World

Rising flood costs

The Czech government’s initial estimate of flood damage at 90 billion Czech crowns was most likely too optimistic as Finance Minister Bohuslav Sobotka has not ruled out that the bill will in fact top...

Norrina ferry records 10% increase yr/yr

The Norrina ferry, whose routes cover Iceland, the Faroe Islands, Denmark and Norway, has stopped its summer schedule. The ferry had a record summer, enjoying a 10 percent increase in business from the 2001...

MVRDV challenges with display of “impossible” city designs

The Rotterdam-based architecture firm MVRDV has nine projects on display at a current Yale School of Architecture show titled “3D City: Studies in Density.” The company has gained acclaim niche in the forefront of...

CMI, SeverGal agree to supply contract deal

Belgium’s CMI has signed a contract with SeverGal for the supply of equipment to build a hot-dip galvanising plant at Severstal, the steel works said in a press release. SeverGal, a joint venture between...

Agrotorg to open new shops in St Petersburg, Moscow

The St Petersburg-based limited liability holding Agrotorg expects to open 10 to 20 new stores in St Petersburg and Moscow by the end of this year, according to Interfax. The company runs the local...

Greenpeace undertakes Holy Lake clean-up

Russia’s Holy Lake was recently cleaned up by some 300 activists of the Greenpeace office in Moscow, according to Interfax. The majority of activists were students, who were helped by a diver and rescue...

Croatian, Slovene fishermen extend fishing suspension until more talks

Croatian and Slovene fishermen Saturday before last reached agreement on extending the fishing suspension in Piran Bay until this Sunday (September 15). The two groups will cease fishing activities in the contentious part of...

Greater number of retail shops opening in Hungary

Hungary’s number of retail locations stood at 161,959 at the end of April 2002, against 161,029 in the same period of 2001, Interfax reported citing figures released by the Central Statistical Office (KSH), which...

Italian honorary citizenship for Nigerian woman

Safiya Husseini, the Nigerian mother who was due to be stoned to death because she gave birth to a baby without being married, travelled to Italy on September 7 to attend a ceremony granting...

Naftogaz, Gazprom to create transit consortium

The deal between Ukrainian state energy group Naftogaz and Russian gas giant Gazprom, as reported earlier, should be completed early in October. Interfax quoted Gazprom Deputy Chairman Alexander Ryazanov as saying the two countries’...

Gold reserves climb 3.9% to USD 4.715 bln

Kazakhstan’s gold and foreign exchange reserves, including the National Fund and gross reserves of the National Bank, grew 3.9 percent last month to USD 4.715 billion, the National Bank announced recently. The reserves stood...

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...

Bernhard Mattes becomes chairman at Ford subsidiary

Bernhard Mattes has been appointed the new chairman at the German arm of US carmaking giant Ford Motor Co., replacing incumbent Chairman Rolf Zimmermann, AFX reported citing the German daily Sueddeutsche Zeitung. The paper...

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,...

Bouygues Telecom selects NEC for i-mode platform

Bouygues Telecom and NEC Corporation, through its subsidiary NEC France have entered into an agreement for the supply of a mobile multimedia platform with a view to developing i-mode services in France. The platform...

Turkish, Indian firms ink deal for Libya blocks

ONGC Videsh Limited (OVL), the wholly-owned subsidiary of the Indian government-owned Oil & Natural Gas Corp. (ONGC), has signed a farm-out agreement with Turkish Petroleum Overseas Corp. for the acquisition of a 49 percent...

Banca Transilvania welcomes Marzanati as new board president

Banca Transilvania has a new president, according to Bluebull. As per a decision taken by the bank’s managing board, Roberto Marzanati is the new head. Marzanti is the representative of the European Bank for...

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...

Svoboda: Petrol tax hike unlikely

Cyril Svoboda, deputy premier and Christian Democrat (KDU-CSL) chairman, has said raising taxes on petrol will possibly be postponed until 2004. He further noted that the government coalition parties had yet to reach agreement...

Herring market weary of 2002 season

With the start of the herring season earlier last week, fish company Skinney-Thinganes from Hofn has started preparing its barrels for storage. Production manager Hermann Stefansson told the daily Morgunbladid that in 2001 markets...

Philips, Sony to define next generation NFC

Royal Philips Electronics and Sony Corporation have announced that they will jointly develop a new near field radio-frequency communication technology, Near Field Communication (NFC). The technology enables short-range communication networks between consumer devices incorporating...

Glaverbel kicks off glass works operation in Russia

Belgium’s Glaverbel Group was ready to begin construction of a glass works worth 130 million Euro near Klin, just outside Moscow, week before last. “The construction will begin on September 4,” Glaverbel said in...

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...

Croatian air traffic control to take off with new EBRD loan

The European Bank for Reconstruction and Development (EBRD) has approved a 25 million Euro loan to assist the modernisation of air traffic control facilities in Croatia. The provider of Croatia’s air navigation service, Hrvatska...

Westel, MTI forge deal over Web site project

Hungarian mobile phone concern Westel Rt and news service MTI are collaborating on a Web site project, BBJ quoted Westel chief Andras Sugar as saying. News, bourse information and entertainment listings will be included...

Olivetti board approves results for H1

The Board of Directors of Olivetti Group, at a recent meeting chaired by Antonio Tescone, approved the results for the first six months of this year. The group reported consolidated revenues of 15,543 million...

Crew negligence, pilot error sources of air show tragedy

The conclusions offered by the Ukrainian military as regards the causes of the Lviv air show tragedy match the conclusions of the state commission, Interfax quoted the country’s Defence Minister Volodymyr Shkidchenko as saying....

August deflation at 0.3% – stats agency

Deflation in August in Kazakhstan amounted to 0.3 percent, while inflation has reached 3.4 percent since the beginning of the year, sources in the National Statistics Agency said. Last month, food prices were down...

Delifrance announces plans to open local chain

Delifrance Hellas SA, a subsidiary of the French bakery chain, will launch a chain of cafe-restaurants in Greece in two years. Managing Director Nikos Voulpiotis, at a corporate presentation last Tuesday, said the restaurants...

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...

Deutsche Bank, Lloyd’s start merger talks again

Deutsche Bank announced it has relaunched merger talks with the UK’s Lloyd’s/TSB to establish a new Anglo-German banking unit. Negotiations began in 2001 but were then brought to a standstill due to strong opposition...

Danone strikes bottled water agreement in Japan

Groupe Danone has signed a partnership agreement with Kirin Beverage Corp., one of the leaders in the Japanese beverage market, and Mitsubishi Corp., with the aim of accelerating the growth of the Volvic brand...

Petrolexportimport sees 48% drop in Q1 net profit

Romanian oil foreign trade enterprise Petrolexportimport said its first quarter net profit dropped by 48 percent year-on-year in real terms to 12.2 billion lei (USD 365,000), according to Bluebull. Turnover totalled 111.4 billion lei...

ERTI under business mission in Sofia

A member delegation of the European Round Table of Industrialists (ERTI) was expected in Sofia last week to meet with representatives of the Bulgarian government. As stated by ERT Sofia’s coordinator Maxim Behar, Solvay...

Companies to invest in flood ravaged area

A group of property development companies have formed a “Developers For Karlin” association aimed at investing in the Prague area worst affected by the recent floods. The association has proposed the building of a...

Gender discrepancy in salaries hard to fight

According to the Wage Investigation Committee, in February 2001 the average monthly salary for men in Iceland totalled 179,000 Icelandic crowns, while the average monthly salary for women reached a mere 124,000 crowns, or...