EconomyOther Economy

Number of Bankruptcies in Slovakia Rose by 69 percent Y-o-Y in 1Q10

Bratislava, July 22 (TASR) - Despite certain indications of an economic revival, the number of bankruptcies and unpaid debts among companies and entrepreneurs is on rise, TASR learnt on Thursday. "In the first three months of this year we registered a total of 103 bankruptcies, which represents a rise of 69 percent compared to the same period of last year, when the number… read more

Kia Motors Slovakia Boosts Output of Both Vehicles and Engines

Zilina, July 21 (TASR) - South Korean carmaker Kia Motors Slovakia in Teplicka nad Vahom (Zilina region) increased first-half car production by more than 67 percent on the year to more than 107,000 cars, in a two-shift operation, corporate spokesperson Dusan Dvorak told reporters. In the second half of this year Kia's Slovak arm expects to further raise its output, largely… read more

Mihal Says Pension Freeze Will Not Solve Anything

Bratislava, July 21 (TASR) - Minister of Labour, Social Affairs and Family Jozef Mihal said Wednesday he was opposed to the freezing of pensions as one of the measures designed to consolidate public finances recommended to Slovakia by the International Monetary Fund (IMF). "A pension freeze will not solve anything. It would on one hand be a paltry saving in public finances… read more

Mihal Planning Changes to Law on Second Pension Pillar

Bratislava, July 21 (TASR) - Labour, Social Affairs and the Family Minister Jozef Mihal (Freedom and Solidarity/SaS) said on Wednesday that his ministry is working on an amendment to the law on the private second pension pillar in order to reverse "all the pointless changes instituted by Robert Fico's [former] government." At the same time, Mihal conceded that achieving… read more

Most State-run Companies Under Remit of SaS and KDH

Bratislava, July 21 (TASR) - The right to nominate directors of state-run companies will be assigned to the party that controls the ministry under whose remit the given company falls, with their supervision ensured by representatives of other parties sitting on supervisory boards, it was announced on Wednesday. The National Property Fund (FNM) owns a 34-percent share… read more

Analysts: Cuts in Public Deficit Ambitious But Feasible Plan

Bratislava, July 20 (TASR) - Slovakia's plan to lower its public finance deficit by 2.5 percent of GDP next year is rather ambitious but still feasible, analysts approached by TASR have concurred. "If the mission to reduce the deficit by 2.5 percent is successful, it will be a positive signal to investors," said Slovenska Sporitelna bank analyst Michal Musak. Finance… read more

Unemployment Rose to 12.34 percent in June

Bratislava, July 20 (TASR) - Slovakia's unemployment rate rose by 0.1 percentage points month-on-month to 12.34 percent in June, the Labour, Social Affairs and the Family Office (UPSVaR) announced on Tuesday. June's unemployment increase came after falls were recorded for three months in a row. While the number of unemployed in June rose by almost 3,000 compared… read more

Chudy: KHL in Poprad Would Boost Tourism in High Tatra Region

Poprad, July 20 (TASR) - If Kontinental Hockey League (KHL) matches are played in Poprad (Presov region) during the upcoming season as has been indicated, this will boost tourism not only in the town itself but also in the entire High Tatra mountain region, High Tatra Tourism Association (ZCR) director Peter Chudy told TASR on Tuesday. Until now the KHL has been made… read more

No Less Than 92 percent of Slovaks Going Abroad Take Payment Cards

Bratislava, July 19 (TASR) - The latest consumer survey out on Monday found that payment cards are increasingly popular with Slovaks, who are also using them for purchases abroad. The MasterIndex survey conducted by MasterCard showed that a thumping majority of 92 percent of Slovaks travelling abroad take their payment cards with them, although 16 percent of them never… read more

Radicova: People Can\'t Be Constant Victims of Irresponsible Governments

Bratislava, July 19 (TASR) - Slovakia experienced severe austerity measures in the late 1990s and at the beginning of the new decade, when 10 percent of GDP went to reviving the banking sector and Slovakia was close to bankruptcy. The new Government doesn't want to introduce similar drastic measures in order to consolidate public finances, therefore, Prime Minister Iveta Radicova… read more

IMF: Slovakia\'s Deficit at 7-8 % This Year; Cuts Necessary Next Year

Bratislava, July 19 (TASR) - The International Monetary Fund (IMF) estimates that Slovakia's public finance deficit will reach 7-8 percent of GDP this year. In order to reduce it gradually to 3 percent in 2013, the deficit will have to be cut by 2.5 percent of GDP next year, according to leader of the IMF mission in Slovakia Mark de Broeck. Finance Minister Ivan Miklos… read more

Miskov: Japanese Investors Very Interested in Slovakia

Bratislava, July 19 (TASR) - Japanese investors are very interested in entering the Slovak market, stated Economy Minister Juraj Miskov (Freedom and Solidarity/SaS) after meeting representatives of the Japan Business Federation (Nippon Keidanren) in Bratislava on Monday. "We've discussed possible investments with our partners from Japan. We've mainly expressed our interest… read more

SOPK Sees Number of Members Rising by 115 In Half a Year

Bratislava, July 18 (TASR) - The Chamber of Commerce and Industry (SOPK) on Sunday reported a rise in membership in the first half of 2010 by 115 to stand at 1,208 at the end of June. In this period, Chairman Peter Mihok (SOPK chairman since 1993) further told TASR that 105 firms affiliated with the Chamber carried out 15 foreign business trips. No fewer than… read more

Number of New Grads Registering as Unemployed Continues to Rise

Bratislava, July 18 (TASR) - The number of this year's higher education graduates who have failed to find jobs has risen to 23,219 from 19,075 a year earlier, and many more are expected to be out of work after a second round of graduations in the autumn. "We expect that they will be joined by more university leavers during summer and this September," said Postova Banka… read more

SVP\'s Shortage of Funds Halts Flood Prevention Projects

Bratislava, July 17 (TASR) - Based on a strategy against floods that was approved in the early '00s, the Slovak Water Management Company (SVP) was supposed to receive €600 million from the state between 2003-10. "However, we've only received €150 million, so we're short €450 million," SVP general director Stefan Borusovic told TASR on Saturday. The shortage of funds… read more