Archive of articles - September 1999, page 2

Hungarians demand Černák quits over PB

A special cabinet meeting called by Deputy Prime Minister Ľubomír Fogaš to discover what occured during a recent capital increase at Priemyselná Banka reached no conclusions on September 21. The matter was handed on to a higher government body - the Coalition Council - to solve.The Hungarian coalition party (SMK), however, was not satisfied with this result and called on September 22 for the resignation of Economy Minister Černák.On September 8, shareholders of Priemyselná Banka (PB), based in eastern Slovakia's Košice, agreed to increase the bank's registered capital by 598 million Slovak crowns to just over two billion crowns in order to help PB meet the 8% capital adequacy ratio.

Unions hope protest rally will 'move government'

IRB caretaker administration may end in December

State carries day at VSŽ meeting

KOŠICE: After weeks of speculation as to whether a secret cabal of former managers would try to stage a coup at steelmaker VSŽ, a September 22 shareholders meeting at the firm resulted in a convincing victory for the interests of the state.The meeting had been called by VSŽ shareholder Hutník, which owns a 10% stake in the steel giant. Hutník boss Jaroslav Grúber intended to have VSŽ Preident Gabriel Eichler fired, and to discredit the direction the company was taking in extricating itself from financial troubles.In the event on September 22, VSŽ's Supervisory Board, chaired by Grúber, expressed its dissatisfaction with the work of the firm's current management, and called for the leadership to be fired. It was the board's last move - immediately afterwards, the entire supervisory board was recalled by a majority shareholder vote.

Clinton praises Slovak NATO readiness

An elated Prime Minister Mikuláš Dzurinda emerged from a 45-minute meeting with United States president Bill Clinton September 21 to announce he had been told that Slovakia had the best chance to become the next country to join NATO.Dzurinda called the visit, the first official bilateral meeting between a Slovak Prime Minister and a US president, "a milestone in Slovakia's development."In the press conference, Dzurinda said he and Clinton had discussed two main issues - NATO enlargement and foreign investment. Dzurinda said Clinton had expressed the belief that Slovakia would not be left out of the next round of NATO enlargement, and had promised US help in restructuring the Slovak army.

Money more influential than God

Economists blast privatisation law

A recent law permitting the sale of some state firms previously off-limits to privatisation has been criticised by economists for not going far enough in removing state interference in the economy.The Law on Large Scale Privatisation, approved by parliament on September 16, was the result of a compromise between the right-wing elements of the government, which had wanted virtually all state banks and utilities put up for sale, and the leftist SDĽ party, which claimed the only state ownership of these firms could protect the nation's economic interests.The new law requires that the state keep a minimum 51% share in gas utility SPP, pipeline company Transpetrol, energy producer SE and Slovakia's three regional electricity distributors. In addition, the law prevents the sale of any stake in the Slovak postal service and railway network, as well as subterranean and surface water supplies and forest properties.

Presidential Palace garden opened to public

Parliament saves SNS boss Slota from prosecution

Huge shopping centre to be built in Nové Mesto

An ambitious new shopping centre in the Bratislava district of Nové Mesto will be open by November 2000, according to real estate developer TriGránit.The project, to be called the Polus Center, will be erected on Vajnorská Street near Kuchajda Lake, and will offer retail shops, office space, entertainment facilities and residential flats.According to project manager Todd Cowen, construction will proceed in two phases, with the first phase costing $75 million and the price of the second phase still undetermined.

'Europeum': Old Town offices

A new business centre, called 'Europeum,' will add 6,000 m2 of office space, 3,000 m2 of retail shops and 770 m2 of new, luxurious flats to Bratislava's city centre. The project will be run by Europeum Business Center (EBC) and will cost some 850 million Slovak crowns by the time it is finished in the year 2002.The Europeum will be built on the Suché Mýto Square, on a lot adjoining the Hotel Fórum where the Fortúna Disco night club currently sits. According to EBC director Richard Teichmann, the site was of particular interest to his firm because of its central location.

On The Culture Beat

Theory and art to blend on Bratislava streetsRichard Müller writes best song of 1999Pezinok a magnet for international alternative artJohn, Paul, George and Ringo hit Žilina galleryAmerican photographer captures look of another time

Globtel GSM hits 460,000 customers for 62% of market

Romany Congress demands Csáky's resignation

State loses control of Priemyselná Banka

The state's share in Priemyselná Banka (PB), based in Košice, was inexplicably allowed to fall from over 50% to 37% on September 14 when state companies holding stakes in the bank failed to subscribe a 598 million crown increase in the bank's share assets to just over two billion crowns.The share increase had been approved on September 8 by the state companies which together owned a majority in PB, including Slovak gas distributor Slovenský Plynárenský Priemysel (SPP), insurer Slovenská Poisťovňa and power producer Slovenské Elektrárne. According to an agreement between Finance Minister Brigita Schmögnerová and Economy Minister Ľudovít Černák, the state firms, principally the SPP, had been meant to subscribe the share increase in order to maintain their majority stake.

Foreign Exchange Act to liberalise capital flows

Mečiar attempts a rebirth on private VTV station

Community Grapevine

Am-Cham cocktail welcomes business peopleContemporary Slovak art tours the USA

Hamžík offers nuclear closure for EU entry

Austria and the European Union turned up the heat on Slovakia recently in an effort to force the country to close its aging Jaslovské Bohunice nuclear power plant ahead of schedule. The Slovak government has said it cannot afford to close the plant before 2008 to 2010 at the earliest, but Austrian and EU politicians have warned that if Bohunice's V1 and V2 reactors are not shut down next year, they will block Slovakia's EU entry drive at the Helsinki summit this December.The pressure last week came from two main sources - Francois Lamoureux, co-chair of the EC-Slovakia working group, and Austrian Minister for Women's Affairs and Consumer Protection Barbara Prammer.