Archive of articles - March 1999, page 2

Regus opens first branch in Bratislava

API begins petition drive to strip ST of monopoly

The Association of Internet Providers (API) has said that a "temporary agreement" reached with the state run Slovenské Telekomunikácie (ST) over an Internet access squabble has not even begun to address the larger dispute between the bodies. In fact, API representatives say, private Internet providers will continue their protest against ST and even attempt to strip the state provider of its monopoly in a national referendum.During a March 17 meeting attended by ST, the API, the Telecom Ministry and the Anti-Monopoly Office, the API agreed immediately to discontinue its protest against ST's Internet access service "OnLine Start" on two conditions - that ST take steps to address security issues and balance Internet access prices for ST and non-ST customers, and that these measures be completed by the end of March.

Education Minister and unions meet to discuss university crisis

Slovak state telecom tender should start in June

Market still in doldrums as 1998 corporate results are prepared for release

The last two weeks were very quiet on the equity market. Trading activity slowed down as the market waited for the 1998 financial results of Slovak corporations. Investor interest on the capital market is now mainly focused on state papers, which dominate the market.Average daily turnover since the beginning of March declined to 60.8 million Slovak crowns. and there are no indications a better performance will occur in the near future. The index is oscillating around 83 points and closed at 83.17 on March 23. Pharmaceuticals company Slovako-farma, steel maker VSŽ and oil and gas storage company Nafta Gbely lost 12.1%, 5.6% and 5.6% respectively, however only few shares were traded. Shares of VSŽ dropped for a short while to 150 crowns, but then stabilized again at the 170 crown level. Only two shares beat the market - Plastika Nitra gained 31% and closed at 393 crowns, while insurer Slovenská Poisťovňa edged up to 849 crowns. The heavily indebted corporate sector is struggling with financial problems and will deteriorate even further due to the unfavorable economic situation in the country.

Vladimír Palko: "These are not squabbles"

Ever since the parties of the current government won a landslide victory in elections last September, the biggest government party - the Slovak Democratic Coalition (SDK) - has been wracked by internal division over whether it should remain united or return to a coalition between its five founding members.The most aggressive faction within the SDK has been the conservative Christian Democrats, eight of whose members have already left the SDK and returned to their mother party. Political analysts have said that the Christian Democrats (the KDH) are trying to position themselves in the vanguard of Slovak conservative politics for 2002 elections by resuming their identity as a party and shedding some of their current left-wing partners in the SDK.

Quote of the Week

Finance Ministry scores clear victory in American-style auctions

The auctions of Slovak government bonds were the most closely monitored events during the last few weeks on Slovak financial markets.The Finance Ministry broke tradition by setting a maximum amount and a minimum price for its one-year state bond auction on March 11. The ministry set the maximum bids they would accept at or above the par value with a set 17% coupon. Later, the ministry confirmed its intention to continue with its new, American-style method of conducting state bond auctions.Dealers had been sceptical as to whether the yield would be high enough to attract bids. However this new style was welcomed as the market had long been calling for greater predictability and transparency in the ministry's debt management.

Central bank says no policy change will stem from new GDP data

Publishers are preparing for alternative distribution of the press

Regions prepare for boost

When the citizens of the small town of Nováky in central Slovakia have questions about local government, they can call in to a bi-weekly question and answer show which runs on what was once Slovakia's only municipally-owned television station. The town's mayor, Dušan Šimka, appears on the show a few times a year.When the local elementary schools need money, Šimka's government appeals to the owners of local factories to donate funds. To aid the struggling district hospital, Šimka helped enroll the town's school children in an international program which raises money by selling their artwork in Norway.

Hungarian leader accuses cabinet colleague of racism

Slovak Agriculture Minister Pavol Koncoš said he would never support a Hungarian for the post of chairman of the Board of Directors of the Slovak land fund. But he was willing to go to court to prove that he is not a racist.In a convoluted battle between the reformed communist SDĽ party and the Hungarian Coalition SMK party, SDĹ member Koncoš threatened to file charges last week against the chairman of the SMK, Béla Bugár, after Bugár accused him of making racist comments in connection with the land fund leadership.Although Koncoš finally withdrew his threat after four days, and although both parties declared themselves satisfied, the disagreement highlighted building discord between the two government coalition parties.

VTV deal puzzles media moguls

After weeks of speculation over who would eventually buy the deeply indebted cable station VTV, the public woke up on March 18 to find the new owner was Ladislav Milko, an active member of the coalition Democratic Left party (SDĽ).VTV was formed in 1995 as a private, commercial television channel broadcasting from Bratislava on cable via satellite, covering all of Slovakia and some areas of Europe.Given that Milko's name was never included among those parties interested in buying VTV, at least one media figure said he suspected that Milko was only a front for another, as-yet unknown investor, whose interest in the channel was more serious.

March poll shows Schuster leading in presidential race

The judges' protest: One complaint too many

At one point during the parliamentary debate of the budget draft, the address of Deputy Prime Minister Ivan Mikloš could not be heard over the whistles, jeers and desk-thumping that came mainly from the opposition benches. Debate actually had to be interrupted after Mikloš accused the opposition of having stolen from the state while it was in power from 1994 to 1998.Just as the defence of the budget fell on deaf ears in parliament, the more mundane implications of Slovakia's economic crisis seem to have been appreciated by few of the nation's citizens. The simple truth is that everyone - from entrepreneurs to state employees to unions - will have to tighten their belts for the next couple of years. Everyone will lose something, everyone will suffer, and the experience will only be tolerable if borne with some stoicism.

Real average monthly wage up only 2.7% last year

Foreign buyers interested in Slovak stake in ČSOB bank

Privatisation Minister slams former privatisation methods

Trend: FNM wants to retake VSŽ stake from Manager, s.r.o.