National News

Westel, MTI forge deal over Web site project

Hungarian mobile phone concern Westel Rt and news service MTI are collaborating on a Web site project, BBJ quoted Westel chief Andras Sugar as saying. News, bourse information and entertainment listings will be included...

Davide Campari-Milano sees higher H1 results

Davide Campari-Milano SpA’s Board of Directors green-lighted the consolidated results for the first half of 2002, period ended June 30. The results were higher mainly due to the consolidation of newly obtained enterprises -...

Rostelecom is back in the black with 4 bln ruble profit

Russian state long-distance provider Rostelecom revealed a net profit of 4.002 billion rubles for full-year 2001, according to Interfax. The figure is based on international accounting standards. The company got back in the black...

H1 foreign trade surplus shrinks by 2% – report

Ukraine’s State Statistics Committee said in its latest report that the country’s surplus in foreign trade with goods and services fell by two percent year-on-year to USD 1.715 billion rubles in the first six...

Fenosa hires Goldman Sachs to find buyer for gas unit

Union Electrica Fenosa SA has retained Goldman Sachs to locate a buyer for the less than 50 percent of its gas business Union Fenosa Gas. Union Fenosa hopes to keep majority control over the...

Cyprus 2003 budget sees lower state expenditures

The state budget for 2003 has been prepared based on the ultimate goal to achieve a balance of the budget by 2005, Phileleptheros Cypriot daily reported last week. At the same time, the government...

Deutsche Bank, Lloyd’s start merger talks again

Deutsche Bank announced it has relaunched merger talks with the UK’s Lloyd’s/TSB to establish a new Anglo-German banking unit. Negotiations began in 2001 but were then brought to a standstill due to strong opposition...

Government looking for rapid TV2 sale

The government in Denmark has unveiled plans for a “quick-as-possible” sale of the state-supervised TV2 channel, so as to ensure privatisation before the end of 2003. Despite only just having revealed the price tag,...

Gold reserves climb 3.9% to USD 4.715 bln

Kazakhstan’s gold and foreign exchange reserves, including the National Fund and gross reserves of the National Bank, grew 3.9 percent last month to USD 4.715 billion, the National Bank announced recently. The reserves stood...

Rise in firms negotiating debt

The number of companies negotiating a debt deal with banks rose from 80 in July to 128 last month, Turkey’s Union of Banks said. A report on the organisation’s Web site noted that so...

Investment loans for wine industry

The Agriculture State Fund will allocate 170 million Bulgarian levs in investment loans to vine growers and wine makers in 2003. Projects approved under the SAPARD Programme will be financed through the Fund, the...

Higher court dismisses Merck lawsuit claims against Krko

Ending a lawsuit initiated by US pharmaceutical company Merck&Co, the higher court in Ljubljana has ruled in favour of Slovenian pharmaceutical company Krka, dismissing Merck’s claim that Krka was infringing its patent in the...

IMF presses Baku on its obligations

An International Monetary Fund (IMF) mission, led by John Wilkmann Lynn, recently ended its work in Azerbaijan. According to information released by the IMF Baku office, the delegation held successive meetings with the prime...

PBOC awards KBC Bank local currency licence

KBC Bank NV is the first Belgian bank in China to be awarded a local currency (Renminbi) licence by the People’s Bank of China (PBOC). Consequently, KBC is now able to offer corporate customers...

Lufthansa Technik-Malev JV secures overhaul contract

The joint venture of German group Lufthansa Technik AG and Hungarian carrier Malev Rt opened a ground maintenance facility to complete major repairs, according to BBJ. Lufthansa Technik Budapest manager Peter Ellison said the...

IntesaBci links up with Lazard to boost activity

IntesaBci, the top creditor in Italy, announced it will join with the Italian arm of investment bank Lazard in order to bolster its position in investment banking, according to The Deal. IntesaBci CEO Corrado...

Uncertainty lingers over Armenia’s chemical complexes

Uncertain future prospects are looming over Armenia’s two biggest chemical enterprises because the British-registered firm, which controls them, is currently standing idle despite former pledges of bringing them back to life. Citing relevant reports...

MMK steel works announces 32% drop in H1 net profit

The Chelyabinsk region-based steel works Magnitogorsk Metallurgical Combine (MMK) announced a net profit of 1.345 billion rubles in the first six months of 2002, according to Interfax. The figure, based on Russian accounting standards,...

Naftogaz, Gazprom to create transit consortium

The deal between Ukrainian state energy group Naftogaz and Russian gas giant Gazprom, as reported earlier, should be completed early in October. Interfax quoted Gazprom Deputy Chairman Alexander Ryazanov as saying the two countries’...

Spain to help Mexican youth

As part of the “One toy, one dream” campaign to support marginalised children in Latin America, two Spanish foundations will be sending 125,000 toys to poor children in eight Mexican states. Fund used to...

Greek OTE running LogosNet-AvacomNet

The Hellenic Telecoms Organisation (OTE) has announced a dynamic entry to the Cypriot Internet services market, as its Internet subsidiary, OTENET, will take over a majority stake in LogosNet and AvacomNet. Based on reports...

Electricity nuclear output drops to 83 bln kWh in H1

Germany’s electrical utilities association VDEW said in its latest report that electricity production from the nation’s 19 nuclear power plants amounted to 83 billion kilowatt-hours in the first six months of this year, according...

A.P. Moller to acquire TORM Lines

A/S Dampskibsselskabet TORM, the world’s largest product tanker operator, and Danish conglomerate The A.P. Moller Group have announced agreement by the latter to acquire TORM Lines, a leading liner operator between the US and...

Britons working harder than ever, official survey shows

Britain may have low unemployment, low inflation and low national debt, but economic success has come at a social cost - many Britons are working more than 60 hours a week and taking little...

August deflation at 0.3% – stats agency

Deflation in August in Kazakhstan amounted to 0.3 percent, while inflation has reached 3.4 percent since the beginning of the year, sources in the National Statistics Agency said. Last month, food prices were down...

World Bank: Election period will test reforms

Ajay Chhibber, World Bank director for Turkey, has remarked that the period leading up to elections will prove an interesting test of the reforms that have been carried out over the last two years...

Zavarovalnica Maribor to cover part of 2001 losses

Shareholders of Zavarovalnica Maribor, Slovenia’s third biggest insurance company, at a general assembly last month decided to cover part of the 2001 losses of 5.61 billion tolars (24.7 million Euro). As such, the insurer...

OECD warns Norway must keep high interest rates

The Organisation for Economic Cooperation and Development (OECD) has cautioned that interest rates in Norway, already sporting some of the highest in the industrialised world, will have to stay high so as to fight...

Suppliers to help boost growth at Liberec-South industrial park

Altogether, 15 companies, mainly suppliers of components for the car industry, are on their way to setting up operations at the Liberec-South industrial park, said Petr Kupf, board chairman of the park’s owner Investorsko...

Communication innovations at Baku

The Ministry Of Communication in Azerbaijan is preparing several innovations, Minister Nadir Ahmadov recently disclosed to the local press, adding that digital TV would be established in Baku until the end of the year....

CMI, SeverGal agree to supply contract deal

Belgium’s CMI has signed a contract with SeverGal for the supply of equipment to build a hot-dip galvanising plant at Severstal, the steel works said in a press release. SeverGal, a joint venture between...

Lithuanian president to run for another term

Premier Brazauskas and parliament Chairman Paulauskas may run also In a prerecorded television address, Valdas Adamkus announced last week that he would be a candidate in the presidential elections in December, ELTA reported. He...

US Capital Group members acquire 5.04% of OTP Bank

A 5.04 percent stake in OTP Bank was obtained by three members of the US Capital Group Co., Inc., OTP Bank said in a statement, cited by Interfax. The California-based group is one of...

NNS reports deflation rates in Armenia

A deflation rate of three percent was recorded in Armenia last month, bringing deflation for the first eight months of 2002 to 3.6 percent, the National Statistics Service was quoted as saying by Interfax....

GAZ shows 9% yr/yr jump in car output

The Nizhny Novgorod-based carmaker Gorky Automotive Plant (GAZ) announced it made 130,933 vehicles in the January-August period of this year, accounting for an annual increase of nine percent, according to Interfax. The company added...

Crew negligence, pilot error sources of air show tragedy

The conclusions offered by the Ukrainian military as regards the causes of the Lviv air show tragedy match the conclusions of the state commission, Interfax quoted the country’s Defence Minister Volodymyr Shkidchenko as saying....

Fashion chain records USD 55.3 mln H1 turnover

Spanish fashion chain Adolfo Dominguez has posted a 1.5 percent increase in net profits for the first half to USD 3.3 million compared to the year-ago period. Based in the heart of the textile...