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Danes to construct massive pig farms Business in short Locked THE WORLD’s top pork producers from Denmark – Dan-Slovakia Agrar, Pigagro and Polnovakia Agrar – plan to invest tens of millions of euros in constructing massive pig farms in southern Slovakia. While this should create some 110 new jobs, the farms could put a strain on the environment, which would violate environmental rules if they were operating in Denmark. 1 Sep 2014 The Slovak Spectator
Smart metering arrives Business in short Locked IT IS believed that smart metering will bring about a small revolution in the distribution of electricity. Slovak operators of electricity distribution networks believe that replacing conventional metering systems with intelligent ones will enable electricity consumers to reduce and adjust their electricity consumption, while the new system will give the operators information that will help them to better respond to the needs of consumers. 1 Sep 2014 The Slovak Spectator
The saga of broad-gauge rail line continues Locked A PLAN to extend the broad-gauge rail line from eastern Slovakia to Vienna has been on the table for some time now. But a final decision over whether this project will even materialise has not been made, and its financing remains unclear. A feasibility study should help in this decision, but the selection of a consortium to carry it out has caused concerns. While Austria would like to see the project sped up, a Slovak expert warns about the return of investments and sees it rather as a politically-motivated project. 1 Sep 2014 The Slovak Spectator
Slovakia wary of cut in crude oil supply WHILE the prospect of disruption to natural gas supplies is the major worry of the Slovak government, the country is also bracing for a possible cut or halt in supplies of Russian crude oil via Ukraine. Prime Minister Robert Fico and other state representatives met with representatives of the oil pipeline company Transpetrol on August 25 in response to the sanction law which Ukraine recently adopted. 1 Sep 2014 The Slovak Spectator
Petrovany rebuffs Spanish investment Business in short A SPANISH investor has failed for the second time to obtain land in eastern Slovakia to build a new foundry. After protests by local residents thwarted Funderia Condals’ plans to build a foundry near Prešov, councillors of the nearby Petrovany village refused to sell the investor land in the local industrial park, succumbing to the pressure of locals even before the environmental impact assessment (EIA) was completed. 25 Aug 2014 The Slovak Spectator
Enviro minister withdraws waste bill Business in short ENVIRONMENT Minister Peter Žiga will first send the draft bill of the new Waste Act to Brussels for evaluation and only then will he submit it to the cabinet for approval, so as to avoid having to revise the law some months after it is adopted. It is common for laws in Slovakia to be passed before the EU has any say on it. 25 Aug 2014 The Slovak Spectator
Minimum wage to rise next year THE LABOUR Ministry has proposed a 7.95 percent rise in the minimum wage, a change that bumps low earners’ monthly pay by €28 per month to €380. The increase is the biggest in recent years, where increases have typically stayed in the 3-4 percent range. The proposal still has to be approved by the rest of the cabinet. 25 Aug 2014 The Slovak Spectator
FinMin shows first budget draft THE FINANCE Ministry has introduced a draft bill for the most significant law of the year - the 2015 state budget. While Prime Minister Robert Fico, whose ruling Smer party will face parliamentary elections in less than two years, is optimistic, pointing to Slovakia’s positive economic developments, economic analysts and the opposition say the budget is not ambitious enough and does not reflect potential threats resulting from the Ukraine-Russia conflict and the related sanctions. 25 Aug 2014 The Slovak Spectator
Ukraine reverse flow pipe tested THE SLOVAK-Ukrainian Vojany-Uzhgorod pipeline, modernised to transport natural gas via reverse flow from Slovakia to Ukraine, began testing in mid-August. Its standard commercial operation is planned to start in September. As market watchers perceive the upgrading of the pipeline as a means to help Ukraine reduce its dependence on Russian gas, they also expect Ukraine to continue transiting Russian gas to Slovakia. 21 Aug 2014 The Slovak Spectator
Insurance debt from self-employed spikes Business in short HEALTH insurance companies have recently sent annual clearings for people who are self employed and have a license to run their own business, and report a huge increase in unpaid health insurance contributions because of a change in payroll tax accounting. 18 Aug 2014 The Slovak Spectator
Companies are looking for specialists Business in short QUALITY engineers, project managers, SAP consultants and payroll accountants are among the most sought after specialists on the job market, and wages for these jobs may differ by hundreds of euros per month depending on the region in which they work. 18 Aug 2014 The Slovak Spectator
Minimum wage to see record high increase THE LABOUR Ministry has proposed the highest minimum wage increase in the last few years. As of next year, the minimum monthly wage should rise by 7.95 percent (or €28) to €380. In previous years the increase oscillated around 3-4 percent. The proposal still has to be approved by the cabinet in order to appear on the payroll of low-income employees. The trade unions, however, want a higher increase in the minimum wage, while employers say the minimum salary should not rise at all. The representatives of towns and villages are likely to support the wage increase, but a lower one than what the ministry has proposed. 18 Aug 2014 The Slovak Spectator
Compromise reached in road tax The new draft bill reflects more ecology THE NEW motor vehicle tax will be more ecologically friendly after the Finance Ministry accepted objections to the original proposal from commercial transport firms. The road tax paid by drivers of green vehicles will be lower than originally proposed, and transporters believe the new tax rates will be less discriminatory. The Finance Ministry is currently working on the draft bill of the road tax law, which will unify motor vehicle tax rates in 2015. 18 Aug 2014 The Slovak Spectator
New investments target disadvantaged regions FOREIGN investments keep flowing into Slovakia. During the first half of 2014 the Slovak Investment and Trade Development Agency (SARIO) in cooperation with the Economy Ministry mediated 15 investment projects, mostly creating job opportunities in regions suffering from high unemployment. 18 Aug 2014 The Slovak Spectator
Slovak GDP keeps growing Slovakia’s main partners with worse than expected performance SLOVAKIA’S economic growth maintained sound growth dynamics during the second quarter of 2014; however, the contraction of Germany’s economy and stagnation in the Czech Republic is not good news for Slovakia. 18 Aug 2014 The Slovak Spectator
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1 EUR = 27.78 CZK
1 EUR = 27.78 CZK
1 EUR = 27.78 CZK
1 EUR = 27.78 CZK
1 EUR = 0.79 GBP
1 EUR = 0.79 GBP
1 EUR = 0.79 GBP
1 EUR = 0.79 GBP
1 EUR = 1.31 USD
1 EUR = 1.31 USD
1 EUR = 1.31 USD
1 EUR = 1.31 USD
1 EUR = 30.126 SKK
Source: European
Central Bank
Forex rates for 02 Sep 2014
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Quote of the Week
“Well, I think that we should end the question hour sooner.”

Parliament Speaker Pavol Paška responded to a question during the question hour of Slovak Parliament, which was simulated for children. The question was why MPs are not fired when they are drunk in parliament?