Slovenia Business Week no 52 2004 December 20th 2004 Table of Contents HEADLINES 3 Hidria Automotive Gets Deal for General Motors 3 Slovenia s Economy Grows by 4 9 in Q3 3 IMAD Says 2005 Crucial for Meeting Convergence Criteria 4 INTERNATIONAL COOPERATION 5 Cukjati and Dutch Ambassador Discuss EU Presidency 5 Danube Convention Signatories Pledge Sustainable Water Management 5 Quadrilateral Transport Ministers Sign Cooperation Memorandum 5 Greek Ambassador Pays Farewell Visit to Drnovsek 6 Tender for Projects of Cross Border Cooperation Published 6 EUROPEAN UNION 7 EU Foreign Ministers Fail to Set Date for Turkey s Accession Talks 7 EU Foreign Ministers Confirm EU Presidencies until 2020 7 European Ministers Reach Agreement on Vocational Education 8 Jansa Says Slovenia Supports EU Talks with Croatia 8 Jansa Expects Tough EU Budget Talks 9 PM Jansa Says Slovenia Backs Turkey Negotiations Compromise 9 LEGISLATION 10 Parliament Endorses Tax Amendments 10 Parliament Backs Changes to Personal Income Tax 10 STATISTICS FORECASTS 12 Wages Up in October 12 Unemployment at 10 5 in October 12 FINANCE 13 Insurer Slovenica to Split into Two Companies in January 13 Probanka Posts Growth in Profits 13 NKBM Bank Would Like to See Capital Injection 13 Pensions to Go Up by 0 4 14 Adriatic to Expand to Foreign Markets 14 Ljubljana Stock Exchange 15 Foreign Exchange 15 BRANCH INFORMATION 16 Telecommunications Agency to Improve Communication with EU 16 COMPANIES 17 New Krka CEO Anticipates Double Digit Growth and No Takeovers 17 Hit Gets Go Ahead for Acquisition of Hotel Chain Kompas Hoteli 17 Eles to Wrap Up the Year with EUR 4m Profit 17 Istabenz s Tourism Unit Gets New Management 18 Steelworks Group to Post Record Profits 18 Car Seat Cover Maker Pleased with 2004 Business Results 19 Ownership Change Not to Affect Substantive Ruling on Union Takeover 20 Kolinska and Droga Agree on Share Swap Ratio 20 Mercator s Annual Profit Below Expectations 21 Radenska s Revenues Drop by Over One Quarter 21 Mobitel CEO Says the Company Never Abused Market Position 21 Merkur Expecting Revenues Growth in 2005 22 Airport Company Planning to Up Revenues by 12 in 2005 22 Telekom Slovenije Will Bid for Montenegrin Telco 23 Luka Koper Plans Investments of EUR 24m in 2005 23 BTC Expecting to Up Net Profit by 25 23 Istrabenz Doubles Its Stake in Kolinska 24 Slovenia Gets Fist On Line Pharmacy 24 Gaming Company Hit to Post EUR 17m of Profit 25 Mobitel Pushes Ahead with Kosovo Network 25 SLOVENIA IN BRIEF 27 Rupel Welcomes Provisional Date for Croatia s EU Accession Talks 27 Slovenia Joins Wassenaar Arrangement 27 EU Committee of the Regions An Opportunity for Local Communities 27 FM Rupel Says Slovenia Ready for OSCE Presidency 27 Health Insurance Institute Meets Financial Plan 27 Ireland Donates Funds for Demining of Bosnia 27 Ivan Zagar Appointed Regional Development Minister 27 Slovenian MEPs Highlight Importance of Drawing EU Funds 28 PM Jansa Backs Start of Accession Talks with Croatia 28 Government Appoints New SOD Management 28 New Members for Electoral and Constitutional Commissions Appointed 28 Luka Faces Mounting Local Opposition to Third Terminal 28 2 HEADLINES Hidria Automotive Gets Deal for General Motors Hidria Automotive Rotomatika is already developing solutions for the product which will be launched on the market in 2007 The Slovenian company Hidria Automotive was entrusted with the development of components for the starting system of a new generation of diesel engines for the US corporation General Motors GM The EUR 8m deal has been signed with the US company Remy Automotive Hidria Automotive said in a press release Hidria Automotive Rotomatika is already developing solutions for the product which will be launched on the market in 2007 according to the press release Hidria s products will be used by the Poland based joint venture GM Fiat Powertain Slovenia s Economy Grows by 4 9 in Q3 After a growth of 3 9 percent in Q1 and 4 7 percent in Q2 GDP increased by 4 9 percent in real terms in Q3 year on year Slovenia s gross domestic product GDP continued to grow in the third quarter of this year as the economy expanded by 4 9 percent compared to the same period last year In the first nine months of the year GDP increased by 4 5 percent over 2003 After a growth of 3 9 percent in Q1 and 4 7 percent in Q2 GDP increased by 4 9 percent in real terms in Q3 year on year Growth is gradually slowing down Karmen Hren of the national Statistics Office told the press on Wednesday 15 December Slovenia posted a 2 9 percent growth in the last quarter of 2003 adding 1 percentage point in the first quarter of 2004 In the second quarter the addition to the rate of growth was a mere 0 8 percentage points and only 0 2 percentage points were added in Q3 GDP at current prices amounted to SIT 1 592bn EUR 6 6bn in Q3 up 7 9 percent year on year Gross national income meanwhile increased by 8 1 percent The third quarter was marked by an upturn in the foreign trade balance In previous quarters the foreign trade balance negatively affected economic growth with exports rising faster than imports The situation has now turned the trade balance added almost 1 percentage point to the rate of economic growth The high almost 15 percent rise of exports and imports in real terms noted in Q2 slowed down in Q3 and returned to the level of the beginning of the year when exports and imports rose by 10 percent Domestic spending did not affect economic growth as much as in previous quarters according to the Statistics Office It added 4 percentage points to economic growth which is about 1 5 percentage points less than in Q2 The main reasons are the slightly slower growth of gross fixed capital formation and a smaller increase in the inventories than that of the first two quarters of this year Final consumption expenditure continued to grow households expenditures increased by 3 8 percent which was about 1 percentage point higher growth than in 2003 and government expenditures growth also increased at the same time Employment was 0 3 percent above last year s level and so Q3 broke a three year downward trend in employment said Hren The GDP statistics for Q4 are expected to be released on 15 March 2005 according to the Statistics Office 3 IMAD Says 2005 Crucial for Meeting Convergence Criteria The Institute for Macroeconomic Analyses and Development IMAD anticipates that it will be clear by the middle of next year whether Slovenia is on the right track
View Full Document
Unlocking...