conomic news released by SITA on Tuesday, January 16
PCLA Cement Maker Wants to Withdraw its Shares from Public Trading
Cement producer Povazska Cementaren, a.s. Ladce (PCLA) decided is withdrawing its shares from the Bratislava Stock Exchange (BCPB). Its shareholders made this decision at the at the extraordinary general meeting on January 3. The firm is now obliged to announce a mandatory bid to buy shares from those shareholders, who did not vote for withdrawal of the shares from public trading, or those who did not attend the meeting.
Diesel Price Down as Much as SKK 1.58 as of January 10
As of January 10, the average retail price of 95-octane petrol decreased SKK 0.61 to SKK 35.49 per liter compared with January 2, the Slovak Statistics Office's spokesperson Eva Kelemenova informed SITA on Tuesday. The average retail price of 98-octane petrol shrank by 63 hallers to SKK 38.23 per liter. The average retail price of one liter of diesel was SKK 36.02, down by SKK 1.58. The average retail price of LPG dropped seven hallers to SKK 21.51.
New Board Members for ZSSK Slovensko be Known in March
New members of the board of directors in railway transport company Zeleznicna Spolocnost Slovensko, a.s. (ZSSK Slovensko) should be known in late March of this year. The Transport Minister's spokesman Marian Janosik told SITA that the ministry announced a job contest to fill posts of all the five board members in ZSSK Slovensko on Monday. "New board members will be elected at the general meeting based on results of the job contest," added Mr. Janosik.
Last Year's Tax and Customs Revenues at SKK 242.5 Bln.
Tax and customs offices in the Slovak Republic collected for the state budget SKK 242.5 billion in 2006, exceeding the annual plan by over 9 percent. Tax revenues were chiefly behind the higher than planned collection. They amounted to SKK 236.286 billion, which is 9.6 percent, or SKK 20.63 billion above the plan. On the other hand, non-tax revenues, standing at SKK 6.215 billion in late December, were 7.2 percent below the plan. According to the Finance Ministry's plan, tax and customs offices should have brought SKK 222.352 billion for the state budget in 2006, of which tax revenues were projected at SKK 215.655 billion and non-tax revenues at the remaining SKK 6.697 billion, the tax administration's spokesperson Adriana Pleskova told SITA.
Director of Lesy SR Agrees to Resume Wood Trading
The new director general of the state-run forest company Lesy SR, Jozef Mindas, resumed wood supplies at the level of the company's subsidiaries, which were halted after he took up the post. The company supplies forty percent of the total volume of wood through its subsidiaries. The remaining part is supplied directly at the level of general directorate of the company. The director pointed out that favorable weather enables continued production including wood extraction. This means that volumes of wood supply planned for the following three months will be delivered without any problems.
Travel Agency Satur Estimates its 2006 Sales at SKK 1.250 Bln.
The largest travel agency and tour operator in Slovakia, Satur, boosted its sales by about SKK 7 million to preliminary SKK 1.248 billion in 2006. Company director general Eleonora Fedorova informed at a press conference on Tuesday that this figure does not include sales of its foreign subsidiaries. "Apart from this we are trying to spin off all activities not linked with tours," said Ms. Fedorova when explaining only a moderate increase in sales.
European Commission Objects to Increase in CO2 Quotas for Slovakia
The European Commission at its Monday meeting turned down for now proposals of Slovakia, which has asked for an increase in its carbon dioxide (CO2) quotas. Slovakia does not agree with the November decision of the EC cutting the annual CO2 emission quotas allocated to Slovakia for the years between 2008 and 2012 from proposed 41.3 million tons to 30.9 million tons. Slovakia requested an increase of at least 4.5 million tons.
INVESTING: DSS Manage SKK 28.46 Bln. in Pension Funds
The net value of policyholders' assets in licensed pension-fund management companies in Slovakia (DSS) was SKK 28.46 billion as of Friday, January 12. The value of assets in pension funds went up by SKK 396.8 million compared with January 5. Almost SKK 18.74 billion was in growth funds, SKK 8.57 billion was in balanced funds, and over SKK 1.15 billion was in conservative funds as of last Friday.
GE Money's Sales Finance Division Reports 16% Growth in Sales
The sales finance division of GE Money financed sales of SKK 1.92 billion in 2006, an increase of almost 16 percent y/y. Traditionally, Slovaks are the mostly interested in buying TV sets via installment sales.
MONEY MARKET: Central Bank Again Rejects Some Bids in Repo Tender
The National Bank of Slovakia (NBS) rejected a part of bank binds in the sterilization repo tender also this week. It has thus turned down a part of bank bids in a repo tender for the third consecutive week. By effectively pressing down interbank rates, the central bank wants to support weakening of the Slovak crown. Tatra Banka dealer Jozef Bozek told SITA that bank bids in the sterilization repo tender totaled SKK 245.506 billion on Tuesday. However, the NBS only accepted SKK 150 billion on the minimum yield of 4.09 percent p.a., the average yield of 4.37 percent and the ceiling yield of 4.49 percent p.a.
Slovak Factoring Market Rose Significantly in 2006
The factoring market reported a steep increase last year. The volume of receivables bought by companies clustered in the Association of Factoring Companies reached SKK 45.175 billion in 2006. Thus, the turnover of factoring companies grew 44 percent over the year. "Excellent results of factoring companies are not a surprise and confirm that factoring has been becoming a prestigious form of financing that is advantageous for most businessmen," said Oldrich Netusil, the chairman of the association and the chairman of the board of directors of Factoring Slovenskej Sporitelne.
Bratislava will Host Tourism and Gastronomy Fairs
A total of 871 exhibitors from 31 countries worldwide have showed interest in taking part in the international tourism fair ITF Slovakiatour, the gastronomic fair Danubius Gastro, and the accompanying fairs Sports, Hunting, and Leisure; Camera Slovakia; Exposhop; Gastropack; and others. Incheba marketing and public relations director Alexander Rozin Jr. informed about the fairs taking place between January 18 and 21 at Incheba's exhibition premises in Bratislava on Tuesday.
FOREX MARKET: Slovak Crown Firms to Later Lose its Gains
On Tuesday the Slovak crown firmed on the Slovak foreign exchange market but failed to keep its gains, and the exchange rate returned to the opening level at the end of the trading session, VUB Banka dealer Ladislav Benedek said. Foreign banks' purchases moved the exchange rate to 34.730 SKK/EUR, but later they started to sell crowns and the exchange rate bounced back to the morning's levels.
Water Utilities Fear Water Price Regulation Will Harm Investments
Water utility companies in Slovakia claim that approved reduction of prices for distribution and delivery of drinking water and treatment of wastewater might endanger water infrastructure construction projects. The Regulatory Office for Network Industries (URSO) decided earlier this year that the prices for distribution and delivery of drinking water and treatment of sewage water will drop 5.2 percent on average this year in comparison with 2006.
STOCK MARKET: SAX Index Remained at 416.21 Points on Tuesday
The value of the Slovak share index SAX recorded no change over Tuesday, remaining at 416.21 points. Of the SAX base titles only sixty shares of the power engineering company SES Tlmace changed hands on the Bratislava Stock Exchange (BCPB) floor at SKK 457. Though their average price dropped 0.44 percent the closing price of the issue did not change. Turnover on the Bratislava Stock Exchange (BCPB) dropped from SKK 681 million on Monday to SKK 398.8 million on Tuesday, of which SKK 3.5 million was in share trading.