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InvestSlovenia http://dev.tend.si/investslovenia/ Bussiness news en.UTF-8 TYPO3 News Sun, 22 Oct 2017 23:00:17 +0200 Sun, 22 Oct 2017 23:00:17 +0200 TYPO3 EXT:news news-4755 Sat, 21 Oct 2017 00:00:00 +0200 Disposable income up by 4.5% in 2016 https://www.investslovenia.org/news-media/business-news/disposable-income-up-by-45-in-2016-4755/ Ljubljana, 21 October (STA) - Disposable income of Slovenian households continued to increase year-on-year in 2016 for the third consecutive year, the Statistics Office has said. The figure was 4.5% higher than in 2015, reaching EUR 10,802 per capita. Disposable income was highest in the Koroško region at EUR 11,749 and lowest in the Pomurje region at EUR 10,148.

The Statistics Office said that Slovenian households received on average 4.9% more funds per employee in 2016 compared to the year before.

"The improvements in the economy (higher employment, higher GDP) is slowly starting to show in the improved economic standing of households in all statistical regions," the office said.

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news-4754 Mon, 16 Oct 2017 00:00:00 +0200 Slovenian tech companies forging ties in Russia https://www.investslovenia.org/news-media/business-news/slovenian-tech-companies-forging-ties-in-russia-4754/ Moscow, 16 October (STA) - Representatives of four Slovenian technological companies and the Ljubljana Faculty of Computer and Information Science are visiting the Skolkovo Innovation Centre and the Internet Initiatives Development Fund in Moscow on Monday and Tuesday to forge new business ties and cooperation. According to the Slovenian SPIRT agency, which organizes the visit, the Slovenian delegation will include representatives of the companies Arctur, XLAB, FMC Group and VPD.

In Russia, Arctur is looking not only for end customers of its high-tech products, but also for distributors and partners for research and development.

"We'll present our super-computer infrastructure which Russian software manufactures can use to offer their products to buyers from the EU pay-as-you-go, which makes costlier software much more accessible to smaller companies as well."

Arctur will also showcase AISense Gamma IV, the world's first handheld real-time gamma-ray locator, a product of Slovenian development with large potential for civilian and military purposes.

XLAB is looking to establish contacts with IT departments in large companies in Russia from any industry, large IT systemic integrators and Russian companies manufacturing and marketing their software globally such as Kaspersky.

"We'll present to the Russian side ISL Online, our product enabling access to remote computers and distance technical support. The technology can be used by small and medium-sized businesses as well as multinationals."

XLAB says that for large companies it also offers private and highly-protected cloud computing solutions that can work without internet access and are also interesting for government institutions, banks and insurance companies.

The group of companies called FMC Group offers IT and telecommunications infrastructure solutions for demanding environments, solutions for businesses, smart cities and support for IT processes, its own data centre affording top security standards, security and encryption solutions as well as maintenance and servicing for hardware of well-known brands.

VPD will meet potential partners from the field of medical equipment. The company markets technical medical devices for measuring cholesterol, blood sugar and blood pressure and insulin syringes.

The Ljubljana Faculty of Computer and Information Science will try to find partners for research and development in the fields such as data mining, computer vision and internet of things.

The faculty has already establish ties with institutions such as Innopolis University in the Republic of Tatarstan and the North-Caucasus State Technical University in Stavropol.

The visit by Slovenian companies in Moscow will be followed by a return visit from Russia on 19 and 20 October on the sidelines of the fair of innovative digital solutions dubbed Feel the Future in Celje.

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news-4753 Sat, 14 Oct 2017 00:00:00 +0200 Steel prices affected Štore Steel's bottom line https://www.investslovenia.org/news-media/business-news/steel-prices-affected-store-steels-bottom-line-4753/ Ljubljana, 14 October (STA) - One of Slovenia's biggest steel producers, Štore Steel, saw revenue decline by 6.2% in 2016 to EUR 94.3m. Net profit dropped by almost a fifth to EUR 1.9m, mostly due to lower steel prices. The decline in revenue and profit came even though volume sales increased 3% to over 139,000 tonnes, according to the company's filing with the Agency for Public Record (AJPES).

Another factor affecting the bottom line was the installation of a new EUR 12.5m machine that caused some initial problems but became fully functional at the end of the year.

This year sales are to top EUR 97m and net profit is estimated at EUR 2.5m.

The company plans to increase volume sales to 165,000 tonnes through 2020 with investments estimated at EUR 31.8m. Some 90% of the output will be sold to European car makers.

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news-4752 Thu, 12 Oct 2017 00:00:00 +0200 Minister gets green light to sign Magna contract https://www.investslovenia.org/news-media/business-news/minister-gets-green-light-to-sign-magna-contract-4752/ Ljubljana, 12 October (STA) - The government on Thursday gave the green light to Economy Minister Zdravko Počivalšek to sign the contract for the construction of a paint shop near Maribor with Magna Steyr and the Municipality of Hoče-Slivnica. The ministry will also sign a contract on the financial incentive with the Austrian investor on Tuesday. Počivalšek told the press after the cabinet meeting that the Canadian-Austrian automotive giant will commit with the contract to create at least 1,000 jobs and invest at least EUR 100m in the paint shop within 10 years.

"The contract is drafted so that it protects the interest of our state, does not burden the state budget and binds the investor to fulfil the goals of the contract," the minister stressed. Otherwise, the state could demand damages, he added.

Should Magna fail to start implementing the investment within five years, Slovenia could claim up to EUR 5m in damages, the minister illustrated, listing exceptions, such as the state not fulfilling all the requirements for the investment such as environmental approval, building permit and land.

According to the minister, all the requirements for the first phase, which is to cost EUR 146m and create some 400 jobs, have been met.

On the other hand, the state is not liable for meeting the requirements and the investor is not eligible for damages if they are not fulfilled.

In addition, Magna will have to report on its investment with yearly and ad hoc reports and the government will have the ability to control the investment on site.

In the event of a legal dispute, a Ljubljana-based tribunal of three arbiters will rule on the issue in line with the Slovenian law.

Both the strategic investment contract and a EUR 18.6m incentive contract - both have been okayed by Magna board in Canada - will be signed on Tuesday, when the ground is to be broken on the construction site.

Počivalšek stressed that the government had done its job after more than a year of hard work and sent a positive message to domestic and foreign investors that business and investment environment in Slovenia was changing.

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news-4750 Wed, 11 Oct 2017 00:00:00 +0200 Frutarom Etol ups profit by a quarter to EUR 11.4m last year https://www.investslovenia.org/news-media/business-news/frutarom-etol-ups-profit-by-a-quarter-to-eur-114m-last-year-4750/ Ljubljana, 11 October (STA) - Flavourings maker Frutarom Etol generated EUR 72.6m in sales revenues last year or 3.3% more than in 2015, while net profit of the Celje-based company was up by 25% to EUR 11.4m, shows the company's Agency for Public Records (AJPES) filing. The company formerly known as Etol, now a member of the Israeli group Frutarom, last year spent EUR 1.2m on investments, which is less than a half of the planned EUR 3.1m.

Frutarom Etol, which became a part of Frutarom in 2012, and which employs 307 people, invested the most of the funds in modernising and expanding the production of liquid flavours and purchasing new paste containers.

Director Zdenko Zanoški said in the report that the company had managed to maintain the trend of growing sales and excellent business results from the past years.

In addition to looking for new clients, Frutarom Etol also focused on management of claims.

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news-4751 Wed, 11 Oct 2017 00:00:00 +0200 Abanka gets two new supervisors https://www.investslovenia.org/news-media/business-news/abanka-gets-two-new-supervisors-4751/ Ljubljana, 11 October (STA) - The government appointed two new members to the supervisory board of the state-owned Abanka. Peter Merc will take up his post on Wednesday, whereas Bernarda Babič will assume office as of 2018. Merc is an attorney and director of law firm Lemur Legal. He succeeds Vid Leskovec, who resigned in mid-May.

Babič, deputy director of rail operator Slovenske železnice and supervisory board member at Telekom Slovenije, will succeed Blaž Šterk, who stepped down last week effective at the end of the year.

Abanka has a seven-member supervisory board, which is appointed by the government in its capacity as the sole shareholder.

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news-4747 Tue, 10 Oct 2017 00:00:00 +0200 IMF upgrades its forecast for Slovenia's GDP growth https://www.investslovenia.org/news-media/business-news/imf-upgrades-its-forecast-for-slovenias-gdp-growth-4747/ Ljubljana, 10 October (STA) - The International Monetary Fund (IMF) has upgraded its GDP growth projection for Slovenia for this year from 3% to 4% in its latest autumn forecast. Next year, the economic growth is expected to slow down to 2.5%. According to its latest World Economic Outlook report, the IMF anticipates a 6.8% unemployment rate for Slovenia this year and a 6.4% in 2018.

Inflation is to reach 1.6% this year and 1.8% in 2018, while the current account surplus of 5% is expected this year and 4.9% next year.

Economic activity has continued to rise around the world, the IMF finds in the report. Globally, the economic expansion of 3.6% is expected this year and 3.7% the next.

The eurozone's economies are expected to grow by 2.1% this year and by 1.9% in 2018, while a 2.3% growth is forecast for the EU this year and a 2.1% next year.

The IMF recommends that countries use these positive trends to tackle the key political challenges of increasing production and profit distribution.

Countries should also strengthen their foundations ahead of any possible future crises, according to the IMF.

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news-4748 Tue, 10 Oct 2017 00:00:00 +0200 Exports up 19% y/y in August https://www.investslovenia.org/news-media/business-news/exports-up-19-yy-in-august-4748/ Ljubljana, 10 October (STA) - Slovenia exported goods worth EUR 2.05bn and imported goods worth EUR 2.09bn in August, a rise of 18.7% and 17.8%, respectively, compared with the same month a year ago, data from the Statistics Office show. August was the first month this year that a trade deficit was recorded; it stood at EUR 34.9m. The export-import ratio in August was 98.3%, the lowest in 2017.

EU markets accounted for 77% of Slovenia's exports and for 76% of the imports. Exports to the EU rose by 21% year-on-year to EUR 1.58bn and imports from there increased by 12% to EUR 1.59bn.

Exports to non-EU markets increased by 12% y/y to EUR 475m in August, while imports surged by 42% to EUR 499m.

"The reason for the strong growth is several transactions involving imports of products from petroleum oils and oils obtained from bituminous minerals," the Statistics Office said.

The most important trading partners among EU member states in August were Germany and Italy, both in the case of exports and imports.

The leading non-EU trading partners were Serbia and Russia in exports, and China and the US in imports.

Exports in the first eight months of the year amounted to EUR 18.31bn, up 12.5% year-on-year, while imports rose 14.2% to EUR 17.86bn with the surplus at EUR 456m and the export-import ratio at 102.6%.

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news-4749 Tue, 10 Oct 2017 00:00:00 +0200 Industry expands by 7.2% https://www.investslovenia.org/news-media/business-news/industry-expands-by-72-4749/ Ljubljana, 10 October (STA) - Slovenia's industrial output increased by 7.2% in the first eight months of the year compared with the same period a year ago, fresh data from the Statistics Office show. In August alone the output rose by 1.4% on the month before and by 8.3% year-on-year.

The monthly growth was generated by the manufacturing sector and electricity, gas and steam supply (+1.6% both), while the output in mining and quarrying dropped by 10.5%.

Industrial revenue dropped by 0.6% compared with July, as turnover in manufacturing contracted by the same proportion. Turnover in mining and quarrying increased by 2.8%.

The value of stocks of finished and unfinished production in August was 1.3% up on July and 4.8% higher than a year ago.

Between January and August this year industrial enterprises generated 8% more turnover than in the same period of 2016, while the value of stocks increased by 5.6%.

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news-4746 Mon, 09 Oct 2017 00:00:00 +0200 Brewery boss stepping down https://www.investslovenia.org/news-media/business-news/brewery-boss-stepping-down-4746/ Ljubljana, 09 October (STA) - Dušan Zorko will step down as general manager of Pivovarna Laško Union next year. He will stay on as a member of the supervisory board, the company said on Monday. Zorko joined the group in 2004 as chairman of Pivovarna Union and took the top job at Pivovarna Laško, then the umbrella company, in 2009.

He is credited with having financially restructured the company, tackling a debt that amounted to EUR 450m as a result of a series of takeovers.

The restructuring was completed in 2015, when the group was sold to Dutch brewer Heineken.

The business newspaper Finance writes that Zorko's successor will be announced in about a month.

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