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Business Briefs

OMV Slovensko grosses 45.26 million in Q1
Antitrust Office opposes UPC Slovensko deal
Large foreign investors set up business council

OMV Slovensko grosses 45.26 million in Q1

Oil firm OMV Slovensko closed the first quarter of 2000 with a gross profit of 45.26 million crowns on an output of nearly 2 billion crowns, company director Peter Roth said July 7. The company netted 161.3 million crowns in 1999 on an output of nearly 8 billion crowns with a gross profit of 300.6 million crowns.
Roth said the financial performance of the company was affected by the rise in excise taxes, high prices of crude oil on world markets, and the unfavourable exchange rate of the dollar to the Slovak crown.

Antitrust Office opposes UPC Slovensko deal

The Antitrust Office has forbidden UPC Slovensko's acquisition of cable TV network operators Kábel Plus Východné Slovensko. UPC Slovensko immediately appealed the June 7 verdict. A final decision should be made within six weeks, Antitrust Office spokeswoman Simona Sýkorová said.
Slovenská poisťovňa (SP) insurance company sold its 52% stake Kábel plus Východné Slovensko to UPC Slovakia, the largest operator of cable TV networks in Slovakia, giving UPC full control of the Košice-based company. The Antitrust Office started proceedings on the acquistion on April 27.

Large foreign investors set up business council

Twelve affiliations of multinational concerns in Slovakia attended an inaugural session of the Slovak Enlargement Business Council for the enlargement of EU on July 6. The Council is made up of representatives of the firms ABB Elektro, Adtranz, Ericsson, Philips, Kablo (Pirelli), Lafarge, PSL (Thyssen Group), Unilever, Nokia, OMV, Lyonnaise des Eaux, and Siemens. The companies are already members of the European Roundtable of Industrialists (ERT).
The council has outlined its main aims as active support for Slovakia's speedy EU integration and the establishment of contacts between the Slovak government, the ERT, and EC representatives.

Compiled by Ed Holt
from SITA

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