National News

Lithuanian defence minister in Belgium

Linas Linkevicius travelled to Brussels in the first week of September for an official three-day visit, BNS reported. The main point of the visit was a meeting there with his Belgian counterpart Andre Flahaut,...

Wimm-Bill-Dann Foods profit to jump by 25%

Wimm-Bill-Dann Foods will likely see its net profit increase by 25 percent to USD 20 million in the first six months of 2002, Interfax quoted analysts as saying. Natalya Zagvozdina, a Renaissance Capital analyst,...

New measures for metallurgical industry

The Russian government recently ratified measures to develop the state metallurgical industry in the next eight years, according to Neftegaz.ru. The government said the measures will support the restructure of the industry, will boost...

Nokia assists CosmOTE MMS launch

Nokia has supplied CosmOTE, Greece’s number one mobile operator, which introduced multimedia service Thursday before last, with a complete end-to-end multimedia messaging (MMS) solution, including the Nokia MMS Centre, Nokia Multimedia Terminal Gateway, Nokia...

Kuchma on creation of coalition government

Ukrainian President Leonid Kuchma announced he is prepared to establish a coalition government given a parliamentary majority set up on the basis of the “Our Ukrainian” party, according to Interfax. “If Viktor Yushchenko (Our...

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...

Bridging the gap seems more feasible, says UN’s Annan

Upon completion of the Paris meeting, UN Secretary General Kofi Annan expressed his reserved optimism on the future development of peace talks between Cypriot President Glafcos Clerides and leader of the Cyprus Turkish occupied...

Better industry performance at hand, says ifo-Institut

The Munich-based economic research unit ifo-Institut said in its latest report that the German industry should show a better performance level in the investment mood in the fourth quarter of this year, according to...

Consumers paying Europe’s highest electricity prices

An International Research Associates’ (IRNA) report says that in 2001, consumers in Denmark paid the highest electricity prices in Europe. The group surveyed the 15 EU member states that have agreed to open up...

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...

Scheider Electric gains major DE stake

Schneider Electric reached a conditional agreement to acquire a 35 percent stake in Digital Electronics (DE), listed in Osaka, and to launch a takeover bid for the remaining portion of the share capital, the...

NATO aspirations figure in White House visit

After meeting with US President George W Bush at the White House last week, Estonian Prime Minister Siim Kallas said that “Bush confirmed that the United States gives its strong support to Estonia’s accession...

IFC mission launches full operation in Tashkent

ôhe government of Uzbekistan and the International Financial Corporation (IFC) have signed an agreement on the establishment of an IFC mission in the Central Asian state, UzA reported. The document was signed in Tashkent...

Belgian Tractebel accepts investment potential in Sofia

Deputy Prime Minister and Economy Minister Nikolay Vassilev invited Belgium’s energy giant Tractebel to invest in Bulgaria’s energy sector, novinite.com reported. According to earlier reports, Vassilev was in Brussels for consultations on the annual...

August inflation rate higher at 7.3% mo/mo

Latest data released by the Slovenian Statistical office show an annual inflation rate of 7.3 percent in August, up from an annual 7.2 percent the previous month. Consumer prices rose 0.1 percent in August...

Fortis proves flexible with strong Q2 results despite uncertain market

Fortis recorded excellent operating performance in the first half of 2002, proving that it is able to adapt to the changing economic circumstances and can benefits from its diverse mix of activities. As a...

Government accused over tobacco sales restriction

British American Tobacco Nordic, headquartered in Helsinki, Finland, has brought charges against the government of Iceland, claiming that certain provisions of the country’s tobacco legislation is against the constitution. The case was introduced in...

Latvian, Russian railways decide to cooperate

A delegation from the state-owned Latvijas Dzelzcels (Latvian Railways), headed by its board Chairman Andris Zorgevics, last week held talks with Russian Railways Minister Gennady Fadeev according to a BNS report. They signed an...

Lenzoloto to launch gold mill at Zapadnove lode in 2003

Lenzoloto announced it will set up a gold mill at the Zapadnove lode next March, according to Interfax. The holding company of gold manufacturers in the Irkutsk region said the mill was supposed to...

NorNickel ready to subsidise mining field development

Russia’s JSC NorNickel announced it will spend some USD 1 billion for the development of its new mining fields for its Zapolyarny subsidiary, according to Skrin. The money represents 33 percent of the overall...

Coca-Cola bottler eyeing US listing

The Coca-Cola Hellenic Bottling Co. (CCHBC) has confirmed plans to apply for a listing of its shares on the New York stock exchange, following an initial announcement in May. Friday before last, CCHBC said...

Court puts Studio 1+1 hearing on hold for now

Central European Media Enterprises Ltd. said the Court of Cassation hearing concerning its Ukraine subsidiary has been shelved for the time being. A decision to determine a new date will be made soon, the...

La Seda posts 19.7% drop in H1 net profits

La Seda de Barcelona has recorded a 19.7 percent slump in net profits to USD 2.4 million in the first half of 2002 from USD 3 million last year, amid extraordinary expenses of almost...

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...

Advertising market puts dent in ProSiebenSat1 revenues

The ProSiebenSat1 Group is still feeling the adverse effects of the laggard advertising market, according to Bluebull. Consolidated revenues in the first half of this year eased by four percent to 985 million Euro.

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,...

Tullow Oil sees positive year, H1 turnover doubles

Tullow Oil Plc, an international oil and gas exploration and production company specialising in gas-to-power projects, said it sees a positive full year after reporting a doubling in turnover for the first half to...

Uzbek-Kazakh relations move a step forward, border pact is on

All economy-related fields will benefit by the pending cooperative agreements to be signed by Kazakhstan and Uzbekistan. As Kazakh President Nursultan Nazarbayev announced after his meeting with his Uzbek counterpart Islam Karimov the two...

Foreign trade gap widens in July

The State Statistics Office announced on September 5 that Estonia imported goods in July worth 6.6 billion kroons (USD 420 million) and exported goods worth 4.0 billion kroons, resulting in a foreign-trade deficit of...

Turkish leadership divided over EU membership

A crisis erupted in Turkey’s three party coalition government last Tuesday over the country’s bid to join the EU. The leader of the centre-right Motherland Party (ANAP) stated he would not continue to serve...

Bondholders to consider new options in Elektrim debt restructuring deal

Elektrim CEO Michal Radziwill has presented bondholders with two new debt restructuring offers. He cautioned that if both offers are rejected, the floundering company may be forced to file for bankruptcy. In the mean...

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...

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...

Akzo Nobel feels the pinch as Organon contraceptive sales drop

The Organon unit of Akzo Nobel NV faired poorer than competitor Schering AG reporting a two percent year-on-year decline in the use of the contraceptive pill in The Netherlands in the first half of...

Moscow Mayor confirms visit to Latvian capital

During his recent visit to Moscow, Riga Deputy Mayor Sergejs Dolgapolovs received assurances that Moscow Mayor Yuri Luzhkov will visit Riga on September 27 and 28, BNS reported last week. He thus refuted an...

Berlusconi eyes KirchMedia unit

German sentiment about purchase plan not too positive With Leo Kirch’s media empire falling to pieces, Italian Prime Minister Silvio Berlusconi is eyeing the purchase of the German mogul’s leading television station, ProSiebenSat1, according to...

Jewellery imports top local jewellery production

Russia jewellery imports top domestic jewellery production by 50 percent, Interfax quoted a state trade representative as saying at the Yuvelir-2002 jewellery exhibition in Moscow. On account of imports, which comprise legal and illegal...