ANOTHER YEAR OF FISCAL BELT-TIGHTENING

September: The top business stories of 2012

Slovak to head global chamber. Peter Mihók, the head of the Slovak Chamber of Commerce and Industry becomes the first-ever Slovak to be elected head of the World Chambers Federation, the only global institution that gathers business subjects and commercial chambers worldwide. He will hold the post for three years, starting January 1, 2013.

Slovak to head global chamber. Peter Mihók, the head of the Slovak Chamber of Commerce and Industry becomes the first-ever Slovak to be elected head of the World Chambers Federation, the only global institution that gathers business subjects and commercial chambers worldwide. He will hold the post for three years, starting January 1, 2013.

Shrinking demand halts car production in Trnava. The PSA Peugeot Citroën factory in Trnava reduces production due to falling demand for cars. In total the company halted its production for about 20 days during 2012.

Slovakia has good prospects for future growth of its ‘internet economy’. Slovakia has the potential to develop an above-average internet-driven economy, according to the results of a study carried out by the Boston Consulting Group and Google Slovensko. With the internet contributing around 3.3 percent of GDP (€2.3 billion) in Slovakia, it is among relatively well-established countries such as the United Kingdom, Germany, France and the Czech Republic.

Hubert’s sparkling wine awarded gold. Grand Rose sparkling wine, produced by Slovak company Hubert, based in Sereď (Trnava Region), is awarded a gold medal in the category of sparkling wines at the 2012 MUNDUS VINI International Wine Awards in Germany.

PAS: 13 percent of state contracts by value go to pay bribes. The average amount of bribes paid in the process of winning contracts or attracting subsidies in Slovakia is 13 percent of the contract value, according to a poll carried out by lobbying group the Business Alliance of Slovakia (PAS). According to the results of the anonymous survey among 425 businessmen, the more sophisticated the product or service purchased, the higher the probability of corruption.

Ranking of 500 highest-earning companies in CEE includes 31 Slovak firms. The number of Slovakia-based companies listed among the 500 firms generating the highest earnings in the central and eastern European region grew year-on-year from 28 to 31 in 2011, according to the rankings published by Deloitte Slovensko. Car manufacturer Volkswagen maintained the highest place in the list among Slovakia-based companies at 17th, slightly ahead of oil refinery Slovnaft in 20th place. Four other companies based in Slovakia are listed among the 50 highest earning companies in the CEE: car producer Kia Motors Slovakia (36th), gas utility SPP (38th), Samsung Electronics Slovakia (39th) and electricity generator Slovenské Elektrárne (48th). Other particularly successful companies include U.S. Steel Košice (58th), PSA Peugeot Citroën (106th), Tesco Stores SR (142nd) and Foxconn Slovakia (193rd).

Slovakia’s competitiveness slips. Slovakia slips to a new low in a global list which has compared countries’ economic competitiveness since 1997. It ranks 71st out of 144 countries evaluated in the Global Competitive Report 2012-2013, published by the World Economic Forum (WEF).
The result is two places lower than last year.

February: The top business stories of 2012

March: The top business stories of 2012

April: The top business stories of 2012

May: The top business stories of 2012

June: The top business stories of 2012

July: The top business stories of 2012

August: The top business stories of 2012

October: The top business stories of 2012

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