Business roundup
14/10/2005
A review of business and economic news from the Balkans since 14 October:
(Various sources – 07/10/05 – 14/10/05)
 Azeri President Ilham Aliyev (left), Georgian President Mikhail Saakashvili (centre) and Turkish President Ahmet Necdet Sezer press the start button at the launch of the Georgian section of the Baku-Tbilisi-Ceyhan pipeline in the Georgian town of Gardabani, 40km southeast of Tbilisi, on Wednesday (12 October). [AFP] |
The Albanian government has announced it will investigate the sale of the state-owned firm Albtelecom to a Turkish company. Minister of Industry and Economy Genc Ruli asked parliament to freeze the deal until a reputable international firm is hired to look into the sale. The previous Socialist cabinet sold 76 per cent of Albtelecom to Calik Enerji for 120m euros
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The European Investment Bank has extended a 19m-euro loan to Albania for rehabilitation of the main road infrastructure in the country, the finance ministry announced. The credit has a 20-year maturity and a 3-year grace period.
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The European Commission (EC) said it would take Greece to court for failing to adhere to EU rules governing combined transport. The EC decision was taken after an Austrian transport firm complained that Greek authorities prevented its trucks from completing a trip, having accused them of illegal road transport.
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In November, the Macedonian government will open the first privatisation tenders in the energy sector: one for the thermal power plant Negotino and another for power distributor Distribucija. According to Economy Minister Fatmir Besimi, the sales procedures must be completed by the end of this year.
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Germany's Kaufland unveiled plans for investing 300m euros in Romania over the next few years. Kaufland intends to set up a network of 40 hypermarkets throughout the country.
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Bosnia and Herzegovina (BiH) saw an inflow of 130.8m euros in Foreign Direct Investment in the first half of 2005, an increase of 25.9 per cent year-on-year, according to the BiH Central Bank. Out of the total investments, 53.3 per cent were in banking, while 40.6 per cent were in manufacturing.
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Croatia's Central Bank estimates this year's annual inflation rate will reach 3.7 per cent -- some 1.2 percentage points above the initial forecast. It attributed the higher rate to external factors such as oil price hikes, as well as unfavourable weather conditions that raised the price of domestic fruits and vegetables.
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Turkish Deputy Prime Minister Abdullatif Sener said the government has set 5 per cent for year-end inflation as one of its macroeconomic targets for 2006. A new IMF mission arrived in Turkey on 12 October to discuss the government's economic policy, including budgetary issues.
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