National News

Latvian farmers demand options for selling grain

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About 100 Latvian farmers staged a protest in front of the cabinet of ministers building in capital Riga on July 17 demanding that they be guaranteed options for selling this year’s grain harvest, RFE/RL...

IFS, GE launch SpectraSM to support fighter service

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GE Aircraft Engines has deployed Spectra maintenance enterprise software to support servicing of the US Navy’s F414-powered F/A-18 E/F Super Hornet fighter. Developed by IFS and based on IFS Applications, the software is being...

Leasinvest Real Estate sells Britselei 3-5-7 in Antwerp

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Leasinvest Real Estate has signed an in-principle agreement for the sale of the office building at Britselei 3-5-7 in Antwerp. The building was bought by Multihuis NV/SA, a real estate company specialising in the...

Comliet gearing up to expand in telecom market

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Comliet, a subsidiary of the fixed-line telephone operator Lietuvos Telekomas, plans to further penetrate the telecoms markets of neighbouring countries, Verslo Zinios reported. However, the business daily quoted Comliet Managing Director Eimantas Satas as...

OTP Mortgage Bank to cover mortgage-backed bond issues

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Hungary’s OTP Mortgage Bank Rt took out a HUF 2.2 billion loan to provide coverage for impending mortgage-backed bond issues, according to BBJ. The loan is for a period of three months.

WTO membership position to get cosmetic changes

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Russian First Deputy Economic Development and Trade Minister Maxim Medvedkov said his country’s approach to its World Trade Organisation accession talks might change, but the changes will not affect the basic principles underlying the...

Renault sells 57% more vehicles

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French automaker Renault sold 3,586 automobiles in the first half of this year through its official dealers in Russia, up 57 percent from the 2,278 the company sold in the first half of 2001....

Silverminerals and Varitinie sensitive to society, business

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Silverminerals and Varitinie SA recently presented its close connection to social activities along with its business operations through its “Social Review,” included in the company’s annual report for 2001. Through a relevant release, the company...

…says it will work with Ukraine despite US pressure

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Iraqi charge d’affaires in Ukraine Hisham Ibragim said Baghdad intends to develop cooperation with Ukraine, in spite of the pressure the US is using to frustrate these relations. “We will not give in to...

Unwiredfactory, CellPoint team up on world front

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CellPoint Inc., a global provider of mobile location software technology and platforms, has announced a worldwide partnership agreement with Denmark’s Unwiredfactory, a global provider of location-based entertainment for the mobile Internet. The two concerns have...

Norzinco to merge zinc operations with MetalEurop

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MetalEurop and Norzinco announced last week the effective merger at their two zinc oxide operations. Metaleurop operates Harzer Zinkoxide in Goslar (Germany) and Norzinco operates a zinc oxide plant in Anzin (France). These two...

Moody’s downgrades ratings

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International rating agency Moody’s has downgraded Moldova’s mid and long-term foreign currency issuer rating by three levels, from Caa1 to Ca, the rating for the national currency has been downgraded to Caa2. The Moldavian...

Group buys 79% Klementi stake from Finnish PTA

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A consortium has bought a controlling 79.08 percent stake in Estonia’s largest women’s clothes maker Klementi from bankrupt Finnish firm PTA Group for eight million kroons, just-style.com reported on July 16. The group, which...

Airline survivors suing government for damages

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The family of Turkish passenger Mursel Kambal, shot dead during an operation involving a Russian plane hijacked en route from Istanbul to Moscow, has reportedly filed an action for damages. Kambal’s family applied to...

IMF ranks Latvia among top EU candidates

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The Latvian Finance Ministry announced that the International Monetary Fund in its recent report on Latvia recognised it as one of the top candidates for European Union accession, RFE/RL reported. The report noted Riga’s...

Deceuninck reinforces position in France

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Deceuninck NV, developer and producer of PVC-U window systems and building profiles, has acquired through its subsidiary Deceuninck SA the integral extrusion site of Atlantem, a subsidiary of the French VM Materiaux, situated in...

Government set to sign Mazheikiu Nafta deal

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The Lithuanian government will sign a deal selling Mazheikiu Nafta, an oil refinery operated by US Williams International, according to a Financial Times report. Russian oil major YUKOS will take charge of 27 percent...

Zoltan Mandoki takes over the controls at MAV

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Hungarian Economy and Transport Minister Istvan Csillag announced that Zoltan Mandoki, the former chief executive of MOL Rt, the local oil and gas company, is now the chief of the Hungarian State Railways Rt...

Kasyanov calls for banking reform acceleration

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Russian Prime Minister Mikhail Kasyanov has emphasised a need to begin reforming the banking sector this year. “Our banking system is crippled and fails to meet the needs of the economy and industry,” Kasyanov...

Honda H1 sales up 46%

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Honda sold 506 vehicles through official dealers in Russia in the first half of this year, up 45.8 percent from 347 in the same period of 2001, the spokesman for Japanese carmaker’s office in...

Key cooperation for a better future

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So TeleMedico works hard to ensure the cooperation of the telemedicine medical division with Greece’s emergency medical services for transportation and medical care operations, the company says. TeleMedico notes telemedicine infrastructure is comprised of three...

Iraq seeks technologies in exchange for oil…

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Iraq needs Ukrainian technologies and hardware, while Ukraine needs Iraqi oil, Interfax quoted Iraqi charge d’affaires in Ukraine Hisham Ibragim as saying on July 15. These would involve peaceful technologies enabling Iraq to rebuild...

Neutral Switzerland submits request for admission to the United Nations

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Vatican is now the only state remaining outside the world body Some months after local voters first endorsed the move, Switzerland last Wednesday formally requested membership to the United Nations. Leaders of the traditionally non-warring...

Fallon to launch new L’Oreal products

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Cosmetics group L’Oreal has selected the New York office of Fallon to handle creative duties on a new assignment in the US, the agency confirmed, cited by the American press. The cost of the...

State budget gets 50 mln lei from privatisation

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Compared to the first half of 2001, this year the volume of budgetary revenue has gone up by 11.2 percent (144.2 million lei), Infotag quoted Moldavian Prime Minister Vasily Tarlev as telling a governmental...

US keen to woo Turkey in quest to topple Hussein

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Paul Wolfowitz, US deputy defence secretary, recently held talks in Turkey regarding efforts on the part of Washington to overthrow Iraqi President Saddam Hussein. The US diplomat’s visit accompanies the worsening climate in Turkey’s...

Latvia signs cooperation deal with Belgium’s French community

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Latvian Prime Minister Andris Berzins signed a trilateral cooperation agreement in Riga on July 12 with his counterparts from Belgium’s French Community and Walloon Region, Herve Hasquin and Jean-Claude van Cauwenberghe, RFE/RL reported. The...

Antiterrorism coalition support

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US Assistant Secretary of State for European and Eurasian Affairs Elizabeth Jones told President Valdas Adamkus in Vilnius on July 15 that Lithuania is making a contribution to the fight against international terrorism and...

Irish Milford Holdings ups stake in BorsodChem

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The Ireland-based group Milford Holdings Ltd., upped its share in BorsodChem Rt by 3.17 percent to 27.97 percent, the Hungarian chemicals group said in a statement, cited by Econews. Because the Irish company did...

Consumer confidence hits 8-yr low on economic uncertainty

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Portugal’s consumer confidence index slumped to its lowest figure since 1994 in June, the National Statistics Institute (INE) revealed week before last. The negative economic trend recorded last month follows that which had been...

Russia grain harvest to shrink this year – report

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Russia will harvest some 77 million tonnes of grain in 2002 compared to last year’s 85.4 million tonnes, specialists from the Russian Agriculture forecasted after studying grain harvest estimates in different regions of the...

Avtovaz to boost exports by 8%

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Russian automobile concern Avtovaz plan to increase automobile exports almost eight percent year-on-year in 2002, said Vladimir Kuchai, the vice president for marketing and sales. The company will export about 95,000 VAZ vehicles in...

Fruitful times ahead for TeleMedico

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The Rhodes, Greece-based TeleMedico group is the country’s top telemedicine company, active for over 25 years in the telecardiography applications industry. Besides focusing on providing turnkey solutions for tele-ECG applications, TeleMedico is expanding its...

Russia may lend funds for construction of reactors

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Russia may lend money to finance the completion of the construction of power unit 2 in the Khmelnytskyy and power unit 4 in the Rivne nuclear power stations, provided that the European Bank for...

UBS faces audit over Nigerian leader’s account

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Following the discovery of funds linked to the late Nigerian leader Sani Abacha, the Swiss Federal Banking Commission has ordered an audit of UBS, the country’s biggest bank. The onsite audit aims to assess...

Wanadoo consolidated revenues climb in H1

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Wanadoo had consolidated revenues of 918 million Euros for the six months period ended June 30, 2002, up 33 percent over the first half of 2001. Revenues from the second quarter of 2002 advanced...

Annual report shows foreign debt slashed to USD 8.513 bln

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The government foreign debt was USD 8.513 billion by the end of last year, down by USD 458 million compared to a year earlier. This was stated in Bulgarian National Bank’s annual report for...