Archive of articles - January 1997, page 2

Macintosh dealer opens

A new Macintosh distributor has entered the computer market in Slovakia. CDS, s.r.o., a newly-created sister company of Apple's third largest European distributor, MDS, announced in December the establishment of two new stores and a pledge to strengthen all aspects of Apple's distribution network with Slovakia's 26 Macintosh dealers, including subsidiaries.Since 1991, Apple has had difficulty penetrating a market dominated since the Velvet Revolution by Intel-based computer distributors. At a press conference in Bratislava on December 12, Jean-Paul Rigal, Apple Inc.'s eastern Europe country manager, said, "the tough times are behind us," but added that now was the time to "demonstrate [Apple's] high dedication to support the resellers."

These doctors in the capital will cure what ails you

Most people avoid seeing a doctor at all costs. But if pain persists or illness invades then one has little choice but to grudgingly go to the doctor. There is nothing more important than being able to communicate with your doctor and of course you're better off in your own language.If your malady is not so urgent, you may contact one of the doctors that we list. Just call the medical center, ask to speak to someone in English, explain your problem, and they will set up an appointment for you.Generally, rates for dental work and other medical treatment are cheaper here than the West. We found a group of doctors who are friendly and speak English. Call the Medicínske centrum (Medical Center) tel.: 526 9124 or 526 9127, to make an appointment.

Solivary builds new plant

Kia's Clarus gives comfort and ease

The Kia Clarus is a comfortable, roomy car with clean, simple lines and lots of power. The 2.0 liter, the biggest and most well-equipped Clarus Executive model, sells for around 800,000 Sk, whereas 600,000 Sk will get you the less fancy 1.8 liter GLX model.The car's big engine with standard transmission provides enough power to keep up with any of the BMWs screaming down the streets. Gear shifting is smooth and although the car isn't particularly quick off the line, there's plenty of power when the afterburners kick in. Overtaking the slower drivers on two-lane highways is effortless. At speeds of over 120 km/hour, however, the engine seems to strain a bit and wind noise is a problem.The Clarus is a cruising car. There's plenty of leg and head room,and the leather seats are cozy. A spacious back seat ensures that passengers will not suffer any knee knocking or leg cramps.

Slovak Telecom expects profit of 4.4. billion Sk

Economic growth hinges on exports getting a boost

Slovakia's economic performance in 1996 was as bold and muscular as in the previous two years. However, while throughout 1994 and 1995 its limbs had been beefed up by a natural workout, in the Olympic year Slovakia's results indicate that the country benefited from a dose of economic steroids.According to several independent expert groups, all but one macroeconomic indicator in 1996 hovered roughly at the same level from the year before - GDP growth of 5.5-6.7 percent, inflation rate of 5.2-6.1 percent and unemployment around 12 percent. The one indicator that hasn't been maintained is the country's balance of trade and payments. While in 1995 Slovakia recorded a trade surplus of $100 million, experts estimate that 1996's balance will be deep into the red at $1.21 billion.

Community Grapevine

1996: The year in business

January 3: Volkswagen signs an agreement to open a new factory in Nitra with an investment of "tens of millions" of German DM. The 1,200 employees will build electrical systems for VWs.Jan. 13: The Slovak National Bank (NBS) drops its discount rate from 9.75 to 8.8 percent, reflecting the fall of year-to-year inflation since March, 1995 from 12 to 3.5 percent.Jan. 25: Premier Vladimír Mečiar announces that privatization of the four largest Slovak financial institutions (Slovenská Sporitelňa, Investičná a Rozvojová Banka - IRB, Všeobecná Úverová Banka - VÚB and the insurance company Slovenská Poisťovňa) will be completed by the end of February. Almost a year later, they are still not privatized.

Nech sa páči: These classes will help you improve your Slovak

If one of your New Year's resolutions was to improve your Slovak, we list three language schools that will help you uncover the secrets of Slovak grammar and help you to improve your communication in this language.Štátna jazyková škola (State Language School) has been in existence for 44 years, and it offers Slovak classes for foreigners. They have 17 certified teachers and offer lessons two times a week for an hour and a half each session. Classes consist of 15 students. The cost for the five-month course is 1,700 Sk. They don't organize individual lessons. To enter a course, you must apply in May or June at the latest in order to start classes the following school year. Nitra, Žilina, Trenčín, Poprad, Martin, Banská Bystrica and Prešov all have state language schools too, and if you contact them, they will try to arange classes for you.

JP Morgan's loan report on Slovakia

Critical report on Slovakia riles up country's politicians, media

An dependent study on Slovakia's likelihood of accession to European Union (EU) membership has riled up representatives of opposing political camps in the Slovak media. While the report, released by the German publisher Bertelsmann in time for the EU's summit meeting in Dublin, Ireland in December, is not an official EU document, it has had, in the words of one of the report's authors, "unintended consequences" within the country. Slovak Television's weekly debate program "Kroky" ("Steps") kicked off the ruckus on December 8, when Slovak Foreign Affairs Committee Chairman Dušan Slobodník condemned the book's 1995 edition, only to learn from two of his debating partners that a new edition of the report - which covers all east European countries with EU associate member status - had just appeared.

Slovenská Republika links American Ambassador to Kováč Jr. case

In a belated firecracker for the New Year, the pro-government daily Slovenská Republika ran a front-page story fingering some European countries' secret services of participating in the abduction of the Slovak President's son, Michal Kováč Jr, and implying that the American Ambassador to Slovakia, Ralph Johnson, was involved in the affair.The January 2 story, crowned with the question "Was the Michal Kováč Jr. affair a coordinated action among various secret services?" alleged that the intelligence services from Hungary, Switzerland, and the Czech Republic assisted in Kováč Jr.'s abduction and its coverup, and stated that colleagues around "former CIA agent" Ralph Johnson had been in touch with some of the leading players in the case. Kováč Jr., wanted for questioning by international police for his possible role in an international fraud case involving the Slovak company Technopol, was kidnapped and taken over the border into Austria in August 1995.

IBRD reports on Slovakia

Bratislava International Cuisine

How would you summarize Slovak politics in 1996?

The year 1996 was a successful one for the Slovak Republic, and the same could be said for the ruling coalition's politics. This is reflected in 1996 macroeconomic indicators in which we have set an example for other transition countries. The unemployment rate has started to fall. If there is one place where we are less successful it is in foreign trade, and the flow of foreign to our economy. Here, however, a question must be asked: What offers have been made to us in the effort to make easy money? This is one of the main reasons for our slower influx of foreign investment, more so than the less than calm political situation in the country.

BCPB total trades for 1996

Chambers of Commerce promote trade

Though foreign investment has not come in droves as it has in Hungary, Poland or the Czech Republic, foreign companies that have come to do business in Slovakia have organized themselves into chambers of commerce. The main purpose for these organizations according to American Chamber of Commerce (AmCham) director Patrick Uram, "is to make the business environment better for doing business."That mandate is daunting, considering that Peter Mihók, Chairman of the Slovak Chamber of Commerce said this month that the investment climate was "not improving." Mihók cited an increase in companies' tax burden to 45 percent in 1996 compared to 38.7 percent in OECD countries, and instability of legislation as the main reasons.

HGIF and HD IF are changed into joint stock companies

Low share prices could attract bargain hunters

1996 marked the most successful year for the Slovak capital markets. Total market turnover in 1996 was Sk136bn ($4.3bn), equity trading constituted Sk105.2bn ($3.34bn). This translates into a multiple of 1.53 to market capitalization of Sk68.9bn ($2.2bn).During the first eight months of 1996, the markets boomed, gaining more than 47% since the beginning of the year. But then share prices declined due to the natural gas storage company Nafta Gbely's dubious privatization, weaker 1H96 corporate performance and devaluation expectations due to the trade deficit exceeding $1 bn in July. The market's decline accelerated in November, when Parliament approved a controversial amendment to the Securities Act, which would have enabled majority owners to withdraw shares from public trading. After Parliament reinstated the legislation to its original form, share prices and trading volume increased as institutional investors repriced their shares, and the mood turned optimistic.