National News

Avtoframos to relaunch production in September

Avtoframos, a joint venture established by the Russian government and French carmaker Renault, announced it will restart production this month, according to Interfax. The two sides reached an agreement on this Wednesday before last...

Bulgarian firm to supply greenery for Athens

The management of Parkstroi, a company from the Bulgarian town of Ruse, with the Athens Municipality of Peristeri contracted an order for plant materials worth 30,000 Euro. The news was announced by the Ruse...

Zurich Financial says forced to cut 4,500 jobs

Zurich Financial Services week before last posted losses totalling USD 2.03 billion for the 2002 first half. The financial giant has now said it plans to cut 4,500 jobs, or 5.9 percent of its...

Crimea, Moscow to build transport bridge across Kerch

Officials of Ukraine’s peninsula Crimea and Moscow recently met to discuss the signing of a deal to build a transport bridge across the Kerch Strait, according to the Russian news agency Pravda. Main objective...

SE in the red with 794 mln crown loss

The leading power producer in Slovakia, Slovenske elektrarne (SE), announced it is in the red with a 793.42 million Slovak crown loss in the first half of this year, according to Interfax. Its predecessor...

Bank Austria, OTP Bank in joint bid for BCR

By Friday before last, the deadline for submitting letters of intention, just two banking groups had indicated their interest in buying a majority stake in Romania’s Banca Comerciala Romana SA (BCR). The information was...

Chirac promises Mali debt reduction

French President Jacques Chirac has pledged that his country will reduce by 40 percent the bilateral debt owed it by the West African nation of Mali, news organisations reported last week, cited by the...

Poor veterinary-sanitary needs cause disease spread

In the first six months of the current year, 670 cases of brucellosis disease among the Tajik population were reported in the republic. As head of the Agriculture Veterinary Department Mullojon Amirbekov told Asia-Plus,...

Desmond and Sons to lay off workers

A clothing firm has announced plans to close one of its plants in Dungannon, Co Tyrone, with the loss of 106 jobs. Desmond and Sons, which supplies exclusively to Marks and Spencer, said price...

Kreatel ready to storm market with DSL-oriented products

Kreatel Communications AB, supplier of IP-based set-top box systems, was last week due to unveil three projects at the IBC in Amsterdam. One project, realised together with the Thirdspace broadband enablement company, involves a...

Aero Vodochody says Indian army offer still good

Antonin Jakubse, head of the biggest Czech arms maker Aero Vodochody, announced that his company’s offer to the Indian army of light combat aircraft L-159 still holds. Jakubse was a member of the Czech...

Tbilisi, Yerevan forge stronger military bonds

Cooperative ties in the sector of regional defence are bound to unfold. As Interfax reports recently informed, the leaders of the Georgian and Armenian Defence Ministries will soon sign a number of documents aimed...

Pannonplast and market rumours

Market rumours over the activities of Hungarian plastics maker Pannonplast have resurfaced, according to Interfax. Rumours over an alleged takeover by unnamed Russian investors have also emerged, in addition to the probable shutdown of...

Akayev shares powers to smooth out turmoil

As a radical part of his move towards greater rapprochement with the opposition parties, Kyrgyz President Askar Akayev has invited them to take part in a constitutional council to discuss reforms, including the transfer...

State Duma to approve 2003 draft budget in 1st reading

State Duma budget committee leader Alexander Zhukov said the State Duma will likely approve the draft budget for next year in its first reading, according to Interfax. “This year the budget will pass the...

Avtovaz to start Kalina production

Russia’s leading carmaker Avtovaz will launch full-scale production of the Kalina, its new VAZ model, later this month, Interfax quoted Mikhail Dobyndo, Avtovaz VP in charge of production, as saying recently. The production launch...

Olympic Airways looks forward to 2002 profits

Olympic Airways will post operating profits of 23.5 million to 29.3 million Euro by the end of 2002, the company’s chairman and managing director informed last week. Addressing a parliamentary committee on state corporations...

Banks’ combined assets climb 18% in January-August

The banks in Ukraine reported combined assets of 59.5 billion hryvnias, up 18.1 percent, in the first eight months of this year based on preliminary results, according to Interfax. The National Bank of Ukraine...

Amadeus business arm in online self-booking travel solution

E-Travel, online travel technology and e-commerce business unit of Amadeus, week before last today announced the release of the latest version of its online self-booking travel solution for corporations and travel agencies. Available immediately,...

Summit Motors to set up Ford dealer network

Slovakia’s exclusive importer for the US carmaker Ford Motor Company has clinched a contract to set up a permanent dealer network. Summit Motors Slovakia will revise prices to the domestic market and invest 170...

Combino to link cities of Almada and Seixal

A new Light Rail system in Portugal will link the cities of Almada and Seixal south of Lisbon and offer a number of connections to the main railway line and ferries serving the capital,...

Dwindling number of armed forces servicemen

Moldavian Defence Minister Viktor Gaiciuc said the country cut the number of troops in the armed forces by 1,300 troops to 7,200 servicemen over the last year, according to Interfax. The announcement was made...

France inks joint fund with Morocco

Morocco and France signed early last week an agreement on the set up of a joint fund for innovative projects, especially in the field of telecoms. The agreement was signed between the Moroccan state-owned...

Ryanair August load factor rises

Ryanair Holdings Plc said its load factor rose to 95 percent in August from 91 percent a year earlier as passenger numbers rose 37 percent to 1.49 million from 1.09 million. The percentage of...

Second phase of Brady swap comes under way

The Bulgarian government is currently mulling a second exchange of Bulgarian Brady bonds for dollar-denominated Eurobonds with a maximum value of USD 800 million. The exchange will be done by increasing the volume of...

Watchdog issues Vzajemna insurer with injunction

The senate of the agency for insurance supervision will issue an injunction to health insurer Vzajemna with demands that the company align its business operations with the law. Public TV Slovenija said the injunction...

Telenor indicates interest in Sweden

The expansion plans of Norwegian Telenor appear to be moving into Sweden, Europemedia.net reported. Despite already enjoying cable, mobile, ISP and DTT interests in the neighbouring country, Telenor’s Managing Director Jon Frederik Baksaas said...

Skoda Liberec now operating as L.A.F.

As of this month, Truck International (former Liaz) group member Skoda Liberec will operate under the new name of L.A.F. (Liberecka automobilova fabrika). The bankrupt parent company Truck International decided on the name change...

Georgia inches closer to NATO faster than expected

Georgia’s rapprochement with NATO has gathered momentum, head of the international relations service at the republic’s state office Shalva Pichkhadze recently disclosed to Interfax. The official stressed the fact the process of bringing Georgia...

Moscow to issue Eurobonds on international markets

Moscow said it is prepared to distribute Eurobonds on international markets next year, according to Interfax. Several matters, like the Budget Code, which limits foreign borrowing for the regions may hinder getting the plan...

Carmakers produce 600,640 cars in 7 mo

ASM-Holding, coordinator of activities of Russian and CIS automobile and tractor producers, said Russian carmakers sold 597,153 cars in the January-July period of 2002, according to Interfax. The former Soviet republic made 600,640 cars...

EKO-ELDA to implement employee insurance coverage

Greek oil company EKO-ELDA SA, a member of the Hellenic Petroleum Group, has in cooperation with Phoenix Metrolife Commercial secured an insurance programme for its personnel with significant benefits. Phoenix Metrolife Commercial SA offers...

Fitch assigns ratings to small regional Laietana

Fitch Ratings has assigned ratings to Caixa d’Estalvis Laietana at short-term F2, long-term BBB+, individual C and support 4. A stable outlook is in place for the long-term rating. The ratings reflect the small Catalonian...

Schroeder, Stoiber debate Iraq, unemployment issues

The second TV debate between Chancellor Gerhard Schroeder and his conservative challenger Edmund Stoiber just before the September 22 general elections left many with the notion that Schroeder won that round. Last Sunday’s arguments...

US Steel Kosice eyeing USD 95 mln in investments

US Steel Kosice is prepared to spend USD 95-105 million in investments this year, US Steel Kosice Chairman John Goddish said, according to Interfax. The American company, which holds the top spot in Central...

Moldova-Russia deal on military-technical cooperation

The government of Moldova has presented a deal on military-technical cooperation between Moldova and Russia to the parliament for approval, according to Interfax. Inked five years ago, the document grants legislative support to the...

Temtrade files suit against L’Oreal

A Paris court has begun hearing a USD 227 million lawsuit against L’Oreal filed by the French cosmetic giant’s distributor in the Soviet Union and Russia from 1975 until the end of 1999, The...