OMRI DAILY DIGEST
No. 66, 2 April 1996
RUSSIA INTERRUPTS OIL EXPORTS VIA DRUZHBA PIPELINE. Russia halted its
oil exports on 29 March to Hungary, Slovakia, and the Czech Republic via
the Druzhba pipeline across Ukraine, ITAR-TASS reported. The stoppage
was initiated by the three countries, who argued that they satisfied
their requirements in Russian oil and are also receiving oil from other
suppliers. Hungary is now getting oil via Croatia's Adria pipeline,
while the Czech Republic is using Germany's Ingolstadt-Litvinov
pipeline. On 29 March, Russia reportedly agreed to levy the higher
transit fee of $5.2 per ton of oil which Ukraine unilaterally introduced
for its section of the pipeline on 1 January, RFE/RL reported on 2
April. -- Natalia Gurushina
HUNGARIAN OPPOSITION KNOCKS GOVERNMENT OVER BASIC TREATY. Opposition
deputies have harshly criticized the government's reaction to the Slovak
parliament's decision to include interpretation clauses in the basic
treaty, Hungarian media reported on 2 April. Many called for the treaty
to be revised or even abrogated. Foreign Minister Laszlo Kovacs, who was
Hungary's main negotiator on the treaty, said the cabinet had pointed
out to the Slovak Foreign Ministry on 29 March that a one-sided
interpretation of the basic treaty has no legal force. He added that
Hungary will refuse to exchange ratification documents-- thereby
preventing the treaty from going into effect--if those documents are not
identical. -- Zsofia Szilagyi
[As of 1200 CET]
Compiled by Victor Gomez
Compiled by Jan Cleave
|
Tuesday, 2 April 1996 Volume 1, Issue 321
BUSINESS NEWS
_____________
> -----------------------------------------------
OECD URGES HUNGARY TO DEREGULATE TELECOM MARKET
> -----------------------------------------------
According to a new Organization for Co-operation and Economic
Development report published Monday, Hungary's
telecommunications reform has been a success, but further
liberalisation of the market cannot be delayed. The report
urges that Hungary deregulate its telecoms market to bring it
line with regulations in the European Union, where the market
will be liberalised in 1998. Jerker Torngren, a member of the
team from the Organisation for Economic Cooperation and
Development, says Hungary needs to take further steps in
telecommunications reform, citing cost-efficient services as the
top priority.
Hungary's steps to attract foreign capital into the
telecommunications market were praised by the OECD as having
been useful, but the capital did not promote competition, where
ninety percent or more of Hungarian telecoms revenues is not
subject to competition. Under current terms Matav has a
monopoly on terrestrial telephone services until 2003., which
the OECD concluded should be renegotiated to shorten the
monopoly of the company.
But, according to Elek Straub, Matav's general director, the
Hungarian telecommunications company has no immediate plans to
give up its contract for terrestrial communications despite the
OECD urging for a more competitive market. Contray to Hungarian
press reports, the general director says that the Transportation
and Telecommunication Minister Karoly Lotz has not contacted
Matav or the majority owners about renegotiating the contract.
Matav is 67 percent owned by MagyarTech, a 50-50 consortium of
Deutsche Telecom and Ameritech.
> -----------------------------------------------------------
CORPORATE WATCH: GE HUNGARY BANK UNIT BOOSTS PROFIT IN 1995
> -----------------------------------------------------------
Hungary's Budapest Bank (BB), controlled by the U.S.'s GE group,
said on Monday that it boosted its pre-tax profit to 3.5 billion
forints in 1995 from 2.5 billion in 1994. According to managing
director Bela Singlovics, the results could have been even
better, but in 1995 the Bank had to concentrate on talks
preceding its privatisation. GE Capital Services and the
European Bank for Reconstruction and Development (EBRD) acquired
a combined 60 percent stake in BB in December. A
12-billion-forint capital injection from the state before the
privatisation to make BB more attractive to investors helped the
bank to write off most of its credit losses. The bank, which is
already present in Germany, Romania and Russia, would like to
begin operations in Croatia and Slovakia should its foreign
owners approve the plan.
> ------------------------------------------------------------
CORPORATE WATCH: PRIMAGAZ WANTS TO TRADE IN LISTED CATEGORY
> ------------------------------------------------------------
Hungary's liquefied petroleum gas distributor Primagaz Rt
submitted a request to the Budapest bourse to requalify its
shares from the traded to the listed category. Companies in the
listed category have to meet stricter rules than in the traded
category, including having to provide more regular information.
The request is to be considered by the stock exchange council at
its first regular session following the bourse's annual general
meeting on April 12. The date of the council session has yet to
be announced.
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|
#+--------------------------------------------------------------------+
#| A Magyar Nemzeti Bank hivatalos deviza- es valutaarfolyamai |
#| Official exchange rates of the Hungarian National Bank |
#| Az adatok tajekoztato jelleguek, felelosseget nem vallalok. |
#| Az esetleges hibakert elnezest kerek. Velemenyeket es javitasokat |
#| szivesen fogadok. |
#| FYI, no responsibility. Opinions, corrections are welcome. |
#+--------------------------------------------------------------------+
#| vetel/BUY eladas/SELL < A kereskedelmi bankok arfolyamsavjai |
#| USD 136-140 146-148 < Rates of commercial banks |
#| DEM 93-95 99-102 < (HUF) |
#+--------------------------------------------------------------------+
#
# VALUTA; KOZEP; VETEL; ELADAS; EGYSEG; MEGJEGYZES
# TYPE; MEAN; BUY; SELL; UNIT; REMARKS
DATE=1996-MAR-29
UNIT=HUF
SOURCE='NAPI Gazdasag, 1996-MAR-30, p.16'
GBP; 223.67; 221.25; 225.69; 1; angol font (skot es eszakir is)
AUD; 114.50; 113.01; 115.21; 1; ausztral dollar
BEF; 483.91; 478.59; 488.17; 100; belga (es luxemburgi) frank(100)
DKK; 25.77; 25.47; 25.99; 1; dan korona
FIM; 31.67; 31.28; 31.92; 1; finn marka
FRF; 29.17; 28.85; 29.43; 1; francia frank
GRD; 0.00; 60.35; 61.55; 100; gorog drachma(100) (kozepar nincs)
NLG; 88.86; 87.91; 89.67; 1; holland forint
IEP; 230.69; 228.04; 232.60; 1; ir font
JPY; 137.87; 136.24; 139.00; 100; japan jen(100)
CAD; 107.58; 106.42; 108.52; 1; kanadai dollar
KWD; 490.54; 485.33; 495.01; 1; kuvaiti dinar
DEM; 99.44; 98.34; 100.30; 1; nemet marka
NOK; 22.90; 22.64; 23.10; 1; norveg korona
ITL; 93.37; 92.66; 94.52; 1000; olasz lira(1000)
ATS; 14.14; 13.99; 14.27; 1; osztrak schilling
PTE; 96.23; 95.24; 97.14; 100; portugal escudo(100)
ESP; 118.18; 116.85; 119.19; 100; spanyol peseta(100)
CHF; 123.37; 121.95; 124.37; 1; svajci frank
SEK; 21.91; 21.76; 22.20; 1; sved korona
USD; 146.72; 145.11; 148.01; 1; USA-dollar
XEU; 184.34; 182.60; 186.24; 1; European Currency Unit (ECU)
|
