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2020-03-31  11:31
CIJ Serbia
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Company News

Sidenor halts steel production in Greece for...

Viohalco subsidiary Sidenor has suspended production at all of its steel plants in Greece beginning April from until May 3 due to a sharp decline in demand for construction materials and the postponement of major state projects. Sidenor, leading steel manufacturer, announced that 80 percent of its staff would be suspended or redeployed on a part-time basis. This includes 150 workers ...
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2020-03-31  10:17
CIJ Romania
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Company News

Michelin Romania stops operations at...

Michelin Romania has suspended production at its two tire factories in Zalau, northern Romania, as measures the government is taking to contain the coronavirus continue to tighten. The tire manufacturer said “certain critical activities which will have a specific program” will continue curing the crisis. “We follow all internal protocols to ensure the progressive closure and to protec...
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2020-03-31  09:57
CIJEurope.com
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Project News

Arete begins work on Košice plant for Steelcon

The investment group Arete has begun construction on a 12,000 sqm specialized production hall in eastern Slovakia for Steelcon Slovakia, a European steel chimney producer. The €13m project is being built on land the investor bought last November on land located at the edge of the town of Košice in the Veľká Ida industrial zone. Steelcon Slovakia is part of the Danish group Dominion St...
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2020-03-31  09:57
CIJEurope.com
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Politics

Slovakia eases shopping restrictions

Lines formed quickly Monday morning as Slovakia eased up ever so slightly on its rules governing the country's retail network. It's no longer just groceries and pharmacies that can open their doors but gardening shops, hardware stores, electronics suppliers and sewing materials shops as well. Leading retailers had asked the government to consult with them before taking the d...
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2020-03-31  09:56
CIJEurope.com
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Economy

Record low fuel prices threaten independent...

With a large percentage of the world on lockdown and the threat of recession looming, the price of a barrel of crude oil has plummeted to a 17-year low of USD 23. In the Czech Republic, this has resulted in the lowest pump prices since 2016. Czech Fund's chief economist Lukáš Kovanda writes that quickly falling prices initially give gas station owners a window of opportunity to m...
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2020-03-31  09:52
CIJEurope.com
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Company News

Panattoni to build warehouse facility for...

Panattoni is developing a 9,300 sqm warehouse for K-FLEX in Wielenin-Kolonia, near Uniejów. Construction is set to break ground in mid-2020, with completion planned for January 2021. The facility will be divided into two sections, offering 2,936 sqm and 6,160 sqm respectively. Both sections will initially serve warehousing functions, but the larger one will eventually be adapted fo...
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2020-03-31  09:51
CIJEurope.com
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Company News

Echo Investment heads buy bonds

Nicklas Lindberg, CEO of Echo Investment, and Maciej Drozd, the company’s CFO, bought 1,400 of the company’s bonds on the secondary market. “We believe in Echo Investment and its development prospects. In 2019, Echo Investment Group generated a net profit of PLN 300m. The company enjoys a high cash position and a low net asset-to-debt ratio, which as of December 31, 2019 was at 34 ...
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2020-03-31  09:50
CIJEurope.com
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Company News

Countries not on euro see currencies...

Countries that have not adopted the euro, or are not pegged to it, have each seen a 10-percent depreciation in currency value between February and March, according to Colliers International. The Romanian leu is the exception, which has depreciated just 1 percent, largely due to central bank intervention. As the majority of leases in the CEE region are denominated in euros, this late...
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2020-03-31  09:48
CIJEurope.com
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Company News

MVM acquires Matra Power Plant for HUF 17.4bn

MVM Hungarian Electricity acquired the Matra Power Plant from Opus Global for HUF 17.4bn. The power plant, located in the Matra Mountains in northern Hungary, provides roughly 16 percent of the country's electricity. The transaction is a matter of “national strategic significance,” said Gergely Gulyas, head of the Prime Minister's Office, adding that the acquisition by the s...
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2020-03-31  09:47
CIJEurope.com
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Politics

Hungary spends HUF 245bn to fight coronavirus

The Hungarian government has already spent HUF 245bn to help fight the coronavirus outbreak, according to Finance Minister Mihaly Varga, adding that HUF 90bn is going toward measures to help ease the economic fallout. More measures to protect the state’s economy will be rolled out in the coming weeks, said Varga. The news comes as Prime minister Victor Orbán announced a two-week count...
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