Mit - Index

Mit - UVK_Sinfo_2008_09_št.13 - Index

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home appliance maker Gorenje (111th), car maker Revoz (122nd),
power producer HSE (183rd), hardware retailer Merkur (184th), drug
maker Krka (215th), national telco Telekom Slovenije (216th) and Lek
Pharmaceuticals (242nd). “The list is still dominated by companies
from the energy sector, followed by the auto industry, which has
made major investments in the countries of Central Europe recently,”
said Janez ©krubej from Deloitte’s office in Ljubljana. The Central
Europe Top 500 project also includes a review of the 100 largest
banks and 50 largest insurance companies. Nova Ljubljanska Banka
(NLB) placed 8th, which is a consequence of its active takeover
policy in recent years and expansion to the markets of South Eastern
Europe. Slovenia’s second largest bank, NKBM, meanwhile focused
on the home market and landed in 42nd position, said ©krubej. Active
takeover policy and expansion to foreign markets meanwhile secured
Slovenia’s biggest insurer, Zavarovalnica Triglav, the 8th spot among
the top 50, he added. According to ©krubej, “competitive products
and services as a result of their know-how and development will
enable Slovenian companies to further expand to foreign markets.
They will also have to pay attention to opportunities for acquisitions
in their target markets”.
ADRIA mOBIL UPBEAT DESPITE
DOwNTURN
The Novo Mesto-based caravan maker, Adria Mobil, says it is
successfully coping with the worsened conditions in the market,
expecting year-end operating results to be just slightly below last
year’s record figures. Last year, Adria Mobil generated EUR 274m in
sales revenue and nearly EUR 14m in net profit. Moreover, one of
the leading European makers of mobile homes, caravans and mobile
houses sold nearly 13,500 vehicles. According to the European
Caravan Federation, Adria was Europe’s leading mobile home
brand in 2007, with 4,772 newly-registered vehicles, followed by
three German brands: Dethleffs, Hymer and Buerstner. Adria Mobil
is part of the Adria Group, along with three other Slovenia-based
subsidiaries and six subsidiaries operating abroad. The group is part
of the Ljubljana-based ACH conglomerate. Adria Mobil said the
company was feeling the impact of the current economic trends,
but could not give any concrete projections as yet because of the
busy fair period ahead, when the company is slated to present new
products in its major markets. Despite hikes in the prices of oil and
raw materials and the slowdown in consumption, the company is
confident, saying it has invested heavily in the development of its
products, brands and its business network in recent years. Adria
Mobil sells about 97% of its products on the European market. It
has recently been investing in the development of promising new
markets, targeting Japanese, Australian and Russian markets, the
company said.
mINISTER: wELfARE ShOULD NOT
JEOPARDISE DEVELOPmENT
Economy Minister Andrej Vizjak told reporters in Celje on 15
September that welfare was important, but that it should not be at
the expense of economic development. He also said that economic
growth was a necessary but not sufficient condition for prosperity.
Vizjak made the comments as he presented the achievements of his
ministry in the past term at the International Trade Fair. He expressed
satisfaction over the results achieved, noting that the Ministry of
the Economy and the economy itself had created a joint story of
development. He highlighted in particular the adoption of the law
on workers’ participation in profit. “Human potential needs to be
cherished and invested in, and it is necessary to maintain good
relations with trade unions.” “Our goal at the start of the term was to
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create better conditions for business. I wanted to introduce proactive
cooperation with the economy,” the minister noted, praising the
introduction of government visits to regions and companies. The
minister proposed that the next government should expand the
responsibilities of the ministry to technology, information society and
renewable energy sources, which are currently the responsibility of
other ministries. “We are keen on good cooperation in the future as
well. The 5.5% growth in the second quarter meanwhile shows that
Slovenia does not share the fate of some other European countries
that are in recession. Much can still be done by using potentials,”
Vizjak said.
EU REmAINS DIVIDED ON REDUCED VAT
RATES
EU finance ministers failed to find common ground on 13 September
concerning lower VAT rates for labour-intensive services. “The
debate did not bring any specific conclusions. The EU remains as
divided as it has always been,” related Slovenian Finance Ministry
State Secretary Žiga LavriË, who participated in a two-day informal
meeting of EU finance ministers. European Commissioner for
Taxation Laszlo Kovacs said there were two main schools of thought
on this issue: one which advocates balanced budgets and the other
which places emphasis on employment and social affairs. “But we
did agree on two things: that no disturbances may occur on the EU’s
internal market and that Member States must have equal access to
reduced VAT rates,” he said. LavriË, who is standing in for Minister
Andrej Bajuk at the informal meeting in the French resort of Nice,
said there were several issues surrounding reduced VAT rates, for
example the problem of competition if reduced VAT is introduced
by a neighbouring country. Moreover, companies may be tempted
not to reduce prices if the Member States decide to reduce VAT
rates, which would merely increase their profits. According to LavriË,
there was nothing new today on reduced VAT in restaurants, where
reduced VAT is currently possible in 11 of the 27 Member States.
Tax matters require consensus-based decisions, meaning that all
27 Member States must endorse them. “It will be tough,” LavriË
assessed. The VAT debate follows an initiative by the European
Commission, which in July proposed lower VAT rates on service
industries such as hotels, restaurants and hairdressers. In addition to
harmonising VAT rates across the bloc, the proposal aims to boost
economic activity in labour-intensive sectors.
CONSTRUCTION Of LJUBLJANA
PASSENGER TERmINAL kICkS Off
With the acquisition of the building permit to pull down the existing
buildings on the premises, the construction of the new passenger
terminal called Emonika City Centre officially started in Ljubljana. The
project proves Slovenia is open to foreign investment, while Emonika
will also make public transport more attractive and revive the city
centre, Transport Ministry State Secretary Peter Verlic pointed out.
The Emonika project is the biggest foreign construction investment
in Slovenia and it will help deepen the cooperation between Hungary
and Slovenia. The project, which is scheduled for completion in 2010,
will include a new railway and bus station, an office and a residential
skyscraper, a business hotel and a convention centre, 3,700 new
parking spaces and a shopping and entertainment centre. Trigranit
and Slovenske zeleznice signed the contract on the construction of
a passenger terminal in the centre of Ljubljana in October 2007. The
project was assessed at EUR 220m. Slovenske zeleznice holds 3% of
this joint venture with Trigranit after selling most of its stake in the
venture (20.4%) to Trigranit in March.
Model of the new passenger centre Emonika City Centre.
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