August - The year in business

Priorities presented by new government – On August 3 Prime Minister Radičová presented six priorities to be pursued by her government to improve life in Slovakia: healthy and sustainable economic performance; zero tolerance of corruption and securing access to justice; enough work opportunities to reduce social risks; a motivating business environment and active civil society; development of educated people and an innovative society; and assuring access to quality medical care. Parliament adopted the cabinet’s four-year programme on August 10.

Priorities presented by new government – On August 3 Prime Minister Radičová presented six priorities to be pursued by her government to improve life in Slovakia: healthy and sustainable economic performance; zero tolerance of corruption and securing access to justice; enough work opportunities to reduce social risks; a motivating business environment and active civil society; development of educated people and an innovative society; and assuring access to quality medical care. Parliament adopted the cabinet’s four-year programme on August 10.

Chemical company NCHZ put on sale – An international public tender for purchase of the bankrupt chemical company Novácke Chemické Závody (NCHZ) was officially announced in August. Subsequently, on November 24, the creditors’ committee turned down only bidder, M-Energo, which had offered €2 million. The only known opponent of the sale was the government's privatisation agency, the National Property Fund (FNM), which apparently was concerned that its €22 million claim would not be satisfied if the company was sold. NCHZ was fined €19.6 million, as part of a total fine of €61.12 million imposed by the European Commission on nine companies, for violating the EC’s ban on cartels and restrictive business practices. NCHZ said the fine caused its bankruptcy.

Slovakia rejected Greek loan – The recommendation by the Radičová government to reject any share of the costs of the €110-billion rescue loan for Greece was approved by Slovakia’s parliament. On August 11, parliament rejected additional codicils to the original agreement signed by the past government that were necessary if Slovakia was to contribute any cash to the Greek loan. The European Commission quickly responded that Slovakia, by refusing to participate in the loan to Greece, violated the EU’s principle of solidarity.

Embraco and LVD S3 received state incentives – In late August the Slovak cabinet green-lighted two investment incentives for a total of €9.9 million. Embraco Slovakia received €6.5 million for its investment in a factory located in Spišská Nová Ves and the remainder went to LVD S3 for construction of a €6.9 million factory for the production of metal forming machinery in Tornaľa.


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