Spectator on facebook

Spectator on facebook

State to give rail companies €235.9 million

The state will help rail companies Cargo Slovakia (ŽSSK Cargo) and Slovak Railways (ŽSR) to overcome financial problems connected to the impact of the global economic crisis by giving ŽSSK Cargo €166 million and ZSR €69.9 million, the Government decided on March 4.

The state will help rail companies Cargo Slovakia (ŽSSK Cargo) and Slovak Railways (ŽSR) to overcome financial problems connected to the impact of the global economic crisis by giving ŽSSK Cargo €166 million and ZSR €69.9 million, the Government decided on March 4.

This financial support will be provided by the Finance Ministry from the state’s financial assets by the end of March, in the form of returnable financial aid.

According to the Report on the Economic Situation of ŽSSK Cargo discussed by Government on February 25, the global crisis began to have a significant effect on ŽSSK Cargo as early as August 2008, and the situation deteriorated further towards the end of the year.

“Compared to the annual scheduled transport volume of 48.1 million tonnes, ŽSSK Cargo in 2008 transported only 44.5 million tonnes of goods, with more than 70 percent of the shortfall created in November and December 2008,” reads the report, drawn up by the Transport, Posts and Telecommunications Ministry. The rapid fall in cargo volumes had a direct effect on the company's financial results, the TASR wrote.

Meanwhile, freight volumes have continued to fall into 2009. According to the ministry, ŽSSK Cargo carried 2.1 million tonnes of goods in January, which was only 55 percent of the volume recorded in the same month of 2008. TASR

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

Top stories

Governmental campaign should bring Slovaks home from the UK

The Slovak cabinet plans to persuade its expats living and working in the UK with at least a bachelor degree to return home: a campaign offering specific jobs should help.

Young researchers, IT experts and medical staffers are needed in Slovakia, illustrative stock photo.

EU lawyers claiming the Russian annexation of Crimea as legal is a hoax

One lawyer does not mean all EU lawyers; immigrants attacking a shepherd dog and HAARP causing hurricanes in the US are hoaxes, too.

Hoax on immigrants attackign two German shepdherds and ebing bitten yb them

Co-founder and co-owner of Sme daily dies

A major Slovak entrepreneur, Peter Vajda, died in Prague on October 15. He was exceptional for his innate sense of democracy and believing in equal opportunities for all.

Peter Vajda

Šefčovič: Slovakia’s economy has grown 60 percent since joining the EU

Slovak consumers are growing economically stronger and will be an important stabilisation factor in the future

European Commission Vice-president for Energy Union Maroš Šefčovič