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TT Business Intelligence Report Vol. 2, No. 38, 22 January 2003 Business Intelligence, Crime, Corruption and Debt in C&E/SE Europe and the former Soviet Union UPCOMING CONFERENCES
ADAM SMITH INSTITUTE'S "CIS & EAST EUROPEAN STEEL SUMMIT"
To take place on 5-6 February 2003 at the Radisson SAS Portman Hotel, London, United Kingdom. For further information, contact Tom Blackwell on tel: +44 (0)20 7490 3774 or e-mail: [email protected], W: www.asi-conferences.com
ADAM SMITH INSTITUTE'S "THE RUSSIAN AUTOMOTIVE SECTOR"
To take place on 18-19 March 2003 at the Marriott Grand Hotel, Moscow, Russia. For further information, please send enquiries to [email protected] or call Louise Pasha on tel: +44 (0)20 74903774, W: www.asi-conferences.com
BEM'S "THE CASPIAN BANKING & FINANCE SUMMIT 2003"
To take place on 19-20 March 2003 at the Hilton Convention Centre in Istanbul. For further information, contact Daniel Morrissy, irector of Caspian Region, BEM on direct tel: +44 (0)20 8951 1563, or e-mail: [email protected], W: www.bemltd.com
BOSNIA
BiH, ITALY SIGN E18m AGREEMENT ON CO-OPERATION IN SME SECTOR
Representatives of the BiH and the Italian governments signed yesterday in Sarajevo a memorandum of understanding for co-operation in the SME sector. The agreement would enable the utilisation of a EUR 18mn credit line from Italy designated for support of SMEs in Bosnia. The document has also created an institutional framework for strengthening bilateral economic co-operation and implementation of economic reforms in BiH. (IntelliNews 22.i.03)
BULGARIA
PUTIN HOSTS BULGARIAN COUNTERPART
Bulgarian President Georgi Parvanov met on 21 January with President Putin in Moscow for talks on bilateral relations, BTA and other news agencies reported. Putin expressed satisfaction with the current level of relations between the two countries and lauded the 22-24 January session of the Bulgarian-Russian Commission for Economic Cooperation in St. Petersburg. He added that Russia will pay its $100 million debt to Bulgaria, partly in cash and partly in nuclear fuel. Trade between Russia and Bulgaria reached $1.5 billion in 2002, bnn reported. (RFE/RL 22.i.03)
RUSSIAN, BULGARIAN NEWS AGENCIES SIGN AGREEMENT
The directors of the news agencies ITAR-TASS, Vitalii Ignatenko, and BTA, Stoyan Cheshmedzhiev, signed a cooperation agreement in Moscow on 15 January. Apart from the exchange of information between the two agencies, the document also covers joint activities of BTA and ITAR-TASS in promoting Bulgarian and Russian interests in third countries. (RFE/RL 17.i.03)
CROATIA
CROATIA CALLS FOR IMPROVED BIDS IN INA SALE
Croatia will ask the companies looking to acquire a 25% stake in Croatian state-owned oil company INA to raise their offers, Reuters reported citing Croatian Economics Minister Ljubo Jurcic. Hungarian oil and gas company MOL Rt is one of the bidders, along with Austrian oil company OMV and Russian petrochemicals firm Rosneft. The three bidders submitted a preliminary binding offer for the stake last Friday. The final decision, expected in late March, would depend around 30% on the price, 50% on the proposed business strategy and 20% on transaction risks and offered bank guarantees, Reuters reported. All three bids were in line with expectations and create room for further negotiations, even if the state is dissatisfied with the price, Jurcic said. According to unofficial sources, the bids for INA are between $250 million and $400 million. (BBJ 22.i.03)
CROATIA TO APPLY FOR EU MEMBERSHIP ON FEB 18 OR FEB 25
Croatia should officially apply for EU membership either on Feb 18 in Athens or on Feb 25 in Brussels, sources from the cabinet reported. According to the same source, Croatia's application would be supported from all EU member countries with the exclusion of the United Kingdom and the Netherlands. The latter suspended the ratification of the Stablilisation and Association Agreement between Croatia and EU, when Croatia failed to hand over Gen Janko Bobetko to ICTY. (IntelliNews 22.i.03)
CZECH REPUBLIC
SKROMACH ALLEGES FOUL PLAY AT CZECH STATISTICAL OFFICE
Labour and Social Affairs Minister Zdenek Skromach (CSSD) says that the Czech Statistical Office (CSU) may have intentionally issued incorrect figures in order to harm the CSSD. Skromach said the head of the CSU Marie Bohata should be dismissed if she ignores calls for her resignation. Finance Minister Bohuslav Sobotka added his voice to those calling on Bohata to quit, saying it was vital for the government to re-establish confidence in the CSU. (PBJ 22.i.03)
IPB ARBITRATION CASE CAN BEGIN
The arbitration case to adjudicate the charge by IP banka that the sale of IPB bank to CSOB was invalid can begin, after a third arbiter was chosen and the arbiters elected a president. In the charge made last June IP banka is requesting the return of IPB or compensation of loss to the amount of IPB's value at the time of its sale. This value is disputed by the parties. (PBJ 22.i.03)
CESKA SPORITELNA EXPECTS TO DISMISS 400 EMPLOYEES IN 2003
Higheet bank Ceska sporitelna expects to dismiss around 400 people this year, according to spokeswoman Klara Gajduskova. "We expect the number of employees to total around 11,000 at the end of 2003," she added. At the end of 2002 the savings bank had staff of 11,370, some 600 fewer than a year earlier. Originally, the bank was planning to lay off more people 2002 and expected that at end-2002 it would have around 500 fewer employees than it really had at that time. Of the big three domestic banks, Ceska sporitelna plans the smallest lay-offs. Komercni banka wants to trim its workforce by some 7,000 and CSOB by about 1,000 this year. Banks are dismissing people in particularly from their headquarters. Czech banks have been employing more people at their headquarters, while in western countries most employees are in direct contact with clients. According to banks, the ideal situation is when 60% of staff are serving clients at branches. (NewsBase 21.i.03)
SENATE COMMITTEE RECOMMENDS LIFTING MEDIA MOGUL'S PARLIAMENTARY IMMUNITY
The Senate Mandate and Immunity Committee on 14 December recommended that the plenum lift the parliamentary immunity of controversial television director and newly elected Senator Vladimir Zelezny, CTK and Reuters reported. Seven of the committee's 12 members voted in favor of the move. Five deputies from the Civic Democratic Party -- with which Zelezny has long enjoyed cosy relations -- and the Communist Party of Bohemia and Moravia opposed the recommendation. Zelezny, who is director of the commercial TV Nova, has been charged with tax evasion and defrauding creditors, and is locked in litigation with foreign investors over control of the broadcaster. He gained parliamentary immunity after his election as an independent in late October. The plenum is expected to vote on the recommendation next week. (RFE/RL 17.i.03)
ESTONIA
BALTIC COUNCIL OF MINISTERS
Estonia 's Prime Minister Siim Kallas, Latvia's Einars Repse and Lithuania's Algirdas Brazauskas have agreed at their meeting at Kalvi Manor in northern Estonia to reform the work of the Baltic Council of Ministers, the local media reported. They proposed the formation of a co-operation council consisting of the countries' foreign ministers that would be responsible for directing BCM activities and adopting an Annual Activities Plan. The premiers also agreed on the need to save money by making joint defence purchases. Discussions also covered the implementation of the Via Baltica and Rail Baltica projects, as well as the planned EU referendums, which Estonia and Latvia plan to hold in September and Lithuania in May. The Via Baltica project provides for a highway from the Kalvarija-Budziski border post with Poland through the three states to Tallinn, which should serve as the major route for Baltic road transport to Berlin and western Europe. The Rail Baltica project calls for the improvement of rail travel between Vilnius and Tallinn which would later be expanded to a Helsinki-Berlin rail connection. (NewsBase 17.i.03)
HUNGARY
HUNGARY AND RUSSIA SIGN PROTOCOL ON RUSSIAN DEBT
FinMin Csaba Laszlo and his Russian counterpart Aleksei Kudrin signed a protocol on the settlement of the last outstanding part of Russia's total USD 1.7bn debt to Hungary inherited from Comecon times. The protocol contains identical conditions to the agreement struck by the two PMs of the countries in Dec. Russia will settle its debt at a rate of 33.5%, as it will transfer USD 82mn to Hungary in the coming months and a further USD 10mn will be paid to the Hungarian budget by Hungarian buyers of Russian goods. (IntelliNews 21.i.03)
SKANSKA TO CLOSE DOWN OR SELL ITS CONSTRUCTION COMPANIES IN HUNGARY
Swedish-owned Skanska AB has announced that it will close down or sell its construction companies in Hungary and in other peripheral markets in Europe, such as Latvia and Lithuania. "The move is part of Skanska's strategic decision made at the end of 2002 to pull out of peripheral markets and pursue further growth in countries where we already have a strong position, such as the US, the UK, Sweden, Norway, Denmark, Poland and the Czech Republic," said Peter Gimbe, press officer at Skanska in Sweden. Gimbe declined to disclose the revenue figures of Skanska Hungaria Kft, Skanska AB's construction company in Hungary, but said that the size of the Hungarian construction market is too small to offer the firm significant growth. The decision will in no way affect Skanska's development activity in Hungary, carried out by Skanska Property Hungary Kft, where the company is planning to expand further, Gimbe added. The closure of Skanska Hungaria will affect the company's approximately 30 employees, mainly engineers, who may lose their jobs, Gimbe added. The firm will stop operation this year, but it will continue to exist for a few more years, probably until the end of 2005, in order to take care of existing financial and other obligations. One of Skanska Hungaria's largest projects was the West Gate Business Park in Torokbalint, a fast growing area west of Budapest. (NewsBase 21.i.03)
KAZAKHSTAN
KAZAKH PRESIDENT ENDS OFFICIAL VISIT TO SWITZERLAND
Nursultan Nazarbaev completed a two-day official visit to Switzerland on 21 January, Russian news agencies reported. On 20 January, Nazarbaev met in Bern with Swiss President Pascal Couchepin, Economy Minister Joseph Deiss, and Foreign Minister Micheline Calmy-Rey. AFP and the "Berner Zeitung" quoted Couchepin as urging Nazarbaev to adopt the American, rather than the Chinese, path to democracy. The Swiss "Greens" had urged Couchepin not to meet with Nazarbaev at all in the light of flagrant human rights abuses in Kazakhstan. The two sides signed on 20 January an agreement on the integration of the five Central Asian states into the Multilateral Trade System, in accordance with which Switzerland will make available technical assistance worth some $1.5 million. Speaking at an investment conference in Zurich on 21 January, Nazarbaev lobbied for Swiss investment in the Kazakh economy. Switzerland exports pharmaceuticals, chemicals, and machine tools to Kazakhstan and imports raw materials and precious metals. (RFE/RL 22.i.03)
POLAND
OPEN-SKIES AGREEMENT UNLIKELY TO BE IMPLEMENTED BY WARSAW GOVERNMENT
The open-skies agreement that the European Union is due to sign with 14 countries, including Poland, within the next few weeks is unlikely to be implemented by the Warsaw government as it attempts to protect revenues of its national airline LOT, according to a report on radio station RMF FM. The agreement, which will come into effect one month after it is ratified by the Council of Europe, will allow airlines from any of the signatory countries to fly to Poland. However, LOT believe it should not be implemented before January 2004. LOT's spokesman Leszek Chorzewski told the radio station: "We have everything planned for the summer season, and it is not easy to suddenly change our offers. At the moment, we expect this agreement to be valid starting January 2004." Chorzewski claimed that offers of cheap flights from no-frills airlines like the UK's EasyJet were just promotional and could not be sustained. Since last October EasyJet has offered cheap flights between Prague and four cities in the UK, including London and Newcastle, for just E29 one-way. Czech Airlines' round-trip price from Prague to London is E398, while Lufthansa's price for a round-trip from Warsaw to London is E240. According to Chorzewski, E29 is a dumping price, arguing that the cost of fuel alone on such a connection is higher. He also pointed out that the cut-price airlines used airports away from the city centre, citing Luton as 100 kilometres from London as an example. Transportation costs to London and a meal added to the price of a ticket would make prices comparable to the fares offered by full-fare operators, Chorzewski said. (NewsBase 21.i.03)
PARLIAMENT STARTS INQUIRY INTO 'RYWINGATE'
Deputy Sejm Speaker Tomasz Nalecz (Labor Union) was elected head of a special parliamentary commission set up to investigate corruption charges against film producer Lew Rywin, who reportedly solicited a bribe of $17.5 million from Agora, the publisher of "Gazeta Wyborcza." Reports have suggested Rywin was claiming to be acting on behalf of Premier Leszek Miller's Democratic Left Alliance. Nalecz said he expects to hold the commission's first sitting on 25 or 27 January. The commission's meetings are to be open. (RFE/RL 17.i.03)
ROMANIA
EC'S LANDABURU SOFTENS HIS REMARKS ON ROMANIA'S INCAPACITY OF ABSORBING FUNDS
While in Bucharest, the head of the EC's DG for Enlargement, Eneko Landaburu, softened his critical remarks issued last week in Brussels regarding Romania's poor capacity of absorbing European funds. The European official said yesterday that EC insists that the funds are "more appropriately" used. According to media reports, Brussels officials are increasingly concerned with the way that the funds are managed in Romania. (IntelliNews 22.i.03)
RUSSIA
MTS DATABASE ON BLACK MARKET
In one of the largest thefts in Russian corporate history, leading Moscow cellphone operator Mobile TeleSystems said Tuesday that someone had stolen a database containing private details of what is estimated to be more than 5 million of its clients. The database, which includes names, addresses, home phone numbers, passport details, individual tax numbers and other personal information that can be used for identity theft, are being sold on the black market for just $60. MTS spokeswoman Yeva Prokofyeva said the company's security service didn't discover the theft of "part of the client database" until earlier this month. The database appears to date back to September, when the company had 5.5 million subscribers. NTV television reported Tuesday that a compact disc of the database hit the black market in November with a price tag of $1,500. Now, however, street vendors are selling copies for just 2,000 rubles ($62) -- the apparent result of increased sales volumes after an aggressive unsolicited e-mail marketing campaign by black marketeers. MTS has ruled out the possibility that a hacker could have broken through the firewalls of the company's computer network to steal the data, Russian media reported. Prokofyeva would not confirm or deny that, saying an internal investigation is still under way. She told Vremya Novostei, however, that an internal security breach had been ruled out. Vedomosti reported Tuesday, citing unnamed MTS officials, that the company is exploring whether someone in one of the government's security services was behind the caper. Prokofyeva said MTS "has no information" that would make the company suspect law enforcement or security officers, who were granted legal access to mobile phone operators' proprietary data during the Dubrovka theater hostage crisis in October. (The Moscow Times 22.i.03)
JORDAN THROWS IN THE TOWEL AT NTV
NTV general director Boris Jordan, who has kept a public silence since Gazprom-Media's board of directors fired him as the holding's CEO on Friday, made it clear Tuesday that he has arrived at a peaceful settlement with his employers at Gazprom and will go quietly from NTV. "Gazprom, which is the controlling shareholder, has stated its intention to change management in the television company," Jordan said in a statement he read to a packed room of reporters. "The shareholders have this right. After the shareholders expressed their position, I consider it impossible to stay on as NTV's general director. I state my readiness to leave the general director's post and hand over the reins to the person named by the shareholders." Suggestions on Friday by an NTV spokesman that Jordan's ouster was politically motivated and violated his contract were perceived by many in the media community as an effort to strengthen Jordan's position in the bargaining for compensation by indicating that he was ready to create a scandal. Media insiders put the range of the bargaining at $10 million to $75 million. (The Moscow Times 22.i.03)
LUKOIL MENDS FENCES IN IRAQ, LOOKS TOWARD IRAN
A delegation of Russian diplomats and oilmen led by First Deputy Economic Development and Trade Minister Ivan Matlashov and Deputy Foreign Minister Aleksandr Saltanov managed on 17 January to reverse an Iraqi government decision to cancel a contract with LUKoil to develop the Qurna-2 oil field, rusenergy.ru and other Russian news agencies reported. A LUKoil spokesman told "Izvestiya" on 17 January that all differences about the deal have been resolved. Matlashov, though, was more reserved in his comments, telling the daily that Iraq merely postponed its decision to give the contract to another Russian company or even to one from another country. Iraqi Ambassador to Russia Abbas Halaf has said that he cannot confirm that the LUKoil contract has been restored, Ekho Moskvy reported on 20 January. Rusenergy.ru reported that same day that LUKoil hopes to sign a long-term contract with Tehran to supply Russian oil to Iran. According to the plan, LUKoil will supply about 1 million tons of oil annually via the Caspian Sea to refineries in northern Iran, which are currently working at less than full capacity because of the underdeveloped infrastructure. (RFE/RL 21.i.03)
MUTUAL FUND REOPENS DOOR TO HARD-CURRENCY INVESTMENT
Investment house Troika Dialog has obtained permission from the Russian Central Bank to offer customers eurobonds and dollar-denominated debt issues through a new mutual fund, "The Moscow Times" reported on 17 January. The Sadko mutual fund will be the first to make this class of financial instruments more readily available to individual investors since the Central Bank banned the practice in the wake of the 1998 financial crisis, forcing Russians bent on hard-currency investments to open special accounts with a steep $100,000 minimum. The Central Bank's first deputy chairman, Oleg Vyugin, is Troika Dialog's former chief economist, prompting knowing nods among the investment house's competitors and industry observers, "The Moscow Times" noted. The minimum investment in the new fund, which is aimed at insurance funds, pension funds, and well-heeled individual investors, will be 250,000 rubles ($7,860). While all agreed that the fund's appearance marks a step forward for Russian investing in general, opinions varied on the its prospects. Igor Ignatev of insurer Rosgosstrakh told "Vedomosti" on 17 January that Sadko is a "profitable, interesting, and attractive investment product for us"; Vadim Soskov, vice president of the Aton investment group, told the newspaper that "while this instrument makes it possible to diversity one's assets, it's of little interest to the market with Russian eurobonds down to 9 percent and no rapid growth in the offing." (RFE/RL 21.i.03)
CENTRAL BANK BURIES GHOST OF CRISIS PAST
The Central Bank announced in a 17 January press release the revocation of SBS-Agro's banking license, ending with a whimper the saga of what was once one of Russia's largest private banks. Founded in 1989 by Aleksandr Smolenskii, SBS-Agro was ranked by "The Banker" on 1 July 1998 the thirdongest bank in Russia -- after state-owned Sberbank and Vneshtorgbank -- in terms of "strength, jobs, and employee performance." At the time, the bank had $466 million in core equity, according to "The Banker." The August 1998 financial crisis dealt SBS-Agro a devastating blow, however, and by September 1998 the Central Bank had stepped in to manage the downward spiral of the bank's affairs, eventually entrusting them to the Agency for Restructuring Credit Organizations (ARKO). As of 10 January, ARKO announced that SBS-Agro had settled accounts with 99.5 percent of the bank's depositors, "Gazeta" reported on 15 January. The bank still owes outstanding obligations of 477.6 million rubles ($15 million) to 5,000 depositors who have not yet contacted the bank, "Vedomosti" reported on 17 January. With the bank's resources at an end, "Kommersant" added the same day, shareholders decided to let the Central Bank revoke SBS-Agro's license and begin bankruptcy proceedings. The bank will settle its remaining obligations, to the extent possible, with proceeds from its final liquidation of assets. (RFE/RL 21.i.03)
MOSCOW RETAIL BOOM ROLLS ON
German retail giant AVA plans to open up to 10 stores in the Moscow region over the next few years, starting with a Marktkauf hypermarket on the outskirts of the city on 6 February, AFX News reported on 14 January. With market conditions less than inspiring in Germany, spokesman Helmut Metje explained that the company would be concentrating its resources on Russia, "where there are limitless opportunities." The 18,000-square-meter space that will house the first store cost 40 million euros ($42.48 million), "The Moscow Times" reported on 17 January. France's Saint-Gobain also plans to take advantage of Moscow's expanding retail market, opening several cash-and-carry Platform Building Materials hypermarkets in the region, "Vedomosti" reported on 16 January. A company source told the newspaper that Saint-Gobain is currently studying the market; the board of directors will make a final decision in March. With 70 percent of household goods still purchased at sprawling, chaotic markets, retail chains are eager to bring their organizational experience to bear on commerce in the capital. Igor Sosin, co-owner of a company that collaborated with Germany's Obi on a do-it-yourself (DIY) hypermarket project, told "Vedomosti," "You'll have to open dozens of DIY hypermarkets before we start competing with each other." (RFE/RL 21.i.03)
OCTOBER ASSASSINATION OF FAR EAST GOVERNOR LINKED TO QUOTA
SThe unidentified government source also told RIA-Novosti that former Magadan Oblast Valentin Tsvetkov was one of the initiators of a protestby Khabarovsk and Magadan against the fishing-quota allocations prior to his murder in Moscow in October. At the time of the murder, some analysts speculated he had been trying to determine what happened to a $75 million credit granted to Magadan Oblast by the federal government. (RFE/RL 17.i.03)
VISIT SPARKS INTEREST IN JAPAN-RUSSIA PIPELINE
Japanese Prime Minister Junichiro Koizumi and Russian President Vladimir Putin agreed during the former's visit to Russia last week to examine a proposed 4,000-kilometer pipeline from Angarsk in eastern Siberia to Nakhodka on the Pacific coast, AFP reported on 12 January. The $5 billion pipeline would not only reduce Japan's dependence on oil from the Middle East, but would broaden Russian oil producers' access to world markets. Alfa-Bank strategist Chris Weafer told the "Financial Times" on 11 January that the project is moving "from possibility to probability." Complicating the picture, however, is a rival pipeline plan by Russian oil major Yukos to span the 2,400 kilometers from Angarsk to Manchuria and open doors to the Chinese market. A researcher at a Moscow-based brokerage told the "Financial Times," "No one thinks that there is room for both [projects]." "Vremya novostei" cautioned on 10 January that supply concerns could stymie the Angarsk-Nakhodka project, commenting, "No one knows where to get enough oil to cover the costs of such an expensive project." (RFE/RL 14.i.03)
SERBIA
BALL CORPORATION (US) TO OPEN E75m PLANT CREATING 300 JOBS
Ball Corporation (US), the world's leading beverage can producer, said it would open a E75m plant in Serbia in a move that will create 300 new jobs. The plant, to be located in Belgrade, will initially produce over 600 million beverage cans per year. Around 80% of its output will be marketed, mostly to Central and Eastern Europe. According to Serbian Minister of International Economic Relations Goran Pitic, this will be the first greenfield investment in the country this year, but also the first large US investment. "With Serbia as its centre, we will have a regional market of 60 to 70 million people," said Jan Driessens, the chairman of Ball's European unit. The plant will employ 120 local staff in the first phase and the number will grow to 300. The Ball Corporation is one of the world's leading suppliers of metal and plastic packaging to the beverage and food industries with annual sales of 50 billion cans. Ball has recently acquired Schmalbach Lubeca (D), Europe's second largest can producer with 12 manufacturing plants, forming Ball Packaging Europe. (NewsBase 17.i.03)
UKRAINE
KIEV SETS HARSHER PENALTIES FOR LAUNDERING
Ukraine's parliament adopted a bill setting harsher penalties for money laundering in hopes of ending international sanctions, an official said Friday. President Leonid Kuchma is expected to sign into law the amendments adopted by lawmakers last week to bolster criminal penalties for individuals and financial institutions and accountability of officials charged with monitoring shady transactions, said Serhiy Vasyliev, head of the presidential administration's information department. The amendments call for hefty fines and prison terms for financial institutions that deliberately conceal information and government regulators that are negligent, the Ukrainian News Agency reported. The parliament's action was aimed to convince the Paris-based Financial Action Task Force to recommend that member countries lift the sanctions that were imposed on Ukraine last month after earlier laws failed to meet international standards. Ukraine has been on the FATF's blacklist of nations that do not cooperate with the fight against money laundering. (The Moscow Times 20.i.03)
FITCH RATING AGENCY CONFIRMS UKRAINE'S CURRENCY RATINGS AT B
The Fitch rating agency has confirmed Ukraine's short and long-term national and hard currency ratings at B, with the outlook for long-term ratings as stable. The agency said the low ratings reflect the country's unstable political and economic situation ahead of the 2004 presidential elections. Analysts believe that, should Ukraine fail to make loan agreements with the International Monetary Fund, the World Bank and the European Union in 2003, it will attempt to place a $850 million Eurobond. According to Fitch, Ukraine's debt stood at 35% of its GDP at the end of 2002, compared to 61% in late 1999. The average debts of countries with a B rating is 74% of GDP. (NewsBase 16.i.03)
INFORMATION PROVIDERS
NEWSBASE
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NEW WORLD PUBLISHING
New World Publishing is a primary source of business-related information for Central Europe, through its publications the Prague, Budapest and Warsaw Business Journals.
Contact: Mark Child T: +420 2 4608 6524 F: +420 2 4608 6501 E: [email protected] W: www.ceebiz.com, www.pbj.cz, www.wbj.pl, www.bbj.hu
THE MOSCOW TIMES
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INTERNET SECURITIES, INC. (IntelliNews articles)
Internet Securities, established in 1994, is the pioneering provider of electronically delivered emerging markets business information.
Contact: Ludek Macha T: +420 2 2421 9055 F: +420 2 2421 9060 E: [email protected] W: www.securities.com
RADIO FREE EUROPE / RADIO LIBERTY
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