June - 2020

Government conditions help to U.S. Steel by investments in improving competitiveness

The government’s approach to the Košice-based steel mill U.S. Steel will depend on its investments in improving competitiveness, for instance into production of steel for the automotive sector, said Economy Minister Richard Sulík (SaS) after meeting its management. At present, the mill does not supply any of the four Slovak car plants. Sulík suggested that the government could help with energy prices. Last year, the mill lost €63m following a €127m net profit for 2018. Last s

Prima banka condemned the state assistance programs

Prima banka, owned by Penta, was the only Slovak Banking Association member to abstain when voting on the agreement with the government to eliminate the banking levy. It thinks the elimination should not be bartered off. It is among the banks suing the government on the levy, and would not comment on whether it will withdraw the lawsuit. It also argues that state loan guarantees "distort competition" and it did not take part in the program of small state-backed loans. It woul

Vláda podmieňuje pomoc U.S. Steelu investíciami

Ústretovosť štátu ku košickej oceliarni U.S. Steel bude závisieť od jej investícií do zvyšovania konkurencieschopnosti, napr. do výroby produktov pre automobilový priemysel, uviedol minister hospodárstva Richard Sulík (SaS) po stretnutí s vedením firmy. V súčasnosti oceliareň nedodáva ani pre jednu zo štyroch slovenských automobiliek. Sulík naznačil, že vláda môže oceliarni pomôcť s cenou energie. Oceliareň vlani utrpela stratu 63 mil. € po 127 mil. € čistom zisku za rok 2018

Prima banka kritizuje vládne opatrenia

Prima banka vo vlastníctve Penty sa ako jediný člen Slovenskej bankovej asociácie zdržala hlasovania o dohode s vládou na zrušení bankového odvodu. Myslí si, že zrušenie odvodu by nemalo byť predmetom výmenných dohôd. Je jednou z bánk, ktoré štát žalovali kvôli bankovému odvodu. Neuviedla, či žalobu na základe dohody z vládou stiahne. Banka tiež argumentuje, že štátne záruky na úvery „narúšajú férovú hospodársku súťaž“. Preto sa nezapojila do programu štátnych záruk na malé ú

Arca Investments (Rastislav Velič) asked for temporary bankruptcy protection

Arca Investments (Rastislav Velič) asked for temporary bankruptcy protection as it is unable to pay its creditors. It is “preparing internal reorganization” and launching “crisis management.” It downplays its financial woes and claims “its overdue payables represent less than 1% of assets under Arca management.” The group funded its recent massive acquisitions by debt; it is still selling bills with a yield of 6% p.a. It controls €600m assets. (hnonline.sk)

Wirecard employs 400 in Košice

Wirecard, a German fintech company that filed for bankruptcy last week, employs 400 in Košice and it is unclear whether they will all lose their jobs. The company used accounting tricks to mask its problems, is highly indebted and its stock price has plummeted close to zero. The Slovak mobile phone operator O2 was forced to pause payments via its O2 eKasa solution as it was using Wirecard for payment processing. (hnonline.sk)

Wirecard zamestnáva v Košiciach 400 ľudí

Nemecká fintech spoločnosť Wirecard, ktorá minulý týždeň požiadala o konkurz, zamestnáva v Košiciach 400 ľudí. Zatiaľ nie je jasné, či prídu o prácu. Firma maskovala svoje problémy účtovníckymi trikmi, je vysoko zadlžená a hodnota jej akcií klesla k nule. Jej problémy pocítil aj mobilný operátor O2, ktorý jej služby využíval pri služby eKasa. O2 tak bol nútený dočasne zastaviť bezhotovostné platby cez terminály O2 eKasa. (hnonline.sk)

Arca Investments (Rastislav Velič) požiadala o dočasnú ochranu pred veriteľmi

Spoločnosť Arca Investments (Rastislav Velič) požiadala o dočasnú ochranu pred veriteľmi, keďže nemá peniaze na uspokojenie veriteľov. Ochranu chce využiť „na prípravu internej reorganizácie” a spúšťa „krízový manažment”. Svoje problémy zľahčuje a tvrdí, že „po splatnosti je menej ako 1% celkového objemu aktív, ktoré má Arca pod správou”. Skupina financovala nedávne rozsiahle akvizície za pomoci dlhov, predávala zmenky s ročným výnosom 6%. Oficiálne kontroluje aktíva v hodnot

Another package of business environment improvements this fall

Economy Minister Richard Sulík (SaS) will submit another package of business environment improvements this fall. He will focus on the elimination of mandatory membership in various chambers and licensing rules, reducing the administrative burden, and cuts in taxes, payroll levies, and fees. He is not giving up on a payroll levy bonus (replacement of social benefits by a single payment). He wants to change the financing of municipalities to motivate them to assist businesses.

Easier forfeiture of fraudsters’ assets

Justice Minister Mária Kolíková (Za ľudí) prepared a new Act on Forfeiting Proceeds from Crime. Besides defining conditions for forfeiting and managing property procured by criminal activities, it also adds new crimes of bending the law (arbitrary rulings of judges) and feeding (providing benefits/bribes without a specific purpose). A new Office for the Administration of Forfeited Property will be set up that will be allowed to confiscate property before conviction. The Offic

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