Spectator on facebook

Spectator on facebook

State losing money on Enel deal

THE VALUE of the €840 million that Italian Enel offered for the purchase of power utility Slovenské elektrárne has dropped by Sk1.7 billion (€43.8 million) due to the strengthening crown, reported the daily SME.

The Economy Ministry still does not know how it is going to solve the risk of losses due to movement in the exchange rate.

The time between signing the agreement with the investor and the actual payment of the money can be stretched to as long as six months.

The money market expects the euro to drop below Sk38 by the time Enel pays for the utility. It could devalue the price by as much as €0.5 billion.

In the past, the state lost considerable sums due to exchange rate moves. On the sale of gas utility Slovenský plynárenský priemysel, for example, the state lost billions of crowns.

Compiled by Beata Balogová from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

Top stories

Robert Fico has lost the electoral magic he once had Plus

But his party can still bounce back if they do the things that make parties resilient.

Robert Fico claims that Smer won the regional elections because it is the party with the most chairs in regional councils.

How propaganda has learned to use the truth

The Czech Centre for Investigative Journalism analysed the information war in the Visegrad Group countries.

Migration crisis was one of causes for the rise in conspiracies and fake or hybrid news; illustrative stock photo

New legislation protects creditors from unfair mergers

Fraudulent mergers were a legal business model enabling unfair businesses to get rid of debts

Tightening conditions when merging companies will increase the red tape of lawful mergers and prolong this procedure.

PSA will produce electric motors in Trnava

The French carmaker re-evaluated original plans and announced it will produce electric motors in its Slovak plant.

PSA Peugeot Citroën plant in Trnava