Archive of articles - October 2014, page 16
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Panasonic will close plant in Krompachy
PANASONIC AVC Networks Slovakia based in the eastern Slovak town of Krompachy (Košice Region) plans to shut down its production of Blu-ray players and recorders, DVD recorders and printed circuit boards (PCB) for TV sets, and move to the Czech Republic. As a result, at least 400 people will lose their jobs, the TASR newswire reported on October 1.
Gas supplies to Slovakia halved
SLOVAKIA reported a drop in supplies of natural gas from Russia by 50 percent. The Slovenský Plynárenský Priemysel (SPP) gas utility however still guarantees full supplies for households and companies, Prime Minister Robert Fico told the press on October 1.
Čižnár drops charges against Karolyi
GENERAL Prosecutor Jaromír Čižnár dropped charges against journalist Dušan Karolyi who was prosecuted for libel. He issued the decision after scrutinising the files, the SITA newswire reported.
Slovakia faces gas supplies halved
A FIFTY-percent drop in Russian natural gas deliveries on October 1 put the government on alert with Prime Minister Robert Fico comforting Slovak households and the corporate sector that undisrupted and smooth supplies of gas to cover their consumption is still guaranteed. In mid-September supplies of Russian gas via Ukraine dropped by 10 to 20 percent with Russian gas giant Gazprom citing technical issues behind the drop leaving observers who see a political message unconvinced.
Džentlmen
IT HAS been noted here before that the true meaning of many words which find their way into Slovak gets lost in translation. Terms such as transparency, rule of law, or even democracy have all found their unique, central European identity. What’s even more interesting is how foreigners themselves tend to adapt. Whereas in Germany, the Rheinisch-Bergische Verlagsgesellschaft would likely be cautious about keeping their promises, in their local dealings a “gentlemen’s agreement” means that although you agree not to sell your 50-percent share in the Petit Press media house to Andrej Babiš, or controversial local investment groups, you don’t mind selling to a middleman who will only go on to sell the publishing house to Penta, one of such groups.
Kiska opens business incubators in San Diego, visits San Francisco
PRESIDENT Andrej Kiska continued in his trip to the United States with a visit to San Diego and San Francisco on September 29 and 30.
ČEZ chief says SE shares may have negative equity
HEAD of Czech energy giant ČEZ Daniel Beneš has hinted for the Ihned.cz website that the price of shares of Slovenské Elektrárne (SE) that operates nuclear power plants in Mochovce and Jaslovské Bohunice might be zero or even negative. It is because the firm shelters not only operating nuclear blocks but also units in Mochovce that are under construction, the Sme daily wrote in its October 1 issue.
Šefčovič “grilled” by MEPs
MAROŠ Šefčovič, a Slovak candidate for the European commissioner responsible for transport and space agenda, underwent more than three-hour-long hearing by the members of the European Parliament on September 30.
V4, Romania and Bulgaria join forces against EU environment goals
THE COUNTRIES of the Visegrad Group (i.e. Slovakia, the Czech Republic, Hungary and Poland) will join forces with Romania and Bulgaria at the EU summit in October to push for projected EU environmental goals to be softened, representatives of the respective environment ministries agreed at a meeting in Bratislava on September 30.
Visegrad Four experts send letter to top EU officials
A group of high-profile experts on European policy, advisors and former deputy foreign ministers of the Visegrad Four has sent an open letter to leading figures of the EU with recommendations concerning Central Europe, the Central European Policy Institute (CEPI), which prepared the letter with Polish think tank demosEuropa, informed the TASR newswire on September 30. The letter was sent to new European Commission President Jean-Claude Juncker, new European Council President Donald Tusk and European Parliament President Martin Schulz. It contains recommendations for Brussels institutions vis-a-vis central Europe over the next decade. “The next five years will be a test for Europe,” the letter reads. “Enormous expectations have been put on your leadership. You can find allies in Central Europe for building a competitive and open EU.” The signatories identified five main spheres that will be crucial for the further development of the Visegrad Four (V4) countries (Slovakia, the Czech Republic, Hungary and Poland). These include a common energy policy that should be viewed as an inseparable part of the EU’s growth strategy, with the goal of introducing a joint energy market stretching from the Baltic Sea to the Adriatic Sea and eastern Mediterranean, and a reduction of energy dependency on Russia. The V4 countries also highlighted digitalisation and innovation. The signatories noted that Central Europe has significantly contributed towards the competitiveness of the entire EU, but it must now move forward to a growth model based on innovations. This must include ensuring better access to funds for small and medium-sized companies and creating an appropriate financial environment for start-ups. The experts also stressed the need to develop cross-border transport infrastructure in the region and to support the internal market, including via the free movement of labour. The signatories further called on the top EU representatives to do everything they can to promote Ukraine’s successful transformation. They also stated that the process of accession talks with countries of the Western Balkans should not be sidelined.
Finance Ministry: 2014 budget deficit projection increases to 2.93 percent
The Finance Ministry has altered its forecast for the public finance deficit in 2014 - from 2.64 percent of GDP as envisioned in the budget for 2014-16 to 2.93 percent of GDP. The respective document was approved by the government. The latest forecast takes into consideration the ministry’s macroeconomic and tax prognosis from September and incorporates them into the latest available data regarding budget developments. The increase in the deficit can be attributed to negative developments in the budgets of local municipalities, public health insurance and expected results of audits by the European Commission. “Changes in state reporting are another negative factor,” the ministry informed the TASR newswire on September 30. September saw the introduction of a new accounting framework called the European System of National and Regional Accounts (ESA 2010). Conversely, the ministry expects to collect more in taxes and social and health-care levies. The Slovak economy continued to grow at a solid rate in the second quarter of 2014; 2.5 percent year-on-year. “The quarter-on-quarter pace of growth decelerated slightly to 0.6 percent,” reads the ministry report. The growth was mainly propelled by domestic demand which grew at the fastest rate since the outbreak of the crisis in 2008. This also fuelled growth in employment, as the number of working people went up by 1.2 percent year-on-year, squeezing the jobless rate to 13.2 percent in the second quarter of 2014. The average nominal salary rose by 4.8 percent on an annual basis to €857 in the second quarter of the year, with real salaries rising at the same pace thanks to largely unchanged prices. “Real salaries in 2014 will grow at the fastest pace since 2007,” according to the ministry which also expects the average annual inflation to stand at 0.1 percent this year.
Economy projected to grow slower this year, by 2.3 percent
Slovak economy is expected to see a growth of 2.3 percent this year, 2.9 percent next year and 3.5 percent in 2016, according to the latest prognosis released by the Slovak Central Bank (NBS) published on September 30. In comparison to the previous estimate, NBS reduced expectations of growth by 0.1 percentage point for 2014 and 0.3 percentage point for 2015. “In real economy, prediction risks stem from potential additional escalation of geopolitical tensions,” NBS governor Jozef Makúch said at a press conference, as quoted by the TASR newswire. “Also, specific technical risk is posed by the adoption of a new ESA 2010 methodology in national accounts statistics.” It is mostly domestic consumption that might influence the growth of GDP this year. “The structure of economic growth is undergoing changes, with the share of exports beginning to decline in favour of rising domestic demand,” said NBS vice-governor Ján Tóth, adding that domestic demand fuels more than half of economic growth now. NBS estimates that consumer prices will stagnate this year and see a growth of 1.2 percent in 2015, a prognosis that prompted the central bank to expect a lower inflation by 0.4 percentage point. Among reasons for this, Tóth cited lower food prices as well as slower development in prices of services. Inflation is likely to reach 1.9 percent in 2016. NBS also stated that salaries see a surprisingly accelerated growth, which does not reflect the inflation-free environment. “This is mostly due to developments not only in public but also private sectors,” claimed Tóth, adding that salaries grow mostly in industrial sphere and public sector. Foreign demand continues to pose a potential risk for Slovak economy. On the contrary, it is domestic demand that might spur further growth. The NBS also sees risks in the future development of inflation which might be pushed by higher oil prices and lower euro exchange rates, whereas food prices could have the opposite effect.
Roma proxy: EU-funded project launched to resolve squatter issues
A pilot project is to be launched in Krásna Hôrka in the south-eastern Slovakia, designed to tackle problems relating to the ownership of land upon which an illegal Roma settlement is built. The project is to be carried out by a working group composed of various experts from a number of institutions and will operate on a budget of €30,000.
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