also expressed the conviction that Slovakia offers an ideal logistics basis, highly qualified labor force, good business environment and optimal transport infrastructure.
In the end, they agreed that the upcoming 7th session of the Slovak-Indian committee for economic cooperation in Bratislava is an ideal opportunity to fulfill the ambitions of both countries to establish closer economic cooperation and will contribute to reinforcing our trade and economic relations.
8.07.2013 MZV |
| Slovak Super-gross Salary Different from Czech Republic's - Bratislava, August 25 (TASR) - The concept of the super-gross salary in Slovakia is far different from the one recently scrapped in the Czech Republic, according to a statement issued Thursday by Slovakia's Labour, Social Affairs and the Family Ministry.
The ministry was reacting to a rash of complaints that Slovakia is introducing a concept that the Czech Republic has tried and found to be so flawed that it opted to abolish it.
"The Slovak concept of super-gross salary will have only the name in common with the Czech initiative," according to Labour Minister Jozef Mihal.
The Czech concept originally contained a provision ordering employers to increase the salaries of their employees by the amount that they had been paying according to the law on social and health insurance. At the same time, employers' duty to pay these types of premiums were to have been abolished. Meanwhile, further provisions allocating the duty to pay deductions by employees should also have appeared in the concept, but have never materialised.
Nominal salaries in the Czech Republic remained the same, while insurance deductions paid by employers didn't change either. The only thing that changed was a hike in the basis for calculation of taxes. "It (the basis) was calculated even from income that in fact shouldn't have been considered as deductible income," the Slovak ministry comments on how ill-considered the methodology used by the Czechs turned out to be.
"The Slovak law on super-gross salary will bring higher net salaries to employees, a 75-percent reduction in paperwork, ensure that tax office's can keep tabs on companies that are currently avoiding paying deductions without punishment, and the entire tax and deduction system will also be simplified," added the Labour Ministry statement.
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| Iran's Bushehr nuclear plant begins operation - Iran's first nuclear power station has begun operating at a low level, says the Russian company that built it.
The generating unit at the Bushehr reactor was brought up to the "minimum controllable level of power" on Sunday.
"This is one of the final stages in the physical launch of the reactor," said Vladislav Bochkov, a spokesman for the Russian company Atomstroyexport.
Israel and other nations have expressed fears that the reactor could help Iran develop nuclear weapons.
In February, the International Atomic Energy Agency (IAEA) said it had new information on "possible military dimensions" to Iran's nuclear plans.
But Tehran says its intentions are purely peaceful.
On Monday, a member of an Iranian parliamentary commission monitoring Bushehr said "final tests" were being conducted.
The following day, Atomstroyexport said it had launched "a self-supporting chain reaction" in the "active zone" of the plant's first reactor.
"This means that a nuclear reaction has begun," it said.
Iran's Fars news agency said the plant would start providing power to the national grid within two months.
Western concerns
The Bushehr project was begun in 1970s but it has been dogged by delays.
Construction on the plant was abandoned after Iran's 1979 Islamic revolution until the mid-1990s, when Moscow reached a billion-dollar deal with Tehran to complete it.
In February, Iran had to remove fuel from the reactor "for technical reasons", amid speculation that the Stuxnet computer virus may be responsible.
The United States and other Western nations for years urged Russia to abandon the project, warning it could help Iran build atomic weapons.
But an agreement obliging Tehran to repatriate spent nuclear fuel to Russia eased those concerns.
In February, an IAEA report obtained by the BBC and made available online by the Institute for Science and International Security (Isis) - said Iran was "not implementing a number of its obligations."
These include "clarification of the remaining outstanding issues which give rise to concerns about possible military dimensions to its nuclear programme".
Six world powers are negotiating with Iran over its nuclear programme, and the country is subject to United Nations Security Council sanctions over its refusal to halt uranium enrichment.
Enriched uranium can be used for civilian nuclear purposes, but also to build atomic bombs.
www.bbc.co.uk |
| UPDATE 1-Japan buys 1 bln euros in bonds from EFSF - By Stanley White TOKYO, March 7 (Reuters) - Japan used its foreign exchange reserves to purchase 1.03 billion euros ($1.44 billion) of bonds issued by a fund European officials established to prevent the spread of a sovereign debt crisis, Japan's finance ministry said on Monday. Japan's purchases totalled 20.5 percent of the 5 billion euros in five-year bonds that the European Financial Stability Facility (EFSF) sold in January to help it fund a bailout for Ireland. Japan's finance minister had pledged in January to buy some of the debt to bolster confidence in the EFSF. The purchases were within the scope of existing euro-denominated assets, so there was no net effect on the country's currency reserves. European leaders will meet for a summit on March 11 to debate a more comprehensive response to the lack of confidence in public finances caused by high budget deficits and heavy outstanding debt. A Japanese finance ministry official revealed details of the EFSF bond purchases after data showed foreign exchange reserves fell slightly to $1.091 trillion at the end of February from $1.092 trillion at the end of January due to falling bond prices. Japan's foreign reserves, the world's second-biggest after China's, hit a record high of $1.118 trillion at the end of October, a month after Japan intervened to keep the yen's rise from hurting its crucial export sector. Japanese authorities spent 2.1249 trillion yen ($25.8 billion) on currency intervention in the month to Sept. 28 last year, their first foray into the foreign exchange market in more than six years, but have subsequently stayed out of the market at least until Feb. 24, ministry data has shown. ($1=82.31 Yen, 0.7153 Euro) (Editing by Joseph Radford and Edmund Klamann) ((stanley.white@thomsonreuters.com; +81 3 6441 1984; Reuters Messaging: stanley.white.reuters.com@reuters.net))
www.cnbc.com |
| Red Bull's revenue jumps 15.8 per cent in 2010 - Vienna - Austrian energy drink maker Red Bull said Friday that 2010 was the best business year in the company's history, with revenue 15.8 per cent higher than the previous year.
Red Bull's revenue jumped to 3.79 billion euros (5.12 billion dollars), propelled not only by stronger sales, but also by currency and price effects.
The privately held company traditionally does not issue a complete set of figures. It said only that productivity and profit had reached a new record.
The number of sold cans rose 7.6 per cent to 4.2 billion.
Red Bull recorded sales quantity increases of more than 80 per cent in Turkey and Japan, and of 11 per cent in the United States.
Expansion plans for 2011 are focussed on Brazil and India, as well as Western markets.
Red Bull founder and co-owner Dietrich Mateschitz had announced in December that he wanted to enter the Chinese market this year.
21.01.2011 |
| Commercial Counselor of the SR in New York on Facebook - New York, 02.08.2010
The Commercial and Economic Section of the Ministry of Economy and Construction of the SR (OBEO MHV SR) has the profile on the social network Facebook under the name: Embassy of Slovakia to the U.S. - Commercial & Economic Section in New York.
Commercial Counselor of the SR in New York Peter Petian plans to inform on the oportunities and activities for the Slovak and American businessmen on his Facebook profile. He also published links to the SARIO materials on the investing in Slovakia and SACR materials on Slovakia as a tourist destination. These information will be continually updated.
SARIO |
| Moody's Warns Portugal, Greece Face a Slow Death - By: Dan Weil
15.01.2010
The exploding debt burden and weak economic competitiveness of Portugal and Greece put their economies in grave danger, according to Moody’s Investors Service.
The two nations failed to improve their fiscal balances and competitiveness during the boom years, so now their problems are coming home to roost, Moody’s said in a report.
"This competitiveness gap is likely to result in countries 'bleeding' economic potential and therefore tax-raising capacity if not reversed."
Greece’s budget deficit totaled 12.7 percent of gross domestic product, or GDP, last year, and Portugal’s was 8 percent.
European Union rules mandate a ceiling of 3 percent.
The governments in Greece and Portugal may have to push interest rates higher to entice foreign investors to purchase their bonds.
And they may have to raise taxes to attack the debt woes.
"Over time, this chain of events would lead to a 'slow death' of an economy within the euro area, similar to the slow death that has been experienced by many regions within individual countries," Moody's said.
Moody’s recently downgraded Greece’s credit rating and gave Portugal a negative outlook.
Greek Prime Minister George Papandreou has promised to bring the budget deficit down to EU limits and said there is no possibility of Greece exiting the euro.
But experts remain concerned.
“The crisis of credibility continues,” Stratis Polychroneas, head of bond research at Solidus Securities, told The Wall Street Journal.
“We are starting to see a new round of investors liquidating positions.” www.moneynews.com
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| European Nations ‘as Bad as Argentina,’ Ferguson Says - By Jennifer Ryan and Rishaad Salamat
June 1 2009 (Bloomberg) -- Many European governments’ finances are as risky as Argentina’s were at the height of its worst financial crisis, and the U.K. gives cause to be “extremely nervous,” Harvard University professor Niall Ferguson said.
“It is a myth that countries don’t go bust, you only have to look at the history of Latin America to see that they do,” Ferguson told Bloomberg Television today. “When you look at the financial position of many European countries today, especially east European countries but also some west European countries, it’s every bit as bad as Argentina was in 2002.”
The average euro region budget deficit will swell to 6.5 percent of output this year, more than double the European Union’s limit, the European Commission forecasts. In the U.K., Prime Minister Gordon Brown’s government predicts an annual shortfall almost twice that size because of the cost of bank bailouts and a slump in tax receipts from the recession.
“One has to be extremely nervous about the situation in the United Kingdom, borrowing on the same scale as the U.S. but without a reserve currency,” Ferguson said.
The U.K. Treasury predicts its deficit will reach 175 billion pounds ($287 billion) this fiscal year, or 12.4 percent of gross domestic product. The government plans to sell an unprecedented 220 billion pounds of debt to cover the shortfall and the cost of propping up banks.
Deficit Measures
In Eastern Europe, deficit-cutting measures are being imposed by international lenders as part of the price for more than $90 billion in aid doled out since September. Latvia may be preparing to run a deficit of 9.2 percent of GDP, the Baltic News Service reported today.
Measures taken by government officials in the U.S. and Europe to bail out banks have saddled the financial system with firms that ought to have collapsed, Ferguson said.
“We’ve got dinosaurs on life support at the moment in the form of major banks that only are alive because of massive capital injections and guarantees from taxpayers,” he said. “That’s inhibiting the process of evolution that ought to be creating new and better firms that ought to be taking the place of these failed firms.”
Argentina’s economy contracted 3.4 percent in 2002 in the aftermath of its $95 billion bond default. The peso lost two- thirds of its value while unemployment soared to a record 22 percent that year and the government imposed capital restrictions to stem outflows.
To contact the reporters on this story: Jennifer Ryan in London at Jryan13@bloomberg.net; Rishaad Salamat in London at rishaad@bloomberg.net.
www.bloomberg.com |
| Norwegian firm Q-FREE ASA - Bratislava/Trondheim 26. januára
SkyToll, a company set up by members of the Ibertax-SanToll consortium, which won the tender for an electronic road toll collection system in Slovakia, will sign a contract with Norwegian firm Q-FREE ASA to provide the main system, along with an enforcement system and three years of comprehensive road toll collection services, SkyToll's spokesperson Eva Guttlerová told the TASR newswire. Q-FREE will begin providing the services immediately after signing the contract. The system will be set up in 2009, and Q-FREE will service and maintain it over the next three years. Slovakia's electronic toll collection system will be unique because, in addition to tolls on motorways, it will also cover a large number of A-class roads. A satellite system based on GPS-GSM technology which should provide maximum flexibility in dealing with an increase in freight transport on highways and expansion of the road network expected over the next few years.
TASR informovala hovorkyňa SkyToll, a. s., Eva Güttlerová. |
| Cheese threatens Obama's French honeymoon - The in-tray of Barack Obama may be piled high, but he might like to put aside the banks, the Middle East and health care to focus on a truly urgent matter: the French cheese emergency.
The new President could blow the great goodwill that he enjoys in France if he fails to reverse a parting shot by George W. Bush against that symbol of Gallic gastronomy -- roquefort cheese. We could even face a new round in the war against Yankee junk food, with Coca Cola and MacDonald's in the firing line.
The story began last Thursday when Washington suddenly tripled an already heavy duty on the pungent blue cheese from the southern Massif Central. The idea was to punish Europe for maintaining a longstanding ban on beef from US cattle that had been administered with growth hormones.[background here] Roquefort had been under a 100 percent retaliatory duty since 1999.
Some in France have been quick to see the new Washington measure as petty, belated revenge against the "cheese-eating surrender monkeys" for their opposition to the 2003 Iraq invasion. The Americans slapped new duty on an array of other EU food imports, including fruit, chocolate and chewing gum, but none was subject to the 300 percent reserved for roquefort.
Michel Barnier, the Agriculture Minister, has urged Obama to reverse the roquefort decision and head off another French campaign against the symbols of US fast food. "I hope that he will avoid mediocre little measures like the one just taken against roquefort," Barnier said. France is to protest to the World Trade Organisation.
Philippe Folliot, a centrist MP for the Tarn, near Roquefort village, called for a super-tax against Coca Cola. "I find it especially shocking that the Bush administration, at the end of its term, should take roquefort hostage again," he said. France's most famous campaigning sheep farmer, threatened a follow-up to his 1999 destruction of a McDonald's outlet in the name of roquefort. His bulldozer assault that year on a restaurant under construction at Millau turned the mustachioed Bové into a celebrity and anti-capitalist hero. "If Obama maintains the supertax, then we will find a new symbolic target," said Bové, who was a roquefort milk producer at the time of his 1999 stunt.
The producers of the ancient cheese -- a favourite of the ancient Romans -- have kept their foothold in the US market despite the 100 percent tax over the past decade. Only 400 tonnes a year -- two percent of their production -- goes to the US, where it is treated as a luxury food. Their hopes of expanding will be scuttled if the new administration confirms the duty, which is to take effect in March.
Some say that they have few illusions since a Democratic administration -- under Bill Clinton -- imposed the first roquefort tax. Speaking of Obama, Béatrice Weinrich of the regional Union of Ewe Farmers said: "The boy must have a lot of other priorities."
Paris is insisting, however, that the prohibition on US hormone-fed beef will remain in force for health reasons, as will another EU measure contested by Washington: the use of chlorine to disinfect chicken carcasses.
Charles Bremner 21.01.2009 www.timescorrespodents.typepad.com
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| PLASTIC Omnium Auto Exterior - PLASTIC Omnium Auto Exterior has leased a new production plant in the Trnava industrial park on a long-term basis. The company said the new plant will enable it to supply the local plant of auto-maker PSA Peugeot Citroen more effectively, the SITA newswire wrote on September 24. |
| Drop of national currency continues - Author: Bojana Stamenković, Marija Škrbić | 28.10.2008
The national currency yesterday continued dropping and the middle exchange rate was 83.97 Dinars for one EUR. Only a month ago the rate of exchange was 76.39 Dinars so it is not strange that the citizens are in panic that inflation is threatening again. While Governor Jelasic claims there is no reason for fear and that the situation is not alarming, experts in economy warn it is not quite so and that weakening of domestic currency might result in a two-digit inflation at the end of the year.
Jelasic says for ‘Blic’ that Dinar exchange rate in recent days was expected due to influence by foreign factors that caused enormous hard currency demand.
The Dinar, however, dropped by even 1 pct.
‘Who calculated 85 Dinars as a limit for alarm I do not know. The NBS is leading responsible policy in maintaining hard currency reserves and exchange rate stability and we shall secure stability of both’, Jelasic says.
Goran Nikolic, economic analyst says that the National Bank of Serbia in such situation usually intervenes in order to cut the exchange rate. He is convinced that the rate exchange shall be maintained at 84 Dianrs for one EUR.
Jelasic: Speculations reason for concern more than exchange rate
Governor Jelasic says that citizens should not fear that the exchange rate shall not be under control.
‘I am more worried because of stories and speculations over the exchange rate than the exchange rate itself. The situation here is similar as in the region’, Jelasic said.
www.blic.co.yu |
| World equities in 'relief rally' after US interest rates slashed - LONDON (AFP) - Global stock markets staged a spirited fightback on Wednesday after a shock US interest rate cut but analysts warned that fears of aEquity markets had suffered fierce losses in recent days in the face of mounting concerns that a slowdown in the world's biggest economy could spread around the world.
However, the US Federal Reserve's steep 75-basis-point cut on Tuesday spurred markets to bounce back from a two-day bloodbath.
In Asia on Wednesday, Hong Kong shares rocketed by an astonishing 10.7 percent, wiping out Tuesday's record plunge, while Tokyo closed up two percent.
In European early morning deals, Frankfurt, London and Paris markets also aimed higher.
"It's something of a relief rally," said Hargreaves Lansdown analyst Richard Hunter in London on Wednesday.
"Obviously it's been helped along by the Fed's decision to cut interest rates by three quarters of a percent, outside of its usual meeting.
"That has led in the US to speculation that at their actual meeting next week there could be another quarter of a percent cut on that, maybe even a half."
Traders and analysts remain on red alert over US recession fears, despite the encouraging gains in equities.
"There are still concerns around a potential US recession, there are also concerns around a potential UK slowdown," Hunter said, adding that the FTSE 100 was down by 10 percent in value so far this year.
"The other thing to add into the mix is the continuing fallout from the US subprime crisis."
Wednesday's gains came on the heels of the first unscheduled interest rate cut by the Fed since just after the September 11, 2001 attacks in the United States, as the US central bank moved to stop a global rout on the markets.
But there were immediate signs that the cut might not be enough to restore investor confidence, which has been badly shaken by worries about the longer-term health of the US economy.
In London on Wednesday, the FTSE 100 index of leading shares reversed initial gains to swing briefly into the red. The FTSE later stood up 0.14 percent at 5,748.10 points.
The Paris CAC 40 index soared more than two percent at the open but pared gains to stand 0.47 percent higher at 4,865.37. Frankfurt's DAX 30 rose 0.73 percent to 6,818.75 points.
In Asia, meanwhile, Hong Kong's key Hang Seng index chalked up the biggest one-day point gain in its history, closing up 10.7 percent at 24,090.17 points.
That wiped out Tuesday's record plunge, as interest rate cuts salvaged investor confidence, dealers said.
"Markets are feeling slightly more reassured now that the Fed cut rates and is expected to cut rates again next week," said Hirokazu Fujiki, equity strategist at Okasan Securities.
Tokyo and Seoul both pared back solid early jumps, finishing up 2.04 percent and 1.2 percent respectively on Wednesday.
Shanghai leapt 3.14 percent and Sydney jumped 4.4 percent.
"Buyers are coming back into the market looking for opportunities, though we shouldn't get too carried away as volatility is with us to stay," added Michael Heffernan, a private client advisor at Austock in Sydney.
Subprime credit woes and a housing slump have added to investor concerns that the US economy will shrink in the months ahead.
In its online edition, the Economist magazine said the huge and unexpected cut by Federal Reserve chief Ben Bernanke had a "whiff of panic" about it and that market sentiment appeared to be shifting for the worse.
"The size of the cut also brings more fear than comfort," it added.
The US economy has been hit by rising mortgage defaults by "subprime" customers who were issued loans during the last housing boom despite patchy credit histories.
US recession had not gone away. |
| Mr. J. Kubiš will join Slovak Delegation on EU summit - The Minister of Foreign Affairs of the Slovak Republic Mr. Ján Kubiš will join the official Slovak Delegation headed by the Prime Minister Mr. Robert Fico at the European Council meeting in Brussels from 21 to 22 June 2007.
The main negotiations will concentrate on the treaty reform process and matters concerning the area of freedom, security and justice. Besides these topics the European Council will also deal with social issues, internal market, common technological initiatives, energy, climate change, transport, eurozone enlargement and external relations.
Hovorca Ministerstva zahraničných vecí SR
Telefón: 00421-2 / 5978 3010
Mobil: 00421-918 / 660 040
Fax: 00421-2 / 5978 3019
E-mail: hovorca@foreign.gov.sk |
| Mr. J. Kubiš at UN Security Open Debate on Energy, Security and Climate Change - On Tuesday April 17, 2007 Minister of Foreign Affairs of the Slovak Republic Mr. Ján Kubiš participated in the Security Council open debate devoted to energy, security and climate change organized by the current British Presidency of the Security Council. This debate has been chaired by Margaret Beckett, Secretary of State for Foreign and Commonwealth Affairs of the United Kingdom.
Slovakia shares the view of the British diplomacy that climate change might have direct implications for security situation of thousands of people in many parts of the world. This is why the Security Council, bearing in mind its primary responsibility for the maintenance of international peace and security, in accordance with the UN Charter, has to address this issue in an adequate and timely manner.
In his statement Minister Kubiš welcomed the debate on climate change in the Security Council, he pointed out the complexity of the issue and security implications of climate change in the form of potential humanitarian crises, energy shortages, migration pressures and overall social stress in those parts of the world where climate change will have worst consequences.
Mr. J. Kubiš expressed support to the goals of the Kyoto Protocol to decrease emissions as well as earlier decisions of the Council of the European Union in this respect. The Security Council is well positioned to consider security implications of climate change and it also is in line with the Security Council resolution 1625 (2005) adopted with the aim to comprehensively address armed conflicts, political and social crises. The UN Secretary-General may in the future find ways to include this new dimension in his individual reports submitted to the Security Council.
18.04.2007 |
| Slovakia signals U-turn on tax - EUOBSERVER / BRUSSELS – Slovakia has for the first time signalled it could be willing to enter into discussion over Brussels' wish to move into the sensitive area of tax, a move that has led to a political clash between the Slovak government and its opposition.
"I understand the advantages of [our] national tax system, but on the other hand I also understand that EU heavyweights will hardly respect tax allowances started by new member states," Slovak
prime minister Robert Fico said in an interview with EUobserver.
According to Mr Fico, Slovakia "will not avoid a tax debate...and will not be screaming no," when a common solution is being sought.
So far, Slovakia has been one of the strongest opponents of any EU move into the tax area, including being against plans by the European Commission to harmonise the taxable base on company profits across the EU.
The country runs a low-tax regime on the basis of a flat tax, which has helped to secure record levels of foreign investment.
This policy has caused irritation in larger member states. Former German chancellor Gerhard Schroeder and French presidential hopeful Nicolas Sarkozy have both accused Bratislava of engaging in tax dumping and called for cuts in its European funding.
Robert Fico, himself a social-democrat, came to power last June, ending an eight-year-long era of the centre-right government of Mikulas Dzurinda which had carried out sweeping free-market reforms and turned Slovakia into one of Europe's fastest-growing economies.
Even though Mr Fico stressed that he did not see tax issues resolved within the coming few years, his softened stance has been strongly criticized by the centre-right opposition.
Later this week, all three opposition parties are set to press ahead with a parliamentary declaration on tax sovereignty, a document aimed at binding the government to opposing any tax changes at the European level.
More generally, the 43-year old Fico pledged to turn the wheel from right to left, to increase social welfare spending, to improve the rights of employees and union members, but also to keep Slovakia on track for adoption of euro in 2009.
Slovakia's biggest challenge remains to meet inflation goals as part of the so-called Maastricht criteria for new entrants to the eurozone, with Mr Fico saying these criteria are "unjust" to new EU states.
"They [Maastricht criteria] do not reflect different economic conditions in new member states", he said, as central European states struggle to curb inflation while their economies are booming.
"There are only fourteen months left until the decision on Slovakia's euro entry is taken ... so we have to achieve the impossible - to combine high economy growth and low inflation".
So far, the country's economy has been on a sound footing, with GDP growth hitting a record of 8.3 percent last year and the inflation outlook also improving. The central bank forecasts annual inflation at 1.5 percent, compared with January's 2.2 percent.
© 2007 EUobserver, 19.03.2007 - 17:38 CET | By Renata Goldirova |
| FT REPORT - SLOVAKIA: Welcome to the Detroit of the east - By Katka Krosnar
Financial Times, Feb 20, 2007
On the outskirts of Zilina in the north-west of Slovakia, production is gradually ramping up at the sprawling Kia Motors factory, the newest of the country's three car plants.
The first commercially-produced cars rolled off the line there last December, six months after PSA Peugeot Citroën's new car plant started production over in the western town of Trnava. On the back of these two investments dozens of automotive suppliers have flocked to the country now dubbed the Detroit of the east.
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| Transpetrol - There was no progress in the issue of returning the 49% stake in Transpetrol to Slovak hands, admitted economy min-ister Lubomir Jahnatek after meeting Rus-sia’s deputy industry minister Vladimir Dementiev yesterday. The Slovak side now has to alternatives – Slovakia will become the 100% owner of Transpetrol or Yukos will sell the stake to another strategic part-ner, most likely from Russia.Jahnatek also talked about the proposed 10% hike in gas prices by Gazprom with his Russian counterparts. However, they replied that this issue is for Gazprom and the gas utility SPP to resolve.
Pravda 20.02.2007 |
| Eco-Invest j.s.c - Eco-Invest j.s.c. gained another meat processing company – last week the anti-trust authority PMU approved the merger of Eco-Invest with Fabus Ltd. Dubnica nad Vahom and also started evaluating the merger with Masospis s.r.o. Spisska Nova Ves. Since the beginning of this year Eco-Invest has also controlled another meat processing company – Tauris.
SITA 20.02.2007 |
| The privatization of some strategic firms - The privatization of some strategic firms may end up at the Constitutional Court, said PM Robert Fico. He suggested that in this way he wanted to gain control over energy companies such as gas utility SPP, energy distributors or oil transit company Transpetrol.
The state owns majority stakes in these companies, but according to the privatization contracts they are under managerial control of foreign investors. Lawyer Tomas Kamenec says that the government can attack the law that en-abled this way of privatization, but the verdict of the Constitutional Court will be valid for the future and cannot affect former privatization decisions. He also thinks that the government cannot challenge the privatization contracts as such at the Constitutional Court.
13.02.2007 |
| Fico visiting China - SLOVAK PM Robert Fico begins a planned five-day visit to China today, during which he is expected to focus on business topics.
Fico wants to convince Chinese interests to invest in Slovakia, which thanks to its EU membership hopes to become the logistical entry gate to the European market for Chinese businessmen.
Although Foreign Minister Ján Kubiš said that Fico would also talk about human rights in China, the prime minister himself did not say he planned to bring up the issue, the Sme daily wrote.
The Slovak branch of Amnesty International called on Fico to mention at least one case in which human rights were violated during his visit to Beijing.
www.slovacspectator.sk
[2/5/2007 8:44:03 AM] |
| Regional agreements: the ‘pepper’ in the multilateral ‘curry’ — Lamy - The world faces the prospect of 400 preferential trade agreements by 2010 and the challenge of ensuring they contribute to the health of world trade, Director-General Pascal Lamy told the Confederation of Indian Industries in Bangalore on 17 January 2007.
WTO
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| OECD's Cotis says euro rise not alarming, reflects strength of economy - PARIS (AFX) - OECD chief economist Jean-Philippe Cotis said the recent appreciattion of the euro is not a cause for alarm because it reflects the current strenght of the euro zone economy.
The Euro climbed above 1.30 USD at the end of last week as China voiced doubts about the benefits of holding the dollar as a reserve currency.The Euro was at 1.3150 USD this morning.
At this juncture,I think the situation is not alarming - Cotis told a news conference in Slovakia.He said the Euro is still in the comfort zone for the euro area economy.
Cotis said it would by more of a problem if the euro s appreciation was part of a brutal dollar fall,but this does not appear to be case at present.
"We have to monitor developments in the future. I don't want to downplay the importance of avoiding another appreciation of the euro.But if the euro area is strong,the sort of moves that we have seen in recent days or weeks is not alarming unless it would by a continuous trend towards the sky - he said.
If the euro's appreciation did get out of hand, the OECD would not hesitate to say so, he said.
"If that happens, the OECD will be the first one to say it," he said.
He added that there is no sign at the moment of the euro zone recovery being threatened by a alowdown in house prices.cotis also said that the Yuan remains undervalued and that it would be in China s interest to have a stronger currency.
Stewe whitehouse
28.11.2006
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| Patients in rooms. - The number of patients in waiting rooms is increasing after the abolition of the Sk 20 fees per doctor visit. While some doc-tors attribute the increased number of pa-tients to the current season, others blame the abolished fees. Patients see doctors even over small problems and doctors from around the country report the increase. Exact statistics are not available so far but some doctors estimated the increase of pa-tients at 10%. |
| Brano Grup. - Czech company Brano Group will build an iron foundry in East Slovakia’s village of Prakovce. Investments will be around EUR 8m (Sk 220m). |
| The Chemosvit group. - The Chemosvit group, which produces foils and chemical fibers, reported sales of Sk 3.6bn for the first seven months of this year, which represents a 2.6% growth y/y. More than 80% of output went to foreign markets. |
| Real growth of Slovakia’s GDP - Real growth of Slovakia’s GDP in 1H of 2006 was 6.5%, while in 2Q of 2006 it was 6.7%, the statistical office SU informed. The SU forecasts that the economy will speed up from last year’s 6.1 to 6.5% in 2006. The fast economic growth, which is a result of household spending and partly also of the influx of foreign investments, also helps increase employment and wages.
Slovakia’s unemployment rate in 1H of 2006 was 14.2%; 376,500 people were jobless. The rate thus dropped 2.7% y/y, and the number of unemployed decreased by 67,100 persons.
The average monthly nominal wage of employees in Slovakia’s economy reached Sk 18,324 in 2Q of 2006. Real wages thus increased by 4% y/y. The highest average monthly wage was paid to employees in financial mediation (Sk 42,470), while the lowest average wage was in reported in agriculture and fishing (Sk 12,960). |
| Industrial output in Slovakia increased by 11.9% . - Industrial output in Slovakia increased by 11.9% y/y in June this year as a result of a 13% growth in industrial production and a 9.8% growth in the production and distribution of electricity, natural gas, and water.
For the first six months of the year industrial output was 9.3% higher y/y, the statistical office SU informed
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| Construction output in Slovakia in-creased by 16.3% . - Construction output in Slovakia in-creased by 16.3% to Sk 13.7bn in June 2006 under the influence of a greater volume of new construction, moderni-zations and reconstructions (+25.3%). The statistical office SU also said that for the first six months of this year construction output had increased by 15.2% y/y |
| Bratislava airport . - Bratislava airport reported an EBIDTA profit of Sk 217m for the first seven months of this year. Its pre-tax profit represents Sk 95.3m, which is 145-times more than in the first seven months of 2005.
In July 2006 the airport served 251,185 passengers, which is its absolute record and 61,470 more than in July 2005. Be-tween August 2005 and July 2006 a total of 1.73m passengers were served at the air-port (+54.7% y/y).
SITA |
| State owned forest company Lesy SR . - State owned forest company Lesy SR (LSR) posted a profit of Sk 249.5m in 1H of 2006 (compared to Sk 186.3m in 1H of 2005) on sales of Sk 3.8bn. The volume of the lumber output was lower than in 1H of 2005, down to 1.97m cubic meters from 2.28m cubic meters. Last year, however, LSR were busy processing calamity wood following the windstorm in the Tatras in November 2004. In 1H of 2006 the com-pany employed 4,714 people |
| The millionaire tax for individuals. - The cabinet wants to introduce the millionaire tax for individuals with above average incomes. However, neither the level nor the form of this taxation is included in the program. In the case of monopoly companies and firms with a dominant position on the market the cabinet aims to resolve deformations through the network regulator URSO and antitrust authority PMU. Should these tools fail, the cabinet will support a selective tax approach towards these companies. The government also wants to re-introduce a tax from donations to third persons. It will also introduce a reduced VAT rate for an unspecified group of goods and services.
Fico confirmed the halting of privatization of strategic companies and the impossibility to sell the state forests company Lesy SR. In the area of social affairs the cabinet has committed itself to approve a revision to the Labor Code that should strengthen the position of employees. In the area of pension reform the cabinet guarantees the operation of the second capitalization pillar, but plans opening up the issue of making it voluntary.
The cabinet’s promises also include additional payments for farmers, Christmas financial contributions for pensioners, and partial compensation for the clients of bankrupt non-banking financial entities. The cabinet will also cancel some of the fees in healthcare although it still has not said how it wants to compensate doctors and hospitals for the outage.
it was, yet he said that it comes from a very close country. According to the findings of HN daily, it could be the Hungarian MOL group.
Apart from the Slovak government, Polish PERN and Russian firms Russneft and Gazprom were all interested in the Transpetrol stake. Minister Jahnatek said that the decision was up to Yukos now and that the Slovak government was waiting for the decision.
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| Fulfillment of the Maastricht criteria. - Fulfillment of the Maastricht criteria for the introduction of the euro in 2009 and an economy operating on social and eco-logical principles are the main pillars of the government’s program manifesto approved yesterday, according to PM Robert Fico. He said that these interests could be harmonized through support for the economy, economic growth, and savings in government expenditures. The final manifesto includes many more election promises of Smer party than the first draft made public last week.
The cabinet will introduce its program in parliament today. It is expected to be passed with a comfortable majority although the opposition already suggested that it would not support it.
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| The cabinet must now decide on the level of the minimum wage. - Last Friday the tripartite failed to reach an agreement on the level of the minimum wage. The employers’ union RUZ demands that the institute of the minimum wage be abolished, while another employ-ers’ union, the AZZZ, backed the cabinet proposed Sk 7,430 and labor unions KOZ demanded a minimum wage of Sk 7,600. |
| State premium will remain at Sk 2,000 a year. - The minimum annual savings in order to qualify for the maximum amount of state subsidy for the building saving scheme will increase from this year’s Sk 20,000 to Sk 21,053 in 2007, proposed the Finance Ministry. The maximum state premium will remain at Sk 2,000 a year. |
| New transport minister Lubomir Vážny - New transport minister Lubomir Vážny will inspect the privatization model of railway company ZSSK Cargo. He thinks that only a minority Cargo stake should be sold. Vazny also wants to intervene in the privatization decisions on the sale of 66% stakes of Bratislava and Kosice airports. |
| New economy minister Lubomír Jahnátek - The priority of economy minister Lubomir Jahnátek is FDI. In the case of the 49% Transpetrol stake he favors a buyback of the shares from Yukos. |
| New Labor minister Viera Tomanova. - Labor minister Viera Tomanova has softened the tone compared to the pre-election promises of her Smer party. Instead of increasing various state contributions she firstly wants to “analyze the current situation” in individual areas and evaluate the impact of the reforms. She has no clear idea of the changes to the second pension pillar, which Smer wanted to change into a voluntary pillar. |
| Dutch investor Rodamco Europe. - At the end of June a 50% stake in the owner of the shopping mall Aupark in Bratislava was transferred to the account of Dutch investor Rodamco Europe. The Slovak antitrust authority PMU already approved the transaction as well.
The contract on the transfer of the shares was signed on December 14, 2005. Ro-damco bought the stake for EUR 75m (Sk 2.9bn). The original owner of the given stake in Aupark was a group of private investors represented by Slovak developer HB Reavis Group j.s.c. Bratislava. |
| Czech Coal. - Czech Coal, which deals in trading with electricity and coal, has established a branch Czech Coal SK in Slovakia. |
| Opel - Companies from Slovakia will this year supply components worth EUR 80m (Sk 3.1bn, up 158% y/y) for carmaker Opel, a part of the General Motors concern. Opel currently uses components from around 25 Slovak companies, which further cooperate with many other smaller suppliers.
In the construction of cars (especially Corsa and Astra models), Opel uses transmissions from INA Skalica, clutches from ZF Sachs Trnava, interior lighting elements from Hella Bratislava and brake lights from VDI Sluzba from Nitra
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| Unipap - Czech industrial packaging and paper processing company Unipap j.s.c. is react-ing to increased demand in Slovakia and is establishing a branch in the country. The number of employees in this company should gradually reach 100. The Czech company already established Unipap SK j.s.c. Bratislava and will start building a fully-fledged production plant in June. |
| Cargo - State controlled railway transportation company ZSSK Cargo j.s.c. is offering a package of claims against 120 debtors to-taling Sk 130m. Interested firms can join the tender by July 3.2006
23.06.2006 |
| Smer respects the strategy for the intro-duction of the euro in Slovakia. - Smer respects the strategy for the intro-duction of the euro in Slovakia as of January 1, 2009. Party chairman Robert Fico said, however, that should this process prove disadvantageous, Smer does not rule out that it would pursue other solutions. Fico also added, however, that it is “our duty to adhere to the Maastricht criteria”. He also accused the current government of endangering the date of Slovakia’s entry to the eurozone, as inflation criterion is not being met at the moment.
In the field of taxes, Fico insists on two VAT rates, and on special taxes for monopolies, banks, and financial sectors. On the other hand, he is willing to scrap his demand for progressive taxation of individuals—a system of higher deductible items for low-income households could be a compromise that would keep the single 19% personal income tax rate.
Fico’s words on the possibility of delaying the euro adoption as well as starting gov-ernment talks with HZDS and SNS shook the Slovak crown knocking it to a 7-months’ low to 38.20 SKK/EUR.
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| Consumer prices in Slovakia increased . - Consumer prices in Slovakia increased by 4.8% y/y in May 2006 and were 0.4% higher m/m, informed the statistical office SU. According to analysts, the growth in food prices and transportation (higher fuel prices) were mainly to blame for the inflation hike. “It seems that if the crown does not strengthen, it would be difficult to meet the inflation target needed to adopt the euro in the current environment of high energy prices,“ said ING Bank chief economist, Jan Toth |
| The antitrust authority PMU. - The antitrust authority PMU has not yet decided over the acquisition of Bra-tislava airport by the TwoOne consortium (Flughafen Wien, Austrian Raiffeisen Zentral Bank and Slovak Penta). The deadline for issuing a decision will run out on June 8. If the respective PMU body concludes that the case is complicated, according to the law it can still ask the PMU management to prolong the deadline by 90 days. |
| NBS continues to be pre-pared to increase interest rates. - Central bank NBS governor Ivan Sramko says that the NBS continues to be pre-pared to increase interest rates. He says that the NBS’ monetary policy is relaxed rather than restrictive. Sramko also thinks that the NBS can curb inflation to a limited extent only as the local growth of prices is largely influenced by a global rise in oil prices.
Sramko also said that Slovakia has the chance to enter the eurozone even if parties that promise to overturn the current right wing reforms win the elections. “I am not afraid of the election results because I have not recorded any arguments that would endanger the process of the adop-tion of the euro,” said the NBS governor. |
| Rural Development Program. - In the new programming period 2007-13 a non-returnable financial contribution totaling EUR 1.5bn (Sk 56.5bn) is expected from the eurofunds for attainment of the convergence goal of the Rural Development Program. Additional funds should come from national sources, the State budget, and from public and private sources, says the draft National Strategic Plan of Rural Development approved by the government yesterday. This material will be the basis for negotiations with the European Commission. |
| Mechanical engineering output in Slovakia. - Mechanical engineering output in Slova-kia recorded an 8% growth y/y in 1Q of 2006. The association of mechanical en-gineering firms ZSP therefore expects the sector’s output this year to exceed Sk 0.5bn, which would be an all time high. |
| Kronospan - Wood processing firm Kronospan based in Cyprus wants to invest more than Sk 12bn into its two Slovak operations in Presov and Zvolen and create 550 jobs. However, it is demanding that the state provide incentives worth Sk 3.6bn (10-year tax break). The Economy Ministry is con-sidering a tax break for the firm. |
| SkyEurope Airlines - Following SkyEurope Airlines based in Slovakia, another Slovak firm, this time with a majority Polish shareholder, also wants to place its shares on a foreign stock exchange. IT firm Asseco Slovakia j.s.c. Bratislava wants to list its shares on the Warsaw stock exchange in the summer of this year.
19.05.2006 |
| Industry in Slovakia. - Slovakia’s industrial output in March 2005 grew by 15.2% y/y, which is the most of all EU member states, according to Eurostat. Poland recorded the second highest growth with 14.1%, followed by Lithuania with 12.8%. The EU’s industrial growth was 3.7%.
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| Nafta Gbely j.s.c., - Which stores natural gas and extracts oil, last year considerably increased its net profit to Sk 1.3bn. In 2004 it was Sk 489m.
The company’s shareholders will decide on the division of last year’s profit at the beginning of June. The general assembly should also deal with the merger of Nafta with drilling company Slovenska vrtna spolocnost and with Nafta Storage & Production. Gas utility SPP is Nafta’s main shareholder with a 55.9% stake. E.ON Ruhrgas directly owns 40.27% of Nafta shares, and also controls nearly a 25% stake in SPP.
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| Goodyear Dunlop Tires opened a new logistics center in Senec - Goodyear Dunlop Tires opened a new logistics center for Central Europe near the town of Senec, which will replace the current warehouses in CR, Hungary, and Slovakia. Logistics company Wincanton will operate the center. The center for dozens of firms was built thanks to a EUR 40m (Sk 1.5bn) contribution from eurofunds.
5.05.2006 |
| Slovaks in EU. - The overall tax and payroll tax burden in Slovakia was the lowest in the EU in 2005 according to finance minister Ivan Miklos. According to official Eurostat data the burden was 28.8% of GDP last year, compared to the EU’s average of 39%. According to Miklos, Slovakia is also among those states with the highest pace of a falling tax and payroll burden, which has decreased by 10 points over the last decade. Lithuania was second after Slovakia with a 5.5 points decrease.
Miklos estimated that under the influence of the decreased tax and payroll tax bur-den Slovakia had hypothetically lost Sk 400bn over the last eight years.
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| Miba Friction Grup - The new plant of the Miba Friction group in Vrable, which is part of the Austrian Miba concern, should generate a turnover of EUR 15-17m (Sk 600m) in 2007 at full production capacity. The production of steel lamellas for clutch and brake paneling for trucks and construction machines has already started at the plant, into which the Austrians invested around EUR 20m. The plant should reach full production capacity at the end of this year when it will employ 150 people
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| Satisfied Slovaks. - Slovaks are the most satisfied with EU membership of all 10 new EU member states. According to a Eurostat poll 54% of Slovaks considers EU membership to be a “good thing”. The same opinion is shared by around every second European citizen. In Lithuania and Poland 49% of people hold this view, while Czechs and Hungarians, with 40%, belong to the more skeptical EU members. |
| Petrol Prices to Top Sk40 per Litre for First Time This Year - Bratislava, April 27 (TASR-SLOVAKIA) - Average petrol and diesel prices in mid April jumped by 6 percent and 2.5 percent, respectively, month-on-month, while 91-octane and 95-octane petrol topped the Sk40-per-litre mark as of April 20, the Slovak Statistics Office reported on Thursday.
Between April 10-20, 91-octane and 95-octane petrol rose by Sk0.95 to stand at Sk40.52 (€1.08) per litre and Sk40.53 per litre, respectively, while diesel went up by 50 hellers over the same period to reach Sk40.52 per litre.
The price of 98-octane petrol rose by Sk1 to Sk43.04 per litre, while liquid petroleum gas (LPG) fell in price to Sk22.44 per litre.
The stats office has been publishing motor-fuel prices since November 2005.
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| Microsoft open independence office July 1. - Software firm Microsoft will give inde-pendence to its Slovak branch as of July 1. So far the branch belonged to the Czech branch.
Bratislava 24.04.2006 |
| The antitrust authority PMU - The antitrust authority PMU, which is evaluating the takeover of Carrefour Slovensko stores by Tesco moved the deadline for issuing its decision to June 20, 2006. The reason for the delay is the need to analyze a huge volume of data, argued the PMU.
Shortly before last Christmas the European Commission approved the pur-chase of 11 Carrefour stores in CR by Tesco. The Slovak PMU is now evaluating the takeover of four Carrefour stores in Slovakia
public day 24.04.2006 |
| Slovnaft will pay dividends worth Sk - Bratislava 24.04.2006
Oil refinery Slovnaft j.s.c. (controlled by Hungarian concern MOL) will pay divi-dends worth Sk 377.50 per share for last year. Overall, it will pay out Sk 7.8bn, or 90% of its net profit. The company’s re-tained earnings grew by Sk 677.6m to around Sk 9bn |
| The entry of the Slovak currency to the exchange rates mechanism ERM II - The entry of the Slovak currency to the exchange rates mechanism ERM II (so-called waiting room for the euro) stabilized the crown, according to analysts. The immunity of the crown against turbulences on the Polish and Hungarian markets is increasing. Although the crown still reacts to the situation in the region, it is not to the extent it has reacted in the past. The main reason for this is the fixation in ERM II.
Since entering the ERM II in November 2005 the Slovak crown has appreciated more than the other Central European cur-rencies. Since then the Slovak crown has strengthened by around 3% against the benchmark euro, while the Czech crown firmed by 2%. Both the Hungarian forint and the Polish zloty are weakening. |
| Algeria pay 1bn debt - The Slovak Republic gained Sk 1bn from early settlement of Algerian debt to-wards Slovakia. In line with a cabinet reso-lution the complete sum was sent to the pension reform account in the state treas-ury SP.
Bratislava 5.04.2006 |
| Slovakia has started negotiations with Russia . - Slovakia has started negotiations with Russia on the new contract on natural gas supplies. The existing bilateral agreement will run out in 2008.
The Slovak energy market is still overly protected from entry of competition, which should help push prices down. A similar situation is in another 16 EU member states, to which the European Commission sent warnings that they did not correctly transpose the EC’s directive on opening the electricity and gas market into their national legislations.
The opening of Slovakia’s energy market, dominated by two former state monopolies (gas utility SPP and power producer SE) and three energy distributors, is a matter of the economy ministry. However, the minis-try still did not receive the official EC warn-ing. It is likely, however, that Slovakia’s problem according to the EC is the planned unbundling of SPP, which should take place as of July 1. Only then will SPP be unbundled in line with the EC require-ments.
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Tel. : +421 33 53 418 53, Fax : +421 33 53 418 52, E-mail : info@eurobrew.sk |
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