National News

Bite GSM launches GPRS services in Nordic region

Bite GSM, Lithuania's second-largest mobile operator, has signed GPRS interconnection agreements with Nordic operators, allowing customers to access the company's GPRS services in Sweden, Finland and Norway, BNS reported. The company's customers can already...

Durao Barroso has stated that the second phase

Prime Minister Durao Barroso has stated that the second phase of the privatisation procedure of Portucel, Portugal's state wood pulp and paper producer, will be announced sometime next week. Speaking week before last on...

Renault, Skoda gear up to move into Hatvan park

The Hungarian dealers of French carmaker Renault and Czech group Skoda will move to the Hatvan industrial park, Bluebull quoted construction chief Tibor Kepe as saying. Renault expects to construct a HUF 200 million...

Cavalli slapped with charges of fraud for redecorating villa

Fraud charges were laid on Roberto Cavalli, an Italian fashion designer, according to just-style.com. Prosecutors charged him of using USD 2.6 million written off in business expenses to renovate his mansion.

Paris, Moscow discuss use of Russian space rockets

The programme for a planned visit by Russian Prime Minister Mikhail Kasyanov to France was expected to include a debate on prospects for more extensive Russian-French ties in the high technology and energy fields,...

…to invest in Volga car revamp

Gorky Automotive Works (GAZ) is looking to spend around 500 million rubles next year modernising its Volga line of automobiles, Director General Alexei Barantsev told reporters. Some 170 million rubles of that would go...

Moscow seeks more funds for chemical weapons disposal

Russian Deputy Foreign Minister Georgy Mamedov has expressed hope that the new leadership of the Organisation for the Prohibition of Chemical Weapons (OPCW) will provide additional financing to Russia to help it dispose of...

Bank of Cyprus records positive Q3 results

Bank of Cyprus recently reported its nine-month operating profits reaching GBP 27.6 million (before provisions and the results from the disposal and revaluation of investments). According to the group's management, the improved results are...

Court imposes conditions on proposed Spanish pay-TV merger

The Spanish Court for Defence of Competition, deciding that a merger between Telefonica's Via Digital and Sogecable's Canal Satellite Digital will act to restrict competition in Spain's market for pay TV, says it will...

Bundesrat OKs energy tax hikes

The German parliament has approved energy tax increases in the first of a series of meaasures to boost state revenue. Taxes will rise on natural gas, heating oil and electricity for heating under the...

Heywood Williams predicts gloomy full-year earnings

Heywood Williams Group Plc says full year earnings before exceptional charges are likely to be "slightly below" last year's level, and below analyst forecasts. Manufacturer and distributor of PVC windows, doors and conservatories in...

Ramco Energy moving toward Seven Heads gas production

The Aberdeen-based exploration and production company Ramco Energy Plc has said it has passed several important milestones on the road to its target of producing gas from the Seven Heads gas field, located in...

Turkcell calls on new government for reform

The head of Turkcell is calling on Turkey's new government to push ahead with necessary telecoms privatisation and deregulate the market. Chief executive Muzaffer Akpinar believes the incoming government under the Justice and Development...

New consortium to build Trasa Galicyjska road

A consortium made up of Krakow's Budostal-5 and Radom's PeBeK-Unibud has been selected to build the Trasa Galicyjska road in Krakow for an amount totalling 39.9 million zlotys. The investment activity will be financed...

Riga forecasts gradual decrease in unemployment

The Latvian Finance Ministry expects that unemployment will gradually decrease in Latvia in the coming five years, and the forecast unemployment rate for 2007 is 6.9 percent of eligible residents. The ministry said the decrease...

Social Democrats says Sweden is ready for the EMU and Euro

The representative assembly of Sweden's ruling Social Democratic party agreed last Saturday that the Scandinavian country is ready to join European Economic and Monetary Union (EMU) and adopt the Euro single currency. "I am relieved....

Floods wreak havoc on insurers’ profits in Q1-Q3

The floods that swept across Europe in August have shot down profits at major Czech insurers by dozens or even hundreds of millions of Czech crowns. The negative effects are evidenced by their results...

KPN agrees sale of TeleMedia subsidiary for 500 mln Euro

KPN week before last reached agreement for the sale of its wholly-owned directory subsidiary TeleMedia Nederland BV to a syndicate led by 3i Group Plc and Veronis Sulher Stevenson (VSS) for 500 million Euro...

Bjork, fans collaborate

Icelandic singer Bjork announced the songs that will go on her greatest hits disc have been determined by her fans. Bjork asked her fans to vote which songs should be included via the Internet....

MOL says gas business will report loss in Q4

Hungarian oil and gas company MOL said its gas business will report a loss in the last quarter of 2002, Interfax quoted CEO Gyorgy Mosonyi as saying. The company is unsure of the developments...

Air Dolomiti reports 26% increase in Q3 revenues

Air Dolomiti SpA announced third-quarter revenues were 26 percent higher to 47.9 million Euro. The group's results were green-lighted by the Board of Directors. Revenues climbed 19 percent in the first three quarters despite...

Putin promises to meet WB 2002-2003 debt payment plan

Russian President Vladimir Putin promised that Russia would honour its 2002 and 2003 commitments for debt repayment to the World Bank. "The bank has supplied Russia with loans totalling about USD 12 billion," Putin...

GAZ posts net profits…

Gorky Automotive Works (GAZ) from Nizhny Novgorod has reported net profits, which were 42 million rubles, for the first time in recent years in the first nine months of 2002. GAZ has overcome difficult...

Expedition discovers K-27 burial site in Kara Sea

A scientific expedition has discovered 237 containers holding solid radioactive waste and the burial site of the nuclear submarine K-27 in the Kara Sea, Interfax quoted Russian Deputy Emergency Situations Minister Mikhail Valeyev as...

Admira to sell Szena in reassessment move

Spanish telco Telefonica's content and broadcasting group Admira has put its Szena division up for sale. Earlier this year, Telefonica made the decision to separate Admira into two companies: Admira Media, which owns the...

E.ON raises operational earnings

German utility group E.ON lifted nine-month operational earnings by 36 percent but warned that the full-year improvement would be significantly lower. Strong electricity sales were the main contributor to the 3.2 billion Euro in...

GWR posts disappointing pre-tax profits in H1

Commercial radio group GWR Group Plc sees no major upturn in the advertising industry in the foreseeable future following a first half posting of pre-tax profit, before extraordinaries and goodwill, totalling GBP 2.2 million...

Avocet Mininig secures Nelson shares in Dushanbe

Nelson Resources Ltd. has reported that it finalised an agreement with Avocet Mining Plc (Avocet Mining) whereby Avocet Mining has acquired Nelson's 44 percent ownership interest in the Zeravshan Gold Company (ZGC) of Tajikistan....

Bank of Ireland willing to spend 100 mln Euro in buyouts

Bank of Ireland CEO Michael Soden said the bank is willing to spend between 100 million Euro to two billion Euro an any deal in its continuing search for acquisitions. Shares in the Irish...

Leading Turkish banks record 9-mo profits

Garanti and Is Bank have posted net profits for the first nine months of the year. Adjusted for inflation, the audited results showed Garanti's net profits edging down to 71.8 trillion Turkish liras from...

Pan Fish records 619 mln crown loss in July-September

Aquaculture group Pan Fish announced a pre-tax loss of 619 million Norwegian crowns in the July-September 2002 period, against a 93.3 million crown loss in the same period of last year. The troubled group...

Telenor inks deal for Utfors majority stake buyout

Telenor has entered into an agreement with the board of Utfors, the Utfors bank consortium, Utfors restructuring committee and shareholders representing 34.4 percent of shares and votes in Utfors, to become the main owner...

Exports to Russia will increase 20% – Savolski

The Czech-Russian Economic Forum took place in Ostrava week before last with the participation of around 150 entrepreneurs and managers and current or future exporters to Russia from all over the Czech Republic. Speaking at...

Keyware Technologies increases financial credibility

The Belgium-based Keyware Technologies NV, a provider of multi-application smart card solutions, said on November 19 that during the third quarter of this year Keyware divested and deconsolidated Keyware Solutions Inc., formerly Lex Solutions...

Washington eager to combat suburban sprawl with LRT-project

Washington, DC officials are eager to jump-start new transit service in the city with a 7.2-mile light-rail line that would begin in the district's poorest neighbourhoods in the southeast, cross the Anacostia River and...

Tax code amendments get parliamentary approval

Amendments to the Hungarian tax code have been approved by parliament, Interfax said in a report citing MTI. The package's new tax rates and rules will come into force on January 1, 2003. Finance...

Tod’s shows 12% jump in Q3 core profits

Tod's, an Italian luxury shoe and bag maker, announced its core profits were 12 percent higher in the first three quarters of 2002. However, the company's bottom line was impacted by a huge tax...