National News

Kudrin becomes Alrosa’s supervisor

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On July 12, Russian Finance Minister Alexei Kudrin was elected chairman of the supervisory board of the Russian diamond monopoly Alrosa, the company’s press service said. Alrosa plans to produce USD 1.58 billion in...

Ivanov against possible US military action in Iraq

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Russian Defence Minister Sergei Ivanov said on July 15 that Moscow does not back possible military action by the United States and its allies against Iraq. “We do not and cannot back unilateral military actions...

Citizens will judge at end-term, says Papantoniou

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Greek National Defence Minister Yiannos Papantoniou has said that there should be an “about face” toward the country’s people so they can, in a visible and tangible way, experience the benefits of the government’s...

Ukraine posts 4.3% GDP surplus

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Ukraine posted a GDP surplus worth 4.3 percent in the first half of 2002 and 6.7 percent last month against June 2001, Prime Minister Anatoly Kinakh told a meeting. Industrial production grew 5.8 percent...

Austrian subsidiary bank gets licence to operate in Cyprus

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Governor of the central bank of Cyprus Christodoulos Christodoulou has been granted a banking business licence to Kommunalkredit International Bank Ltd., a wholly owned subsidiary of Kommunalkredit Austria AG. The licence, which was granted...

Movilisto adds Crossbow to telecom activities

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Movilisto has acquired Crossbow, Spain’s fourth biggest company in the telecoms sector, from Digital Mood. Movilisto, the country’s leading provider of SMS and value-added mobile applications with a wide client base including Repsol YPF,...

Czech SME acquires 50% of Elektrovod Holding

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The No. 1 power distributor in the Czech Republic, Severomoravska energetika (SME), has purchased a 50 percent stake in the Slovakia-based group Elektrovod Holding, a designer and developer of electric networks, from Penta Group,...

Virus infects 180 Vienna businesses, incites fears of attack

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Coinciding with Austrian Interior Minister Ernst Strasser’s meeting with Canadian and US officials to discuss increasing efforts in the collective fight against cybercrime, 180 businesses in Austria were infected week before last with two...

Sopharma acquires Pharmahim Holding

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Privatisation Agency Supervisory Council affirmed the contract on the 100 percent sell-off of Pharmahim Holding capital and 45.89 percent of the capital of the National Investigation Chemical - Pharmacy Institute (NICPI) with Sopharma. Pharmahim...

Industria Sarmei sell-off deadline gets pushed back

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Romania’s Privatisation Authority (APAPS) announced a delay in the sell-off deadline for Industria Sarmei, a Romanian wire maker, according to BBW. APAPS was quoted as saying the new deadline, scheduled for August 1, will...

Spidla opposed to raising debt, says it must be tackled

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Czech Prime Minister Vladimir Spidla (CSSD) said on Prima television weekend before last that the new government does not want to raise the indebtedness of the country. However, he did note that it is...

List Pim Fortuyn takes on immigration in government

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List Pim Fortuyn party leader Mat Herben stated week before last that the party would take charge of the Immigration Ministry as one of four cabinet jobs. This role in The Netherlands’ new government...

May C/A deficit reaches 1.724 billion Euros

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Italy’s Exchange Office said the state’s current account deficit reached 1.724 billion Euros in May compared to a 621 million Euros deficit in the same period of last year, according to AFX. Italy also...

Metallurgies deny cartel agreement

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Representatives from large Russian metallurgy companies have denied accusations from some metal consumers, particularly automobile producers, of the existence of a cartel agreement to increase prices for metal products from July 1. Severstal Press...

Russia, US sign first plutonium-238 deals

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Russia began signing contracts on plutonium isotope supplies to the United States, Russian Atomic Energy Minister Alexander Rumyantsev told a news conference. He noted that the United States would use the element in its...

Central bank collects only 97% of drachmas so far

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The Bank of Greece has noted that some GRD 100 billion (293.4 million Euros) still remain hidden in chests or under mattresses in the country as 97 percent of the GRD 2.9 trillion in...

WB to draft agriculture support programme

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The World Bank team in charge of drafting a support project for Ukrainian agriculture started work on July 15. It aims at specifying the time span of the project and the amount to be...

Bank of Beirut in Cyprus activity

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Bank of Beirut SAL is now allowed to carry out banking business in and from within Cyprus, through a branch in the form of an International Banking Unit (IBU), CNA reported last Tuesday. ...

Iberdrola works toward building 800 MW combined cycle plant

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Spanish power group Iberdrola is examining the possibility of building an 800 MW combined cycle power plant at the Muelle de Inflamables of the Port of Barcelona. This follows interest expressed by Spanish electricity...

Battle taxi deployment on the cards, says Scharping

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German Defence Minister Rudolf Scharping said on July 15 that the country’s two leading makers of battlefield armour have agreed to a demand from Berlin for new armoured infantry vehicles to go into production...

Belgium’s Michel tours Slovakia, meets Kukan

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Belgium’s Deputy Prime Minister, Louis Michel, travelled to the Slovak capital last Monday to meet with Slovak Foreign Minister Eduard Kukan and other local government officials after receiving an invitation from the foreign minister,...

Puma Austria contracts Bedav to supply software

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Internationally renowned sportswear and equipment maker Puma AG has awarded the German IT company Bedav a contract for the installation of computer-based business systems in Puma Austria’s units located in Italy, Eastern European countries...

Irish tourist industry gets a shot in the arm

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Irish Tourism Minister John O’Donoghue announced a GBP two million bid to save the country’s struggling tourism industry. The bulk of the cash will be used to attract British visitors to Ireland through a...

CCB becomes new owner of Dobrudzhanska Trade Bank

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Central Cooperative Bank (CCB) is the new owner of Dobrudzhanska Trade Bank (DTB). The transfer of the bank property is scheduled to take place in two months. Dobrudzhanska Bank was sold for one lev...

Connex starts myX Licitatii service for online auctions

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Connex has started its myX Licitatii service that offers the chance for clients to purchase and sell online under real time via SMS notifications, according to BBW. The clients, namely mobile users, who will...

Petrol price to drop further on firm Czech crown

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Last month, a litre of Natural petrol cost 24.71 Czech crowns on average, which is five crowns less than a year ago, figures provided by the Czech Statistical Office (CSU) noted. Patria Finance analyst...

Philips launches strict new policy on auditor functions

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Royal Philips Electronics last week unveiled a comprehensive new global policy on external auditor independence covering Philips and all majority owned entities. The firm has always maintained a policy of strict separation between the...

Italy to OK spending cuts, revenue-generating measures

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Italy will be obligated to approve spending cuts and revenue-generating measures of 19 billion Euros to satisfy plans to cut the deficit to 0.8 percent of gross domestic product (GDP) in 2003, Dow Jones...

Russia, EU sign steel trade pact

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The Russian Ministry for Economic Development and Trade and the European Coal and Steel Association signed a steel trade agreement in Brussels, the ministry’s press service said. In March 2002 the Ministry for Economic...

S. Korea a potential spent nuclear fuel supplier

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South Korea is a potential supplier of spent nuclear fuel to Russia, Russian Atomic Energy Minister Alexander Rumyantsev said. South Korea shows immense interest in spent nuclear fuel shipments,” he said. The minister emphasised...

Greeks still tempted by ease of bank loans

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Repeated warnings regarding risks faced by Greek households due to a propensity for being over-loaned have had no effect, the latest statistical data shows. Greek citizens are still tempted by the possibilities offered, mainly...

State debt shrinks by nearly 1 billion hryvnias

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Since the start of this year, Ukraine’s state debt decreased by 958 million hryvnias to 73.7 billion hryvnias on May 31, Finance Minister Ihor Yushko reported at a parliament session. He noted that over...

Cypriot-Moldavian aviation agreement

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Cyprus and Moldova signed an aviation agreement to enhance cooperation between the two countries in air transports, last Tuesday, CNA reported. According to an official press release, the agreement provides the framework for further...

Rio narcea makes plans to switch listing to FTSE

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In a move that would underline London’s reputation as the world centre for mining stocks, Spanish gold producer Rio narcea is contemplating switching its main listing to the British capital. With its head office...

Allianz unit boosts managed assets by 22 bln Euros

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Allianz Dresdner Asset Management (ADAM) boosted its assets under management by 22 billion Euros in the first quarter of 2002 despite the turbulence on world equity markets, the company reported on July 15. The company...

New government party

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Slovakia saw the creation of the Movement for Democracy last week, according to Radio Slovakia International. The new party was set up by the former member of the opposition Movement for a Democratic Slovakia,...

Malaysia Airlines resumes Kuala Lumpur-Vienna route

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Malaysian Airline System Bhd assistant general manager for corporate communications Shauqi Ahmad said the company is targeting a 65 percent passenger load factor for its resumed route from Kuala Lumpur to Vienna. Flights to...