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Slovak Telekom fined Business in short Locked THE EUROPEAN Commission has fined Slovak Telekom (ST) and its parent company Deutsche Telekom €38.84 million for the abuse of their dominant position on the market. Deutsche Telekom (DT) also received an additional fine of €31.07 million to prevent recidivism. Thus the total fine of ST and Deutsche Telekom is almost €70 million. 20 Oct 2014 The Slovak Spectator
Minimum monthly wage up 7.95 % Business in short Locked THE MINIMUM monthly wage in Slovakia will go up from €352 in 2014 to €380 (€2.184 per hour) in 2015, which represents an increase of €28 or 7.95 percent. The cabinet approved the increase on October 14 after the tripartite consisting of representatives of the government, employers and trade unions had failed to reach a consensus on the matter. 20 Oct 2014 The Slovak Spectator
Government stamps to go electronic Locked ANNOYING travel from government offices to postal offices and back, all for a government stamp called a “kolok” to prove payment for that office’s service will be a thing of the past as starting next year a new electronic stamping system goes into effect. Stamps in the current form will be used until the end of 2014 when the state will introduce a new electronic stamping system which allows citizens to buy an e-stamp directly in the office. By the end of the year, some payments for government services will be available also via mobile phones. Current paper stamps will be available until the end of November and valid until the end of the 2014, the SITA newswire reported. 20 Oct 2014 The Slovak Spectator
Draft budget sparks debate FREE trains for students and seniors or wages for scientists? Which is more important?Prime Minister Robert Fico’s government has made their choice as students and pensioners are set to travel for free, a decision that will cost the state budget about €13 million, a number similar to the sum by which the state is going to reduce the budget of Slovakia’s biggest scientific institution, the Slovak Academy of Sciences (SAV) for 2015. The scientists are letting it be known they are none too happy with the decision. 20 Oct 2014 The Slovak Spectator
Slovakia drops in eco freedom index Business in short ECONOMIC freedom in Slovakia dropped compared to last year. According to the latest Economic Freedom of the World 2014 report, based on 2012 statistics, it placed 45th out of 152 compared countries, nine positions down from its 2013 ranking. The country received 7.34 out of 10 points, the SITA newswire reported on October 7. 13 Oct 2014 The Slovak Spectator
Slovakia seeks EU compensation Business in short SLOVAKIA has experienced reduced Russian natural gas supplies via Ukraine for about one month. While Russian officials cite technicalities as an explanation, the reduced supplies are also perceived as a political message to Slovakia for sending gas back to Ukraine to which Russia cut gas supplies in June after a price dispute. As Slovakia launched the reverse gas flow to Ukraine within measures taken by the EU to help Ukraine, Slovakia is now asking for compensation from Brussels. 13 Oct 2014 The Slovak Spectator
Towns lower debt, score low in transparency MUNICIPALITIES did a good job with decreasing their debts in last the three years, but steps to improve transparency have stalled, according to reports by the Institute for Economic and Social Reforms (INEKO) economic think tank and Transparency International Slovakia (TIS). 13 Oct 2014 The Slovak Spectator
Mochovce budget may rise again THE THIRD block of the nuclear power station of Slovenské Elektrárne in Mochovce is about 80 percent complete and will be put into commercial operation in the third quarter of 2016 and the fourth a year after that, according to Slovenské Elektrárne (SE). 13 Oct 2014 The Slovak Spectator
Váhostav asks for restructuring Business in short THE CONSTRUCTION company Váhostav-SK is trying to avoid bankruptcy, and has asked the court for protection from creditors and to launch the restructuring process. Troubles pressing one of the biggest construction companies have already created one victim, when the company Finasist of Juraj Široký, one of Váhostav’s shareholders, dismissed Ján Kato from his post as the firm’s CEO and chairman of the board of directors on September 26. He was replaced by Marián Moravčík, who was serving as the executive director of the Slovak Investment and Trade Development Agency (SARIO). 6 Oct 2014 The Slovak Spectator
Slovakia might lose Božena Business in short KRUPINA-based Way Industries may move its production of Božena demining machines to the Czech Republic. The firm has allegedly turned to the Czech investment agency CzechInvest with a request to prepare an offer for moving the plant, the TASR newswire reported on September 30. 6 Oct 2014 The Slovak Spectator
Slovak economy to grow, but slower SHOULD geopolitical tensions escalate, Slovakia’s economic growth would be threatened according to new forecasts, and the central bank has moderately reduced its forecast to 2.3 percent growth for this year. 6 Oct 2014 The Slovak Spectator
Slovakia faces gas supplies halved A FIFTY-percent drop in Russian natural gas deliveries on October 1 put the government on alert with Prime Minister Robert Fico comforting Slovak households and the corporate sector that undisrupted and smooth supplies of gas to cover their consumption is still guaranteed. In mid-September supplies of Russian gas via Ukraine dropped by 10 to 20 percent with Russian gas giant Gazprom citing technical issues behind the drop leaving observers who see a political message unconvinced. 2 Oct 2014 The Slovak Spectator
Testing of Hungarian pipeline delayed Business in short WHILE the testing of the gas pipeline interconnection between the transmission systems of Slovakia and Hungary will be delayed, its commercial operation should be launched as planned as of the beginning of next year, the SITA newswire reported on September 22. 29 Sep 2014 The Slovak Spectator
Construction giant in trouble Business in short AFTER Doprastav, another large construction company, Váhostav-SK, is facing problems with late payments to its subcontractors. The district court in Bratislava launched on September 23 a bankruptcy proceeding against Váhostav-SK over unpaid debts, the TASR newswire reported. 29 Sep 2014 The Slovak Spectator
Slovakia in talks with Tesla Motors THERE is a chance that Slovakia may get a fourth carmaker, with the Economy Ministry confirming it has been in talks with US electric car producer Tesla Motors. The carmaker, which is considered to be the most innovative in the world, confirmed in June its long-term plans to build a plant in Europe. Slovakia is a contender, with the carmaker already involved in talks with the Slovak Agency for Development of Investments and Trade (SARIO). 29 Sep 2014 The Slovak Spectator
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Quote of the Week
“The minimum wage is a holy thing for us.” PM Robert Fico defends the increase in minimum wage from €352 to €380 per month.