Post by Peter Ellis on Oct 3, 2004 15:15:20 GMT 1
DAILY NEWS
Trade deficit reaches $5.6 bln
Cottone leaves Pliva
Podravka withdraws its offer for purchasing a stake in Serbian
Centroproizvod
Real-estate agencies believe flat prices have reached their peak
Record indices values on Croatian stock exchanges
INA still awaiting an official government request to lower its margins
REGIONAL NEWS
Dinkic: Inflation in Serbia in 2004 will not surpass 10 percent
Slovenia: Second consecutive monthly reduction of retail prices
BM__1Trade deficit reaches $5.6 bln
Croatian trade deficit reached $5.6 bln at the end of August, reported
Croatian Bureau of statistics. Total exports in the first eight months of
this year are valued at a little above $5 bln (+26,6%), while imports surged
to $10,6 bln (+18,1%).
Due to changes in exchange rate between kuna and dollar the rates of growth
expressed in kunas are much lower, so the exports rose by 13,8% to 30,6 bln
kuna with imports growing by 6,2% to 64,7 bln kuna.
The main part of growth in exports is coming from shipbuilding industry,
with significant growth both in oil products, chemicals and radiotelevision
and communication devices exports. The imports of cars as well as other
vehicles grew significantly in the first eight months along with the growth
of import of food and beverages. The food and beverages also recorded a
solid reduction in exports.
BM_2Cottone leaves Pliva
The Pliva pharmaceutical company announced on Friday that as of next week
Paul Cottone will no longer hold the position of Pliva d.d. board member,
nor will he any longer occupy the post of chief executive director of
Odyssey Pharmaceuticals. Cottone's departure is not business related.
Cottone became a member of the Pliva management at the end of last year when
the post was vacated by Dubravko Mak. Before that Cottone was heading the
Sidmak Laboratories, or Pliva Inc., as it became known after acquistion of
Sidmak by Pliva in 2002. In April of 2004 Cottone was named head of Odyssey
Pharmaceuticals, Pliva's proprietary business company for the US market.
The identity of the new chief executive director of Odyssey will be made
public as soon as he or she is named, reads a Pliva communiqué.
BM_3Podravka withdraws its offer for purchasing a stake in Serbian
Centroproizvod
One of Croatia's largest food production companies, Koprivnica-based
Podravka announced on Friday it was withdrawing its offer for the purchase
of a stake in the Serbian Centroproizvod company. The offer was approved two
weeks ago by the Serbian Securities Commission together with the offer by
the Slovene Mercator which put in an offer for the C market trade chain.
But at the same time a dispute between the Doncafe company which wanted to
take part in Centroproizvod's recapitalisation and a segment of small
shareholders who were against Centroproizvod being bought by Doncafe broke
out. In the meantime, the decision on recapitalisation made at the
Centroproizvod annual meeting was confirmed, so Doncafe ended up
Centroproizvod's majority owner.
A statement issued by Podravka claims that due to the ill-transparency of
the privatisation process within which the doubtful recapitalisation of
Centroproizvod was conducted and the court cases being led at the Commercial
and Supreme courts in Belgrade, Podravka was retracting its offer for the
purchase of a majority stake in Centroproizvod.
Podravka was planning to pay 950 dinars (12.65 euros) per share and was
ready to retain all employees for good, retain the production pace, further
the technology and modernise production.
BM_4Real-estate agencies believe flat prices have reached their peak
The purchase of as many as 60 percent of flats in Zagreb, both the newly
built ones and older ones is being financed through bank loans, a topic the
latest issue of Banka monthly focuses on in a special section dedicated to
building societies.
The favourable bank loans are the very generators of the increased demand
for flats with valid paperwork and possibly newly built ones. However, since
the supply is limited, as well as the number of old flats available for
sale, so there is no drop in demand.
The highest price asked for a square meter of flat in Zagreb has reached
3,185 euros.
Despite the growing demand go-betweens in the real-estate business believe
that the prices of flats on the Zagreb market have reached their peak and
are expecting that an increase in prices now spreads to settlements away
from the city.
BM_5Record indices values on Croatian stock exchanges
Crobex, the official stock exchange index of the Zagreb Stock Exchange
reached on Thursday its highest ever value of 1.388,23 points. The growth in
the prices of Privredna Banka Zagreb shares (+9%) and Podravka (+4.9%)
impacted the most the growth of Crobex. Since the start of 2004, Crobex has
grown by 17.6%. In regular trading at the Zagreb Stock Exchange on Thursday
a turnover of 25.96 million kuna has been recorded.
On the Varazdin Stock Exchange, Thursday saw a turnover of 10.75 million
kuna, while the VIN index was closed close to a record level that it had
reached two weeks ago, at 1.096,6 points. VIN rose this year by 78 percent
(in September alone, it rose 14%), breaking the 1.000-point barrier at the
start of September, to reach a record value of 1.119,7 points on September
16.
BM_6INA still awaiting an official government request to lower its margins
The information about the request of the government for INA to lower its
margins has reached the INA management, but so far INA has not received any
official request, confirmed a member of the INA management board and
executive director Zorko Badanjak. INA management believes that the document
informing INA of the request will also contain the way in which future
prices would be formed i.e. how much marigins INA will be invoicing.
INA has issued a statement saying that it will, if the government allows it
to, correct the prices by itself, in a socially responsible manner, but will
also not endanger the development and planned investments for the coming
years. The said investments are linked to the adjustment of the fuel quality
that will, as of next year, become a standard in the EU and its neighbouring
countries. INA hopes that the cut in fuel prices will not bring about a
negative business balance. According to data supplied by INA its stake in
the prices of oil derivatives is between 36 and 39 percent, while the rest
represents excise taxes, road taxes and VAT.
(Courtesy of Bankamagazine)
Trade deficit reaches $5.6 bln
Cottone leaves Pliva
Podravka withdraws its offer for purchasing a stake in Serbian
Centroproizvod
Real-estate agencies believe flat prices have reached their peak
Record indices values on Croatian stock exchanges
INA still awaiting an official government request to lower its margins
REGIONAL NEWS
Dinkic: Inflation in Serbia in 2004 will not surpass 10 percent
Slovenia: Second consecutive monthly reduction of retail prices
BM__1Trade deficit reaches $5.6 bln
Croatian trade deficit reached $5.6 bln at the end of August, reported
Croatian Bureau of statistics. Total exports in the first eight months of
this year are valued at a little above $5 bln (+26,6%), while imports surged
to $10,6 bln (+18,1%).
Due to changes in exchange rate between kuna and dollar the rates of growth
expressed in kunas are much lower, so the exports rose by 13,8% to 30,6 bln
kuna with imports growing by 6,2% to 64,7 bln kuna.
The main part of growth in exports is coming from shipbuilding industry,
with significant growth both in oil products, chemicals and radiotelevision
and communication devices exports. The imports of cars as well as other
vehicles grew significantly in the first eight months along with the growth
of import of food and beverages. The food and beverages also recorded a
solid reduction in exports.
BM_2Cottone leaves Pliva
The Pliva pharmaceutical company announced on Friday that as of next week
Paul Cottone will no longer hold the position of Pliva d.d. board member,
nor will he any longer occupy the post of chief executive director of
Odyssey Pharmaceuticals. Cottone's departure is not business related.
Cottone became a member of the Pliva management at the end of last year when
the post was vacated by Dubravko Mak. Before that Cottone was heading the
Sidmak Laboratories, or Pliva Inc., as it became known after acquistion of
Sidmak by Pliva in 2002. In April of 2004 Cottone was named head of Odyssey
Pharmaceuticals, Pliva's proprietary business company for the US market.
The identity of the new chief executive director of Odyssey will be made
public as soon as he or she is named, reads a Pliva communiqué.
BM_3Podravka withdraws its offer for purchasing a stake in Serbian
Centroproizvod
One of Croatia's largest food production companies, Koprivnica-based
Podravka announced on Friday it was withdrawing its offer for the purchase
of a stake in the Serbian Centroproizvod company. The offer was approved two
weeks ago by the Serbian Securities Commission together with the offer by
the Slovene Mercator which put in an offer for the C market trade chain.
But at the same time a dispute between the Doncafe company which wanted to
take part in Centroproizvod's recapitalisation and a segment of small
shareholders who were against Centroproizvod being bought by Doncafe broke
out. In the meantime, the decision on recapitalisation made at the
Centroproizvod annual meeting was confirmed, so Doncafe ended up
Centroproizvod's majority owner.
A statement issued by Podravka claims that due to the ill-transparency of
the privatisation process within which the doubtful recapitalisation of
Centroproizvod was conducted and the court cases being led at the Commercial
and Supreme courts in Belgrade, Podravka was retracting its offer for the
purchase of a majority stake in Centroproizvod.
Podravka was planning to pay 950 dinars (12.65 euros) per share and was
ready to retain all employees for good, retain the production pace, further
the technology and modernise production.
BM_4Real-estate agencies believe flat prices have reached their peak
The purchase of as many as 60 percent of flats in Zagreb, both the newly
built ones and older ones is being financed through bank loans, a topic the
latest issue of Banka monthly focuses on in a special section dedicated to
building societies.
The favourable bank loans are the very generators of the increased demand
for flats with valid paperwork and possibly newly built ones. However, since
the supply is limited, as well as the number of old flats available for
sale, so there is no drop in demand.
The highest price asked for a square meter of flat in Zagreb has reached
3,185 euros.
Despite the growing demand go-betweens in the real-estate business believe
that the prices of flats on the Zagreb market have reached their peak and
are expecting that an increase in prices now spreads to settlements away
from the city.
BM_5Record indices values on Croatian stock exchanges
Crobex, the official stock exchange index of the Zagreb Stock Exchange
reached on Thursday its highest ever value of 1.388,23 points. The growth in
the prices of Privredna Banka Zagreb shares (+9%) and Podravka (+4.9%)
impacted the most the growth of Crobex. Since the start of 2004, Crobex has
grown by 17.6%. In regular trading at the Zagreb Stock Exchange on Thursday
a turnover of 25.96 million kuna has been recorded.
On the Varazdin Stock Exchange, Thursday saw a turnover of 10.75 million
kuna, while the VIN index was closed close to a record level that it had
reached two weeks ago, at 1.096,6 points. VIN rose this year by 78 percent
(in September alone, it rose 14%), breaking the 1.000-point barrier at the
start of September, to reach a record value of 1.119,7 points on September
16.
BM_6INA still awaiting an official government request to lower its margins
The information about the request of the government for INA to lower its
margins has reached the INA management, but so far INA has not received any
official request, confirmed a member of the INA management board and
executive director Zorko Badanjak. INA management believes that the document
informing INA of the request will also contain the way in which future
prices would be formed i.e. how much marigins INA will be invoicing.
INA has issued a statement saying that it will, if the government allows it
to, correct the prices by itself, in a socially responsible manner, but will
also not endanger the development and planned investments for the coming
years. The said investments are linked to the adjustment of the fuel quality
that will, as of next year, become a standard in the EU and its neighbouring
countries. INA hopes that the cut in fuel prices will not bring about a
negative business balance. According to data supplied by INA its stake in
the prices of oil derivatives is between 36 and 39 percent, while the rest
represents excise taxes, road taxes and VAT.
(Courtesy of Bankamagazine)