Archive of articles - February 1997
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Companies prefer other outlets besides organized market to drum up capital
The organized public market in Slovakia is not fulfilling its basic mission of providing for free allocation and re-allocation of capital. But a wide range of capital market brokers and analysts say it's not the bourses' fault, but due to a variety of factors, ranging from executives' mindset to unclear privatization. According to Marián Sásik, director of the Bratislava Stock Exchange (BCPB), corporate executives are passing up easy opportunities to drum up capital on the public exchanges in favor of more traditional ventures such as issuing bonds or applying for loans."Issuing shares is a much cheaper source of financing than a bank loan,''Sásik said for The Slovak Spectator. "But most of the current management in Slovakia is still linked to the banks. For them, getting a loan is still the most natural way."
Puppet theaters demand their independence
Slovakia's regional puppet theaters, united in their wish to regain legal independence they enjoyed before July 1996, are contesting the government over its installing regional superintendents to monitor the theaters' activites. The wave of dissatisfaction erupted on February 13, when the puppet theater in Nitra went on strike. Since then, the puppet ensembles in Žilina and Banská Bystrica have ceased performing, citing the same conflicts with their regional superintendents.The Nitra puppeteers want to be separated from the Ponitrianske kultúrne centrum (Nitra Regional Cultural Center - PKC), which took control over the theater's administration last summer. The last straw was the firing of the Nitra theater's director Karol Spišák by Miloš Bačo, the regional superintendent.
A taste of the continent at the Europa
The Europa Restaurant is easy to miss but not because of its extensive menu. Located on Laurinská ulica, directly across from P.O. Hviezdoslovovo theater you might have passed it by on your way toward K-Mart (now Tesco). Once you spot it though go through the downstairs courtyard, up the stairs (don't be fooled by the extensive graffiti lining the way) and through the blue doors. Julio Igleseas croons to the diners but it's not too intrusive. The walls contain many scenes typical of Europe using sand as a medium. Choosing a seat next to the window allows one to gaze upon the stained glass window from the theater, while watching the passers-by. The great thing about this restaurant is the menu which contains a taste of Europe, as the name says.
Waging a downhill battle with ski race, history
Perhaps participating in a 25 km cross-country ski race was a touch too ambitious just the third time undertaking the discipline. It was actually quite foolhardy to attempt cross-country skiing downhill when one is used to accomplishing that with "downhill" skis. But occasions like this happen only once a year and a lack of skill, common sense, and a touch of flu were not to be barriers.On February 9th, legions of cross-country skiers gathered to traverse the densely wooded trails winding from Kremnica to Banská Bystrica in the 24th annual Biela Stopa (White Trail) SNP cross-country ski race. There are two events: a 25 km race and a 50 km race, whose international reputation has been steadily growing. A third competition, a 3 km event for actual World War II veterans took place the day before.
Milan Sládek brings to life the "Grand Pierrot"
Black sequined dresses and bow ties flock in pairs to the Istropolis theater. They mill about in the lobby areas, some chat over cappuccinos while others take their seats in anticipation of the "big event", the re-premiere of "Grand Pierrot".Backstage, actors are running through last minute preparations, touching up makeup and adjusting costume tucks. The star of the show, renowned mime Milan Sládek, slips into his classic all white baggy outfit and top. He firmly adjusts his coal-colored skullcap while confidently trotting down the short hallway between his dressing room and the stage entrance. It is the re-premiere because "Grand Pierrot" saw its initial premiere at the Nová Scena Theater on April 6, 1995 when renowned mime Milan Sládek was taken in as a guest artist. Recently, he felt a need to remake, recreate and overhaul the entire production.
What's the effect of the ZRS voting against its partners?
On February 13, the Association of Slovak Workers (ZRS) voted against its coalition partners - the Movement for a Democratic Slovakia (HZDS) and the Slovak National Party (SNS) on the issue of bank privatization (see story, page 1). Earlier that week, the ZRS also defied its partners by voting against a revision to the penal code - also known as the Protection of the Republic act. Bank privatization has been one of the HZDS's fundamental goals since taking office in 1994. The Protection of the Republic act is central to the SNS's agenda. It was the first time ZRS had voted against HZDS or SNS. The shock waves have heated up an already hot Slovak political scene.
Referendum on NATO to be held by June
Acting on the government's wishes, the Slovak Parliament approved a referendum on February 14 in which the people will decide whether their country should enter the North Atlantic Treaty Organization (NATO). "This referendum has only one goal: to show the world's public that Slovakia wants to be in NATO,'' Dušan Slobodník, a member of the ruling Movement for a Democratic Slovakia (HZDS) and chairman of parliament's foreign affairs committee, told the chamber during the debate.At the HZDS's regular monthly rally with its supporters a week before the vote, HZDS Chairman and Prime Minister Vladimír Mečiar promised the 2,800-strong crowd they now can decide whether the country should join the trans-Atlantic military alliance. "You tell us what to do, and we'll do it,'' Mečiar said.
MPs choose least of three evils
The Slovak parliament ruled on February 13 that the country's four biggest financial institutions - Slovenská sporiteľňa (SLSP), Slovenská poisťovňa (SP), Všeobecná úverová banka (VÚB) and Investičná and rozvojová banka (IRB) - must not be privatized before the end of 2003. Although the decision is expected to cause political tremors (see story this page), economic experts on both sides seem to agree that deputies chose the lesser evil among available options."History is full of examples of how irresponsible and harmful the state's interference in the banking sector can be," said Brigita Schmögnerová, an economic specialist for the Party of the Democratic Left (SDL). "But if we compare [continued] state ownership to splitting the financial institutions among political parties or among enterprises who want to exploit them, we have to choose the lesser of these evils, which is keeping the banks in state hands."
Coalition presents president with dilemma
President Michal Kováč may have been put between a rock and a hard place on February 6 when parliament selected two candidates from the ruling Movement for a Democratic Slovakia (HZDS) to fill a vacant judgeship at the Constitutional Court.By law, Kováč must nominate either Ľubomír Dobrík or Ján Cuper to replace Miloš Seemann, who resigned from the position last November. Both emerged after MPs held a secret vote on eight candidates. While Kováč is queasy about placing a member of a party from which he resigned after a heavily-publicized spat with its chairman, Prime Minister Vladimír Mečiar, opposition deputies criticized the professional competence of both candidates. "The selection wasn't based on professionalism or ability but on party membership," said the SDĽ's legal expert, Michal Benčík.
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