National News

Joblessness in June highest in four years

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Despite the summer season which usually benefits the job market, both unadjusted and seasonally-adjusted joblessness in Germany rose in June to its highest level for the month in four years, dpa reported on July...

New Turkish premier takes the reigns as the West watches on

Turkish President Ahmet Necdet Sezer last Saturday called on Abdullah Gul, 52, to form a government, ending almost two weeks of speculation over who would become the country's next prime minister. The country looks...

Telcos speak out against unfair TPSA practices

Netia and El-Net are concerned over the slow pace of work on market regulations (the Telecom Law Bill and the Licence Rates Conversion Bill) and are also complaining that Telekonunikacja Polska SA (TPSA) is...

Slovenia tourism makes its mark at London travel fair

The Slovenian Tourist Board (STO) presented a wide range of Slovenian cultural and natural sights at the World Travel Market (WTM) fair, which commenced in London Monday before last. The presence of Slovenian tourism...

Mecanica Ceahlau forges venture with SIP Strojna

Mecanica Ceahlau, a Romanian farming equipment maker, has entered into an agreement with SIP Strojna Industrija of Slovenia to forge a new venture, according to BBW. "This cooperation not only aims to introduce new...

Baku-Tbilisi-Ceyhan pipeline project gains EBRD financing

The management of the European Bank for Reconstruction and Development (EBRD) has decided to allocate USD 300 million for the financing of the Baku-Tbilisi-Ceyhan main export pipeline, Norbert Radermacher, chief executive of the German...

Adamkus’ popularity down to 63%

Lithuanian President Valdas Adamkus' popularity slipped from 66 percent in October to 63 percent in November, according to a poll conducted by the Vilnorus public opinion centre on November 7-10 among 1,000 Lithuanians. Adamkus,...

Brazil offers lifeline to TAP to keep its wings in the air

Portugal's financially troubled national carrier received an unexpected lifeline last week following a marathon meeting between the governments of Portugal and Brazil. The latter signalled its willingness to end a protracted disagreement, when it...

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.

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...

Foreign trade surplus up 12% to USD 713 mln

In January-September of this year, Ukraine posted a foreign trade surplus of USD 713 million, 11.9 percent up year-on-year, Interfax reported, citing state statistics committee data. Foreign trade turnover during that period came to...

FNM determined to privatise SAD businesses, resolve issues

The Slovak privatisation agency (FNM) will keep selling minority stakes in Slovakia's SAD bus enterprises and focus on resolving key investor issues that pertain to the sales, said Pavel Hulik, chairman of the executive...

QMC improves SMEs quality

US Ambassador to Kazakhstan Larry Napper announced the foundation of the Quality Management Centre (QMC) in the Central Asian state during a recent press conference. QMC is a non-governmental organisation based on the Houston...

Voronin sets up commission on European integration…

Moldavian President Vladimir Voronin has signed a decree on setting up a National Commission on European Integration. The Commission, which will be led by Prime Minister Vasile Tarlev, is supposed "to work out a...

BNP Paribas Peregrine opens Korean branch

BNP Paribas Peregrine, a France-based investment bank, has announced the official opening of its securities arm in Korea, BNP Paribas Peregrine Securities Korea Co. BNP Paribas Korea was granted permission to do business by...

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...

EIB awards 150 mln Euro for Toyota in Turkey

The European Investment Bank (EIB) is providing a loan of 150 million Euro to Toyota Otomotiv Sanayi Turkiye AS for the modernisation of an existing vehicle manufacturing plant in Adapazari in the eastern Marmara...

Fuel industry opposed to biofuel law, says prices will skyrocket

"From the point of view of competition this law is restrictive," Leszek Wieciech A new biofuel law, due for senate debate and approval last week, will require petrol manufacturers and importers to add 4.5 percent...

Kalniete predicts stronger Latvian-Russian political ties

Latvian Minister of Foreign Affairs Sandra Kalniete predicts that Latvian-Russian political relations could become activated in the near future. "The political level of Latvian-Russian relations could improve in the near future," Latvian State Radio...

Kvaerner IMGB reports higher demand, new contracts

Heavy equipment maker Kvaerner IMGB announced demand for products has increased following a new USD 700,000 contract from VA Tech Mexico for runner blades and a USD 600,000 contract from Alstom Tianjin for shafts...

Armenia-Azeribaijan Web site project targets reconciliation

The first-ever Armenian-Azerbaijani Internet project has been officially presented in Yerevan, in a joint effort to promote reconciliation of their estranged nations. "Our purpose is to mitigate the image of enemy reigning in the...

Seimas orders investigation on Stumbras, Alita contracts

The Seimas (Lithuanian parliament) anti-corruption commission has asked the State Audit Office to investigate the grounds on which the state-owned alcohol-producing companies Stumbras and Alita have acquired shares in a private wholesale firm, Lithuanian...

Metro forging ahead with plans to bring network into Oporto

The Metro company will by the end of this month send to the Portuguese government plans that would bring Oporto's new Metro network to the main stomping ground of the city's international community. Agreement...

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...

Luxembourg: SES Global insures another 6 satellites

SES Global SA of Luxembourg has secured groundbreaking insurance coverage for the next six satellites to be deployed by its US unit, providing it with large rebates if the launches and performance of the...

IMF says inflationary plans not ambitious enough

The IMF said in its new report: "Russia: Trends in Macroeconomics and Economic Policy," prepared by the Fund's Moscow office, that the Russian government's plans for reducing inflation in 2003 are not ambitious enough....

Avtovaz launches output of VAZ-2110T

Avtovaz, a major Russian carmaker, announced that it has launched production on its main conveyer of the VAZ-2110T, an upgraded version of the VAZ-2110. The VAZ-2110T has a new hood, battery grid, bumper, headlights,...

Number on inmates shrinks by 200,000

Russia's prison population has dropped by 200,000 over two years, from 1.1 million to 905,000, Justice Ministry Yuri Chaika said at a joint meeting held by senior officials of his ministry and the presidential...

Cabinet approves 2003 budget, sets in motion discontent

The Greek cabinet has approved the budget for 2003 which was presented to parliament last Wednesday by Minister of Economy and Finance Nikos Christodoulakis. The minister noted that the goals of the new budget...

Ukraine to restructure USD 282 mln debt to Turkmenistan

The Ukrainian Finance Ministry expected an agreement that was due to be signed with Turkmenistan on November 22 to restructure Ukraine's USD 282 million debt to that country. At the talks with the Paris...

Slovakia ranks 49th on “competition index”

The World Economic Forum said its "competition index" showed the Slovak economy is in the 49th spot out of 80 for this year, falling from its 40th place in 2001, according to local reports....

Mass media flourishes in Astana, newspapers top list

The number of mass media bodies in Kazakhstan has increased by 14 percent in 2002, Minister of Culture, Information and Public Accord Mukhtar Kul-Mukhammed told members of parliament last Monday. "As of November 1,...

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...