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

End of investigative show a cause for concern

Media freedom watchdogs believe the scrapping of the only investigative show on public-service television is a threat to its independence.

Jaroslav Rezník

Slovakia is 26th on the Employment Flexibility Index

Higher work surcharges will push Slovakia down.

Proxy for Roma criticises minister Kaliňák for ethnical and group discrimination

The government proxy slammed Interior Minister Robert Kaliňák for the draft law on repressing criminality in Roma settlements, for populist discrimination and preferring repression to prevention.

Roma communities, illustrative stock photo

Slovak racer Svitko finished at Dakar Video

After a serious fall in the tenth leg, Slovak motorcyclist Štefan Svitko resigned from the 40th year of the Dakar Rally due to pain in his upper body.

Štefan Svitko