Archive of articles - April 2000, page 3

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Steel deal worries shareholders

Východoslovenské železiarne (VSŽ) shareholders last week demanded a general meeting as concerns grew over the March 24 signing of a memorandum of understanding with USSteel on the entry of a strategic partner into the ailing steel monolith, threatening to de-rail the deal.Two shareholders - Mosad, a company owned by Penta Group and the London-based Central Growth Fund PLC which together hold approximately 10% in VSŽ, supported by a third shareholder, Templeton, announced that they wanted VSŽ to call a special general meeting to ask for more details about the US company's entry into the steel maker.Concerns were voiced over plans to move all VSŽ core steel activities to a new company, NewCo, which would be fully owned by US Steel.

Austrian investors call for stability

Austrian investors have dealt a blow to government hopes that tax breaks and legislation changes would flood the country with foreign investment.At a conference in Banská Bystrica on April 12 members of the Slovak-Austrian Chamber of Commerce made it clear that they were looking to the Slovak government to provide economic stability as the cornerstone for attracting FDI into the country, adding that the government's much-vaunted tax and investment incentives ranked lower on their list of investment criteria."Many companies see the paradise of tax holidays and the like, but they forget that the tax holiday is [only] one of many factors in the whole business environment attracting foreign investors. A company's priority should not be in the tax holiday but the stability of the economy and its transparency," said Jaroslav Ružička, President of the Austrian-Slovak Chamber of Commerce.

Quote of the week

HR policies hard to quantify

I recently discussed some human resource issues with an HR manager. In the middle of the discussion this gentleman pointed out to me, "You know, the position of an HR manager is very difficult in organizations today. Everybody thinks they understand it, and therefore everybody feels entitled to criticize you." It's true, HR usually gets a lot of criticism for being "too expensive." It is usually the first to be hit by budget cuts knocking out training and putting in place hiring freezes. But should this really worry people? How do we know that we HR managers are actually bringing value to the company?Usually the most common way of assessing any human resource activity is to evaluate it using cost-effectiveness, net-equity, and the company's compliance with the law as criteria. This should be done in order that all HR activities can mutually complement each other crreating a consistent and reliable picture for both the organization and the employees.

Companies suffering credit crunch

Despite a continuing fall in the yields from government papers, banks are still stifling corporate sector growth with a continued reluctance to lend to domestic firms, giving small and medium enterprises and start-ups little or no chance to make an impact on the economy and fuel competitiveness.While interest rates on the Slovak money market have dropped over the past month to between 8% and 10%, and the maximum yield on state bonds has fallen below the 10% mark, the latest figures from the central bank show that new loans to the corporate sector have grown only 200 million Slovak crowns ($4.7 million) during the first two months of the year from a total loan figure of 375 billion crowns ($8.9 billion).

Around Slovakia

Nitra Police to patrol on bikesPostmen fake robberies, get caughtTeenage girls caught destroying tombstones

Economic Briefs

Finance Minister presents fiscal policy to ECSlovakia's year- on-year March inflation at 16.6%Debt refinancing to be replaced by FDI in 2004Foreign financial institutions suggest tax reform

Foreigner's only option is to rent

I would like to use this column to respond to some questions I've been asked by e-mail. There are some common themes to all the questions mostly concerning how foreigners can purchase real estate and about real estate prices.As for purchasing real estate, the story is a bit complicated. I do not know who this government is afraid of, but the fact is that foreign citizens cannot buy property in Slovakia. Only business entities (joint-venture or a limited liability company) are allowed to purchase real estate. Still they are discouraged because the purchase price must be approved by the Finance Ministry. I have also been contacted by many Austrian people who were interested in buying a cottage in the mountains or a weekend house in the country and were disappointed with this restriction. I don't think that if foreigners were able to purchase property it would threaten Slovak citizens, but that idea is not very popular among our politicans or our nation.

The living symbol of Slovakia's communist past belongs behind bars

For those who lived west of the Iron Curtain, understanding Slovakia's apparent reluctance to now actively pursue the criminal prosecution of the former communist leaders can be difficult. Men such as Vasil Biľak symbolise an era marked by state oppression and disregard for human rights such as religious freedom and free speech.The horrific photographs of the Warsaw Pact troops trouncing innocent civilians in the Prague Spring demonstrations in Prague and Bratislava; the stark image of the hammer and sickle flying atop flag poles in countries that clearly did not invite Soviet rule; the rapturous celebrations of the liberated Eastern Block citizens after the fall of the wall in 1989: all serve to stoke the fire of vindication in the principles of democracy and freedom.

Communist charged with treason

A decade after the fall of communism, Slovakia is set to hold its first trial against one of the six communist leaders who signed an official letter of invitation to the Soviet armed forces to enter Czechoslovakia in 1968. After the Prague Spring demonstrations were crushed by the Warsaw Pact troops, the leaders of the national communist government launched their period of 'normalisation', forming one of the most oppressive communist regimes in the former Eastern Block.Vasil Biľak, the former secretary general of the Slovak Communist Party, was formerly charged by the Bratislava Prosecutor General on March 30 on counts which include high treason against the state. Accused of travelling to Russia to hand-deliver the infamous letter of invitation to Soviet President Leonid Brezhnev, Biľak could face 15 years in prison if convicted.

Women face workplace barriers

Although the Slovak Constitution promises equal opportunity for every person regardless of sex, race, religion or political affiliation, Slovak women and analysts say that the country's female citizenry face discrimination in the workplace. Disparities still persist in terms of the wages men and women in equal positions earn, while men are far more likely to be awarded top managerial positions over their female counterparts.While female executives remain an anomaly in the traditionally male-dominated domain of decision making in Slovakia, a new generation of professional and political women is trying to break the sexist barrier of the male 'grey suits' and bring about an increase in female representation in influential positions.

News Briefs

Coalition supports PM in non-confidence votePope receives Čarnogurský and HrušovskýRussia may store Slovakia's nuclear wasteSchuster's presidential pardons: 52 and countingBelgium imposes visa restrictions on SlovakiaCabinet to establish Catholic university in Žilina

Ružomberok defends title

The night got off to an inauspicious start for Ružomberok point guard Iveta Bieliková: during her team's first three possessions she netted two turnovers and a missed three-pointer. But thanks to a shot described by her coach as being guided by the "power of God," the 33-year-old veteran will be remembered for making perhaps the biggest three-pointer in the remarkable history of Slovak Women's Basketball to help SCP Ružomberok claim the European Club Championship for the second successive year.Down by three with 15 seconds remaining, Ružomberok drove the lane for an easy two in hopes of crawling to within a point of front-running CJM Bourges of France. But when the lay-up was inexplicably missed, two players from each team scrambled for the lose rebound, batting it around in the air until it was knocked away from the hoop towards Bieliková.

Outrageous Senzus modernises Slovak folk tunes

Sitting in his office in the basement of a Petržalka paneláky building, Peter Peschl does not look like a member of one of the most popular and best selling Slovak music groups ever. As the manager and lead-guitarist of Senzus (a three-piece folk band which parodies modern pop songs and modernises old Slovak tunes by increasing the tempo and comically altering the lyrics), Peschl looks more like a typical Slovak businessman: as his two mobile phones and fixed line ring constantly, he barks out commands to employees over the airwaves.Established in 1978, Senzus is known by every Slovak, as well as many in the expat community (the band can often be heard on Slovak radio stations sounding as if they are drunk in a beer hall while singing the Titanic title-song to an accordion). With their hilarious versions of popular songs, the group has become a staple of the Slovak culture scene and has produced a total of 30 albums with sales of over a half million

Transpetrol put up for sale by ministers

After a successful merger with Hungarian oil giant MOL and the declaration of an intention to further expand on central European markets, the Bratislava-based refinery Slovnaft has announced that it is interested in taking a 34% stake in the state-owned pipeline operator Transpetrol.Following its own privatisation plan, the government's economic ministers (Economy Minister Ľubomír Harach, Finance Minister Brigita Schmögnerová, and Deputy Prime Minister for Economy Ivan Mikloš) gave the go-ahead for the privatisation of a 49% stake in Transpetrol during their weekly meeting on April 3.

Sony investing in Slovak expansion

A world leader in the electronics industry and famous for its televisions, stereos and video games, the Japanese-based Sony corporation established itself in Slovakia in 1995 by setting up a television manufacturing plant in Trnava, 50 kilometres north-east of Bratislava. Since its inception in Slovakia, the company's presence has transcended that of fun and games, as evidenced by its serious growth through the years in production and investment (see chart, page 7).Sony's latest influx of direct investment to expand operations (its largest investment into the country ever) is slated for late summer promising to create jobs and curb the high rate of unemployment in the Trnava region.

Top Pick: Easter on Hlavné námestie

For the sixth time, the town council of the Bratislava Old Town will promote Slovak Easter traditions, which nowadays mainly survive only in villages, on the capital city's Main Square (Hlavné námestie). The Main square has recently been adorned with booths selling hand-made products representing the unique Slovak Easter traditions, in which the men and boys use whips to lightly slap at the legs of the women. Women are also subjected to having water or perfume poured on them, to which the females are expected to respond by offering shots of alcohol, hand-painted eggs, and money to the men. The Easter booths on the square will provide boys with the whips they'll wield when whipping the local girls, while the girls can choose from a variety of the decorated eggs.