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TT Business Intelligence Report Vol. 2, No. 46, 15 May 2003 Business Intelligence, Crime, Corruption and Debt in C&E/SE Europe and the FSU  UPCOMING CONFERENCES "E-FORUM: THE FUTURE OF ELECTRONIC PAYMENTS IN THE CZECH REPUBLIC" This PBJ event will take place on 26 May 2003 at the PricewaterhouseCoopers Business Centre, Prague, Czech Republic. For further information, please contact Iva Santrochova, tel: +420 246 086 546; fax: +420 246 086 543; email: [email protected]; W: www.pbj.cz/events/eforum.htm LVA'S "4th CIS BUSINESS SUMMIT AND 1st ECONOMIC FORUM OF KAZAKHSTAN" This event will take place on 25-27 June 2003 at the Churchill Intercontinental Hotel, London, United Kingdom. For further information, please contact Victoria Roberts, tel: +44 (0)20 8795 7619; fax: +44 (0)20 8795 2977; email: [email protected]; W: www.lva.co.uk BELARUS OFFICIAL ASSAULT ON THE MEDIA INTENSIFIES In naming Belarus as one of the world's 10 worst places to be a journalist, the Committee to Protect Journalists (CPJ) on 2 May cited Belarusian President Alyaksandr Lukashenka's continued "assault against the country's beleaguered independent and opposition press." In April 2003, Lukashenka announced plans to create a "state-ideological system." A proposed new law on the media will subject Internet publications "to the same crippling censorship as the printed press," the CPJ wrote. In 2002, journalists in Belarus were convicted for the first time of criminal libel and received corrective-labor sentences ranging from 12-24 months for criticizing Lukashenka before the 2001 presidential elections. Politically motivated civil libel lawsuits, which threaten huge fines, continue to hamper the media, forcing one leading independent publication to close in 2002. The CPJ also noted that no progress has been made in the investigation of the July 2000 disappearance of ORT television cameraman Dzmitry Zavadski, although the case was reopened late last year. (RFE/RL 13.v.03) BULGARIA BANK AUSTRIA WINS BULGARIA'S INVESTMENT FORUM AWARD FOR LAST YEAR The Bulgarian Investment Forum granted the 2002 investor award to Bank Austria, a member of HVB Group, for the privatisation of the country's fourth largest bank Biochim. Bank Austria won the tender offering EUR 82.5mn for a 99.6% stake. Immediately after the deal, Biochim was merged with the local branch of HVB. The forum also granted awards for: a greenfield investment to the German manufacturer Festo; implementation of a post privatisation investment programme to Pharmaco Group (the owner of Balkanpharma); and the investment project award to Bulbank for offering services with its Pioneer Investments fund. The personal contribution award for last year went to Christos Katsanis, executive director of United Bulgarian Bank (a member of NBG Group). (IntelliNews 15.v.03) CROATIA 25% + 1 SHARE OF I.N.A. TO BE PRIVATISED BEFORE END Q2-03 Deputy Premier Slavko Linic said on Tuesday 13 that he expects that the 25% stake plus one share of national oil company INA will be privatised before the summer. Addressing a conference entitled "The Government's Economic Policy - Privatisation", held at the Eighth Financial and Third E-Business Forum, Linic said: "I expect that 25% plus one INA share will be privatised next month, we have three very interested potential strategic partners." Linic added that the recapitalisation of the Croatian Postal Bank would be completed before autumn, with the participation of the World Bank's International Finance Corporation. The government's priority task is the management of state-owned real estate and its use in the economy, Linic said. Presenting detailed data on the process of privatisation in the last three years, Linic said the government had privatised 16% of Croatian Telekom (HT) and launched the privatisation of INA following the adoption of new laws on the power industry and the reorganisation of the company. The government is not abandoning privatisation, the deputy premier said, adding that few companies had been privatised in the past three years. He dismissed claims that the government had sold out state property. Over that period a smaller part of the state portfolio, 17%, was sold, primarily on the stock market to encourage the capital market, 31 companies were sold by inviting bids, of which only eight were sold to foreigners, he said. (NewsBase 14.v.03) FINANCE MINISTRY TO LIQUIDATE LARGEST DEBTORS IF THEIR DEBTS ARE NOT SETTLED BY END-JUNE The Finance Ministry will open liquidation procedures against all largest debtors to the state budget, if their debts are not settled by the end of June. The companies in question entered a debt settlement arrangement with the state in 2000, upon the condition to continue paying taxes and other state duties regularly. However, around 600 companies generated further debt to the state that resulted in additional HRK 700mn arrears. Those companies should be liquidated if their debts are not settled by the end of June, reads the Finance Ministry's strategy. In 2002, the state received around 56,000 requests for debt resettlement and reportedly the settling of those claims would clear out around HRK 6bn (EUR 800mn) of debts and arrears. However, it should be noted that not all debts would be cleared at once or paid out. Since the state planned to clear out as many debts as possible, it allowed deferred payment in several instalments or a transfer of the company's property to the state in exchange for its arrears. Due to this arrangement, the state has became an owner of property valued at HRK 150mn (EUR 20mn), which will have to be unloaded as well. (IntelliNews 14.v.03) CZECH REPUBLIC C.E.Z. TAKES CONTROL OVER ANOTHER POWER DISTRIBUTOR Shareholders of regional power distributor Severoceska Energetika yesterday elected 4 new members to the supervisory board, following a takeover by power giant CEZ. The new members are CEZ Business Manager Pavel Hejkal, Deputy Industry and Trade Minister Vaclav Srba, Jan Dobias of the National Property Fund, and Jiri Bohacek of Stredoceska Energetika. (PBJ 14.v.03) INVESTMENT FUNDS REPORT 8.8% ASSET GROWTH IN Q1 Assets administered by investment funds rose by 8.8% q/q to CZK 142bn at end-Q1, the Capital Market Association (AKAT) said. Investment in domestic open-end mutual funds grew by 9.5% q/q to CZK 109.4bn, while in foreign funds it rose by 6.5% q/q to CZK 32.6bn. Czech investors in foreign funds put their money mainly in money market funds (CZK 11.7bn) and bond funds (CZK 11.6bn). The other types of foreign funds are equity funds (CZK 4.5bn) and guaranteed funds (CZK 2.6bn). Investors preferred foreign funds managed by CSOB and its parent KBC (CZK 14.6bn) and ING Investment Management (CZK 6.5bn). (IntelliNews 14.v.03) JIRI RUSNOK ACCEPTS OFFER TO WORK FOR I.N.G. Former finance minister and later trade and industry minister Jiri Rusnok, has accepted an offer to work for Dutch financial group ING, the internet server Euro OnLine reported, saying that the information from a trustworthy source has been confirmed by Rusnok himself. Rusnok is likely to work as adviser for the Czech-Slovak branch of ING. Officially, Rusnok's arrival should be announced at an extraordinary press conference on May 14. In mid-March Rusnok was dismissed from his post of trade and industry by Prime Minister Vladimir Spidla's cabinet after he openly admitted that he had voted for Vaclav Klaus in the presidential election. He resigned as deputy three weeks ago and said he would be working in the private sector. There was media speculation that he might become CEO of Unipetrol. ING's units operating in the Czech Republic are ING Nationale-Nederlanden, ING Penzijni fond, ING Interinvest, ING Bank and ING Investment Management. (NewsBase 14.v.03) HUNGARY O.T.P. WINS TENDER FOR D.S.K. BANK The Bulgarian Bank Consolidation Company selected the Hungarian OTP Bank for a winner in the tender for 100% of the last state owned DSK Bank, as OTP's bid price was 6% above the one of the other competitor, Erste Bank. OTP Bank won with a bid of EUR 311mn against EUR 293mn offered by the Austrian Erste Bank. In a recent media presentation in Sofia, OTP Bank pledged to invest more than EUR 300mn in the country's largest retail bank over the next 3 years. The signing of the privatisation contract is expected in 10 days. The money transfer will probably take place in August following standard approval procedures by the line regulatory and monitory bodies in Bulgaria and Hungary. (IntelliNews 14.v.03) VIVENDI HUNGARY SOLD FOR EURO 325mln The French media and entertainment group Vivendi Universal announced in Paris on Tuesday that it is selling its Hungarian fixed-line telephone business Vivendi Telecom Hungary Kft for Euro 325 million. Vivendi had announced on 9 January that the unit was being bought by a consortium led by AIG Emerging Europe Infrastructure Fund and GMT Communications Partners Ltd. The two U.S. investors are taking equal stakes in Vivendi Telecom Hungary, which has 12% of Hungary's deregulated fixed-line market and generated Ft 49 billion in revenue last year. (BBJ 14.v.03) M.V.M. WINS $14.1m LAWSUIT AGAINST A.E.S. GROUP (US) State-owned electricity wholesaler MVM said on May 13 that it has won a three billion forints, $14.1 million, lawsuit against US energy group AES Corp. In a press release, MVM said that an international arbitration court operating beside the Hungarian Chamber of Commerce and Industry rejected a three billion forint claim submitted by AES against MVM and the state privatisation agency APV. MVM said the claim related to a privatisation contract at Tiszai Eromu, one of Hungary's most important coal-heated power plants, which AES bought in 1996. AES claimed MVM and APV had failed to meet their contractual liabilities, but the court disagreed. In December 2001, AES withdrew a 90-billion forint compensation claim against MVM and the Hungarian government. (NewsBase 14.v.03) KAZAKHSTAN OPPOSITION LEADER PARDONED IN KAZAKHSTAN Kazakh President Nursultan Nazarbaev has pardoned Mukhtar Abliyazov, a leader of the opposition Democratic Choice of Kazakhstan (DVK) movement and former energy, industry, and trade minister, Kazakhstan Today and Interfax-Kazakhstan reported on 13 May. Abliyazov was sentenced in July to six years' imprisonment on charges of abuse of office and financial mismanagement. He requested a presidential pardon in April. The Kazakh opposition insists the charges against Abliyazov were politically motivated, pointing out that they were made not long after he took part in the founding of DVK. Opposition leaders have repeatedly demanded his release, along with that of former Pavlodar Oblast Governor Ghalymzhan Zhaqiyanov, also a DVK founder who was convicted on similar charges. Zhaqiyanov has refused to ask for a presidential pardon. (RFE/RL 14.v.03) I.M.F. OFFERS HELP TO CENTRAL ASIA TO COMBAT MONEY LAUNDERING The International Monetary Fund (IMF) is willing to assist the Central Asian countries to combat money laundering and the financing of terrorism, IMF Deputy Managing Director Eduardo Aninat told Interfax on 12 May. Aninat said the IMF considers these crimes serious geopolitical problems in Central Asia, adding that they are made more severe by poor governance in the countries of the region. The IMF is offering technical assistance in developing financial-intelligence agencies, strengthening banking oversight, developing appropriate legislation, and helping customs and tax agencies forestall these crimes. Interfax noted that an IMF expert on these issues is already working at Kyrgyzstan's National Bank. (RFE/RL 13.v.03) LATVIA PM EINARS REPSE THREATENS TO FIRE HEAD OF ANTI-CORRUPTION WATCHDOG Prime Minister Einars Repse has threatened to fire the head of the country's anti-corruption watchdog, Guntis Rutkis, if he fails to purse a more vigorous, result-oriented work detail in the near future. The current head of the Corruption Prevention and Enforcement Bureau has been ill for some time and told reporters on Monday 12 that, after meeting with the prime minister, he would decide whether to stay on the job over the next few days. The decision, however, seemed already made, as Rutkis, speaking of his heath, said, "I don't know if it is likely to improve over the coming days so as to allow me to be as energetic in carrying out my responsibilities as Repse wants." Kristine Juckovica, a spokesperson for the prime minister, told reporters, "The only thing the prime minister wants is commitment by Rutkis to pursue active and energetic work while heading the anti-corruption bureau." Repse's New Era party won the October parliamentary elections in Latvia largely on its anti-corruption platform. The new anti-corruption bureau is one of the prime minister's practical ways in combating graft in Latvia, which is widely viewed as the worst among the three Baltic states. Juckovica, who wouldn't reveal the other topics Repse and Rutkis had discussed during their meeting, said the prime minister "wasn't very satisfied with" how the bureau has been working so far under Rutkis. (NewsBase 14.v.03) POLAND ELEKTRIM'S CEO RESIGNS AS SUPERVISORY BOARD INCREASES CONTROL OVER MANAGEMENT Wojciech Janczyk filed his resignation from the position of CEO in power and telecom holding company Elektrim. The company's supervisory council assigned to the management board Piotr Nurowski, who is closely associated with the TV company Polsat, controlled by Zygmunt Solorz-Zak, the supervisory council's chairman at Elektrim. Although officially no reasons other than "personal" were given for his decision, Janczyk admitted that the fact that the supervisory board had increased control over the management's decision had been uncomfortable for him. The changes in Elektrim's statute were introduced after Polsat became an important shareholder in the ailing holding company a few weeks ago. Piotr Nurowski, who is to be acting CEO for the next two weeks, said that the most important problem for Elektrim is now to find financing for the investment project in the power plant Patnow II, a part of the power generating complex PAK, owned jointly by Elektrim (38.5%) and the State Treasury (50%). However, investors seem to be more excited by the issue of Elektrim Telekomunikacja (ET), which owns 51% in Poland's largest mobile phone operator PTC (the Era network). Even before becoming a major shareholder in Elektrim, Polsat had wanted to buy a 51% stake in ET for EUR 600mn from the French media company Vivendi. Later, Polsat was rumoured to vie for Elektrim's stake in ET (49%), but Nurowski cut short the speculations saying the company had no concrete plans in this area. (IntelliNews 15.v.03) K.G.H.M., P.K.N. ORLEN TO SELL POLKOMTEL STAKES TO VODAFONE? Stanislaw Speczik, president of KGHM and president of the supervisory board of Polkomtel, owner of leading domestic mobile telecom Plus GSM, has announced that KGHM is to send offers for the acquisition of its stake in the operator to a number of companies, and that one of them will certainly be Britain's Vodafone. The latter currently holds 20% of Plus GSM and might be interested in acquiring a further 61% stake currently held by KGHM, PKN Orlen and National Grid (PSE). The British telecom operator has a clear strategy of either taking control of, or withdrawing from, such companies as Polkomtel. "Vodafone is only one candidate for the stake, as the investment bank will send out the offer to a number of firms," stressed Speczik. Among other potential investors may be Swisscom, one of the Asian telecom operators or, finally, cash-rich investment funds. KGHM and PKN Orlen expect to receive euro 450 million - euro 600 million and euro 500 million - euro 600 million respectively for their stakes in Polkomtel. (WBJ 14.v.03) DAEWOO-FSO'S SHAREHOLDERS ADJOURN MEETING, MG ROVER STILL INTERESTED The General Shareholders Meeting (EGM) of the bankruptcy-facing car maker Daewoo-FSO resumed yesterday but was put off again until 21 May, as the company is still discussing its restructuring programme with creditor banks. The banks have proposed a new restructuring programme that stipulates the company's independent development, not necessarily with a branch investor. Meanwhile, the UK company MG Rover, which had been the most likely candidate for Daewoo-FSO's partner, said it would like to return to the negotiation table. Nick Stephenson, deputy head of MG Rover, said the company is currently seeking a partner to help in its investment in the Polish car maker. According to the daily newspaper Puls Biznesu, it is unlikely that this partner would be Am-Ar, an American-Arabic fund, which declared interest in the investment earlier this year. (IntelliNews 14.v.03) ROMANIA ROMANIA AND SERBIA TO SIGN FREE TRADE ACCORD Romania and Serbia will sign a free trade accord in a move to boost bilateral economic ties, Serbia's Prime Minister Zoran Zivkovic has recently said. The two countries trade worth a meagre $30m, as the potential of exchanges has been estimated as been huge. The two countries plans to cooperate in the field of energy, gas and oil sector, road and air traffic. The first projects which has been under discussions is a highway linking Romanian western town of Timisoara with Serbia's capital Belgrade. The free trade accord is expected to be signed in the next few months. (NewsBase 12.v.03) RUSSIA ALFA BANK MOVES INTO PRIME TIME CRIME In what it described as a step toward creating Russia's first major film production and distribution company, Alfa Bank on Wednesday announced the purchase of the bulk of exiled media mogul Vladimir Gusinsky's library of television shows, including his highly coveted package of Russian crime series. The deal also raises the stakes in the ratings battle among Russian television channels. Alfa Bank senior vice president Vagan Abgaryan, chairman of newly created distribution company Gamma Film, said Wednesday that 540 hours of film -- including the top-rated series "The Street of Broken Lamps," "Criminal St. Petersburg" and "National Security Agent" -- and another 196 hours of newly commissioned episodes had been acquired for 50 years from Gusinsky's DomFilm studio and other firms. The rights to some of the shows have already been sold on to leading Russian television channels, he said. Alfa Bank officials said the deal was "in the tens of millions of dollars," and one source close to the deal said it was worth more than $50 million. (The Moscow Times 15.v.03) RUSSIA WITHIN A STEP OF INVESTMENT GRADE International ratings agency Fitch upgraded its assessment of Russia's credit worthiness by two notches Tuesday, putting it just one step shy of the landmark status of investment grade major global funds need to buy Russian government bonds. "The upgrade reflects a very strong performance in the Russian economy," said Edward Parker, Fitch's primary sovereign analyst for Russia. The BB+ rating leapfrogs upgrades in December by rival agencies Moody's and Standard & Poor's, both of which put Russia two notches under investment grade. Parker cited continued economic expansion, the reduction of the nation's overall debt burden and strong growth in foreign exchange and gold reserves as reasons for the move. "We see the risks to Russia's debt servicing as very low," he said. Most market analysts say the much-hallowed investment grade will come within a year -- a move that would mark a remarkable turnaround from 1998, when buying Russian debt was considered a sucker's bet in the wake of the spectacular default that August. But Parker said Fitch's stable outlook meant that he does not expect the agency to boost Russia to investment grade for at least another 18 months. "It would not be correct to interpret the upgrade as a significant movement towards investment grade," he said. "For that to happen we would need to see more evidence that Russia was moving forward on structural reforms." (The Moscow Times 14.v.03) PUTIN, ROBERTSON LAUD RUSSIA-NATO COOPERATION While receiving NATO Secretary-General Lord George Robertson, who is in Moscow for a session of the NATO-Russia Council, President Vladimir Putin said on 13 May that he agrees with Robertson's assessment that holding the council session in Moscow is of "historic significance," strana.ru and other Russian media reported. He said the issues the session will cover -- including combating international terrorism, the nonproliferation of weapons of mass destruction, international crisis reaction, and coordinated rescue operations at sea -- are of crucial importance. "Despite differing approaches to some situations around the world, the council in general has lived up to our expectations," Putin said. Robertson added that the Moscow council session will destroy the stereotype that Russia and NATO are adversaries. (RFE/RL 14.v.03) O.P.E.C. INVITATION ACCEPTED Russia, the world's largest non-OPEC exporter, promised the cartel to attend its next meeting on June 11 as an observer, cartel president Abdullah al-Attiyah said Tuesday. OPEC has invited seven rival exporters, including Russia, Norway and Mexico, to attend its meeting in Doha, in Qatar, at which ministers will discuss whether output cuts are needed to make room for the return of Iraqi crude. Norway has declined. It is the first time non-OPEC countries have been invited to an extraordinary conference, raising speculation that the cartel may ask its rivals to join cuts. "Russia will participate as an observer at the next meeting in June," al-Attiyah told reporters after talks with Energy Minister Igor Yusufov. "We believe this support from Russia will help stabilize oil prices." Asked whether Russia would agree to cut oil production and exports if OPEC asked it to, al-Attiyah said he had understood during the meeting that Russia was ready to support any OPEC decision but declined further comment. In the past, Russia has twice pledged to cut its exports to help OPEC support oil prices, but market observers say Moscow, which is heavily depends on oil revenues, has never kept its promises and boosted production and supplies instead. While cuts from non-OPEC countries are thought unlikely with prices still near $25 a barrel, OPEC insiders are hoping at least for a commitment from their rivals to help support prices. (The Moscow Times 14.v.03) BRITISH COURT GIVES BEREZOVSKII BREATHING ROOM A British court on 13 May scheduled the beginning of hearings on the extradition of tycoon Boris Berezovskii and his associate Yulii Dubov for 6 October, "Kommersant-Daily" reported on 14 May. The Crown Prosecution Service had requested an 18 July start date. However, Berezovskii's attorney, Alun Jones, noted that his client is seeking political asylum in the United Kingdom, and argued successfully that the extradition request should be considered after late September, when a court is scheduled to hear Berezovskii's appeal against the British authorities' refusal to grant asylum. Jones also said he will call about 10 well-known Russian citizens to testify in support of the contention that Berezovskii is being persecuted for his political convictions. However, Jones refused to name those witnesses, saying they would face pressure from Russian authorities if their identities were disclosed. (RFE/RL 14.v.03) GAZPROM INKS DEAL WITH SOUTH KOREA Gazprom CEO Aleksei Miller signed an agreement on 13 May with South Korean state gas company Kogas President Kim Myung-kyu under which Gazprom will supply natural gas to South Korean households for the next five years, Russian media reported. Miller did not disclose the value of the agreement or the amount of gas involved, but noted that South Korea, which has almost no domestic natural-gas reserves, is one of the world's largest customers and that its demand will likely double over the next decade. Miller added that Seoul intends to privatize Kogas and that Gazprom will seek to become a shareholder. He said he and Kim also discussed possible South Korean investments in Gazprom projects in China, India, and Africa during their Moscow talks. (RFE/RL 14.v.03) FOREIGN MINISTER OUTLINES MOSCOW'S CONCEPTION OF WORLD ORDER Speaking at a prestigious conference in Moscow on 12 May, Foreign Minister Igor Ivanov said that a new system of international relations should be based on the principles of "multi-polarity" and "multilateral global cooperation," Russian media reported. "Multi-polarity" recognizes the existence of multiple power centers around the world, Ivanov said, while Moscow views "multilateral cooperation" as a kind of pyramid with the United Nations Security Council at the peak of a structure supported by regional organizations and bilateral ties among countries, all standing upon a foundation of international law. Ivanov said Moscow might agree to a reorganization of the UN based on a mutual understanding of its proper role in global affairs, but the Kremlin will never agree to further diminishing the UN's role. Commenting on U.S.-Russian relations, Ivanov said that the bilateral dialogue continued unabated even during the peak of the disagreements over the handling of the Iraq crisis. "We did not act against one another, but defended differing approaches to the same problem," Ivanov said. He added that it is in the interests of both countries to find solutions to current global challenges, and this common interest will lead to a further strengthening of U.S.-Russian relations. (RFE/RL 13.v.03) OFFICIAL PROMISES PROBE INTO POSSIBLE SECURITY LAPSES CONTRIBUTING TO CHECHNYA BOMBING First deputy presidential envoy to the Southern Federal District Yurii Korobeinikov said on 12 May that Moscow will identify and punish those responsible for organizing the 12 May car-bomb explosion on the local-administration building in the Cossack settlement of Znamenskoe in northern Chechnya that left more than 50 people dead, ORT and other Russian media reported. Korobeinikov also said that any officials found responsible for security lapses will also be punished. Federal Security Service (FSB) Director Nikolai Patrushev told journalists that a Russian military truck loaded with about 1 ton of explosives and driven by three unidentified men exploded near a checkpoint at the entrance to the local FSB compound. As of mid day on 13 May, the official death toll in the incident stood at 56, Reuters reported, and as many as 300 people were reported injured. (RFE/RL 13.v.03) INTERNET USE CONTINUES TO RISE Some 10.2 million Russian citizens, or 9.1 percent of the population, were Internet users in April, Interfax reported on 6 May, citing data provided by the companies SpyLOG and J'son & Partners. The highest proportion of people with Internet access is in Moscow and Moscow Oblast, where some 44 percent reported using the Internet. In St. Petersburg and Leningrad Oblast, some 10 percent of the population has Internet access, while that figure in other regions does not exceed 3 percent. (RFE/RL 7.v.03) SERBIA AND MONTENEGRO FILIP VUJANOVIC CONFIRMED AS NEW PRESIDENT OF MONTENEGRO The Montenegrin electoral commission confirmed the victory of Filip Vujanovic, candidate of the ruling coalition, in the presidential elections on Sunday. According to the final results, Vujanovic won 139,574 votes or 64.25%, followed well behind by Miodrag Zivkovic, candidate of the LS, with 68,169 votes (31.38%). The independent candidate Dragan Hajdukovic managed to win just 9,501 votes (4.37%), which left him in third and final place. International observers did not have any major remarks on the transparency of the election, as the head of the OSCE mission in Belgrade, Maurizio Massari, said he was satisfied with the successfully completed Montenegrin presidential election. After winning the president's seat, the ruling DPS currently occupies all of the more influential positions in Montenegro. (IntelliNews 14.v.03) SERBIAN LEADERS MEET WITH MEDIA CHIEFS Prime Minister Zoran Zivkovic, Deputy Prime Minister Zarko Korac, and unspecified other government officials met in Belgrade on 5 May with the editors in chief of 15 leading Serbian periodicals and electronic-media outlets, Deutsche Welle's "Monitor" reported. The editors expressed their misgivings about several aspects of the new media law, including taxation policy and the government's right to operate a news agency and ban the sale of periodicals. The government promised to study the journalists' complaints. The editors added that media people are tired of receiving "telephone calls and threats" from unspecified cabinet members and other government officials. Korac replied that "politicians are only human" and that sometimes they "lose control over themselves when they should not." He added that everyone, including politicians, has to learn that "the price of being involved in public life in a democratic society is often quite high." (RFE/RL 7.v.03) SLOVAKIA DIRECT FLIGHTS FROM BRATISLAVA TO LONDON AND PARIS TO COMMENCE THIS SUMMER From July 11 2003, SkyEurope Airlines will fly direct non-stop flights between Bratislava and London Stansted with flights to Paris Orly starting on August 22, SkyEurope announced at a press conference in Bratislava on Wednesday 14. There will be three flights weekly on both routes, on Monday, Wednesday and Friday. This will be the first ever direct flights between the Slovak capital and London and Paris. "Our objective is to offer Slovak travellers the possibility of direct flights from Bratislava Airport to significant European cities for affordable fares," said Christian Mandl, the CEO of SkyEurope Airlines. "With our new Boeing 737-500, we will fly to London and Paris 3 times a week, meeting our customers' needs for a direct connection from Bratislava to those destinations." Fares will start at 990 crowns, $25, one-way, taxes and fees excluded. While being considerably cheaper than flights from nearby Vienna, they also undercut the standard bus fare for the route. The Boeing 737-500 aircraft will be delivered to SkyEurope Airlines in June. (NewsBase 14.v.03) UKRAINE STRATEGY FOR ECONOMIC DEVELOPMENT TO PROJECT 6-7% ANNUAL GDP GROWTH UNTIL 2011 President Kuchma ordered PM Viktor Yanukovich to finish by the end of the year the preparation of the draft strategy of Ukraine's economic and social development until 2011. A working group on this issue was created at yesterday's government's sitting. According to Anatoly Halchynsky, the president's adviser and Head of the National Institute for Strategic Research, the strategy will foresee annual GDP growth at 6-7% at minimum, and will be geared towards integrating into EU. (IntelliNews 14.v.03) INFORMATION PROVIDERS - For further information on our InformationProviders, please contact: NEWSBASE NewsBase is a leading provider of business and economic news and intelligence from Russia, Central Europe and the FSU. Daily bulletins and industry specific weekly reports backed by an archive containing over 10 million words combine to provide a comprehensive service to a global blue chip client base. Contact: Jon Laurijssen T: +44 (0)131 478 8537 F: +44 (0)131 478 7001 E: [email protected] W: www.newsbase.com, www.newsbaseworldmonitoring.com 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 The Moscow Times offers readers an independent and precise view of the political, economic and business life of Russia. Contact: Andrew Boag T: +7 095 232 3200 F: +7 095 232 1761 E: [email protected] W: www.themoscowtimes.com 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 Radio Free Europe/Radio Liberty is a private, international communications service to Central, Eastern and Southeastern Europe; the Caucasus; and Central and Southwestern Asia funded by the U.S. Congress through the Broadcasting Board of Governors. 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