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Sieť proposes against Russians Business in short Locked PRIVATE owners of firms should not be allowed to sell their shares to whomever they like based on a proposal by the extra-parliamentary Sieť party, which seeks to limit such rights in cases where national security is threatened. 21 Jul 2014 The Slovak Spectator
Budget cuts dragged on growth last year Business in short Locked CONSOLIDATION measures adopted in recent years have negatively affected the Slovak economy, but growth was not significantly reduced, according to the latest report of the Financial Policy Institute (IFP), published on July 15. 21 Jul 2014 The Slovak Spectator
FinMin introduces new measures to close tax loopholes THE FINANCE Ministry attributes its increased collection of tax revenues to measures it has enacted to combat tax evasion, and it intends to continue down this path by closing some legal loopholes. In early July, the ministry introduced another package of measures aimed at further increasing tax collection, and plans to submit draft revisions to respective laws to interdepartmental review. The views among companies on the proposed changes, however, are mixed. 21 Jul 2014 The Slovak Spectator
Lidl case sees gov’t soften tax cheat penalties Locked LESS THAN six months after stricter rules punishing businesses for cheating on taxes became effective, the ruling Smer party is changing the law again. The amendment, cleared by parliament last month, will mitigate some penalties that are part of the current provisions and comes after one of the biggest retail chains in Slovakia, Lidl, faced losing its license after it allegedly issued inaccurate receipts. 21 Jul 2014 The Slovak Spectator
Slovakia experienced moderate deflation in June Food prices decreased, surprisingly AFTER stagnation in May, a moderate decrease in consumer prices resumed in June. Prices decreased by 0.1 percent in June compared with the same period of 2013, when the month-on-month comparison saw growth slow from May’s 0.2 percent to June’s 0.1 percent, the Slovak Statistics Office reported on July 14. 21 Jul 2014 The Slovak Spectator
ČSA halves Prague-Bratislava-Košice flights in summer Locked CZECH airliner České Aerolínie (ČSA Czech Airlines) has reduced the frequency of scheduled flights between Prague and Košice via Bratislava for the summer. Travellers now have four instead of eight return flights per week. The airliner scaled back its summer flight schedule due to lower interest among business clients in flying this route during the summer months, the SITA newswire reported on July 15. 21 Jul 2014 The Slovak Spectator
Cartel participants excluded Business in short THE PUBLIC Procurement Office (ÚVO) has excluded Doprastav and the Prague-based Strabag construction companies from future public tenders due to their participation in a 2004 cartel agreement in a highway construction public tender. The ÚVO has not specified how long the companies will be not able to compete for public orders, but it could be three to five years, the SITA newswire wrote.“This is not any unexpected thing,” Transport Minister Ján Počiatek said in response to the ÚVO’s step, as cited by the TASR newswire. “It is important that companies, which were part of the cartel, are punished.” 14 Jul 2014 The Slovak Spectator
VAT rate preserved at 20 percent Busienss in short WHILE the ruling Smer party of Prime Minister Robert Fico had criticised the temporary increase of value added tax (VAT) to 20 percent by the previous government of Iveta Radičová as one of measures to consolidate public finances, it has declined to return it to 19 percent even though conditions for doing so have been met. The Slovak parliament, in which Smer holds the majority, adopted on July 8 a revision to the VAT Act, removing from it the regulation based on which the VAT drops from 20 percent back to 19 percent when the general government deficit decreases below 3 percent. Based on statistics of Eurostat, the deficit was 2.77 percent in 2013, the TASR newswire wrote. 14 Jul 2014 The Slovak Spectator
Temporary employment rules to change A PROPOSAL to strengthen the rules for hiring people through temporary employment agencies has created a rift between the social partners. While the Labour Ministry and trade unions claim the changes will improve working conditions for temporary workers, employers and agencies say the new rules will abolish agency employment and leave many people without work. 14 Jul 2014 The Slovak Spectator
Unified road tax on the table THE FINANCE Ministry is proposing to unify motor vehicle tax rates in 2015, a break from the current policy, whereby regional self-governments set rates, and an attempt to level the playing field for businesses.“The collection of the tax for usage of motor vehicles by the state will secure equal rights for all business entities and simultaneously this will support usage of ecological vehicles,” said Radko Kuruc, advisor of the Finance Ministry, as cited by the Pravda daily.Commercial transport firms welcome the proposed change, as they consider the the current rates too high. Under the proposal, the national tax rate would be comparable to that now in Banská Bystrica Region, which has the lowest rates in the country. 14 Jul 2014 The Slovak Spectator
US banks to get millions from Telecom shares sale Business in short TWO of the biggest US banks, J.P. Morgan and Citibank, will benefit from the sale of Slovakia’s stake in telecommunications firm Slovak Telekom. The government privatisation agency, the National Property Fund, has signed a contract with the banks for consultancy services, with commissions ranging from €10 million to €22 million. 7 Jul 2014 The Slovak Spectator
Fico criticises Austria for OMV-Gazprom deal Business in short UKRAINE deceived us and refused to help Slovakia in 2009, Prime Minister Robert Fico reiterated during his meeting with Slovakia’s ambassadors, which was also attended by outgoing European diplomacy head Catherine Ashton. 7 Jul 2014 The Slovak Spectator
Bank Act revision bolsters NBS’ powers Business in short PARLIAMENT passed a revision to the Bank Act, which should implement EU standards. The new rules, approved on July 3, grant greater regulatory powers to the National Bank of Slovakia. 7 Jul 2014 The Slovak Spectator
Counterfeit medicine sold online THE INTERNET is often a source for goods with prices lower than brick-and-mortar shops. But while buying books or clothes online can save money, when it comes to medication, consumers should shop only on legal websites, as otherwise they may be putting their health at risk, experts say. 7 Jul 2014 The Slovak Spectator
Ministry wants new framework for doctors’ fees WHILE in the past health care in Slovakia was free of charge, at least officially, along with compulsory health insurance Slovaks pay some fees when visiting physicians or specialists in their offices. The Health Ministry sees some of these fees as unreasonable and has prepared new legislation setting a framework for fees general practitioners and specialists can charge patients. Meanwhile, physicians argue that they require payments for services not covered by health insurance companies and to compensate for stagnating payments from the public health insurance scheme. 7 Jul 2014 The Slovak Spectator
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Quote of the Week
“I was joking when saying that I did not order a sightseeing flight, but we were flying to Paris.” Defence Minister Martin Glváč commented on his emergency landing after the pilot noted problems with one of the plane’s engines and made several circles above the town of Pezinok before returning back to the Bratislava airport.