Slovenia Business Week no. 46, November 8th, 2004
HEADLINES ............................................................................................................................. 3
Foreign Debt Bigger than Reserves by over EUR 7bn .......................................................... 3
Janez Jansa Nominated as PM-Designate .............................................................................. 3
New Year's Will Bring New Taxes ........................................................................................ 3
INTERNATIONAL COOPERATION ...................................................................................... 5
Drnovsek Receives Credentials of Brazilian Ambassador ..................................................... 5
President Accepts Credentials from Oman Ambassador ....................................................... 5
Diplomatic Ties Established with Kenya ............................................................................... 5
FMs for Boosting Links between Slovenia and Montenegro ................................................. 6
First Resident Ambassador from Ukraine Accredited Here ................................................... 6
EUROPEAN UNION ................................................................................................................. 7
Study Says Small Countries Would Profit from Turkish Accession ..................................... 7
EU Inspectors Pleased with Work of Border Vets ................................................................. 7
STATISTICS/FORECASTS ...................................................................................................... 9
D&B: Slovenia's Outlook Unlikely to Change with New Govt ............................................. 9
Employment Service Wants to Cut the Number of Jobless ................................................... 9
Industrial Output Up 3.9% Year-on-Year in September ...................................................... 10
REGIONAL INFORMATION ................................................................................................ 11
Ljubljana Sees Number of Tourists Soar from 1997 ............................................................ 11
BRANCH INFORMATION .................................................................................................... 12
Domestic Furniture Industry on Display .............................................................................. 12
Motorway Stretch at Croatian Border Opened ..................................................................... 12
Latest Foreign Books Displayed in Ljubljana ...................................................................... 13
Slovenian Campsites Favoured Mostly by Foreigners ......................................................... 13
Slovenian Tourism to Be Promoted at World Travel Market in London ............................. 14
COMPANIES ........................................................................................................................... 15
Agromerkur Opens Large New Hatchery ............................................................................ 15
Stilles Stakes Future on Made-to-Order Furniture ............................................................... 15
Telekom Slovenije Eying a Stake in Montenegrin Telco .................................................... 15
Mercator CEO Rebuffs Rumours about Damaging Business Practices ............................... 16
Cementarna Trbovlje Makes Solid Profit ............................................................................. 16
Mercator Owns Almost 100% of Maximarket Department Store ........................................ 16
FINANCE ................................................................................................................................. 18
Slovenians Lack Knowledge About Mutual Funds .............................................................. 18
Last Remnants of Voucher Privatisation Now History ........................................................ 18
Slovenian Insurers Could Triple Premiums with New Markets .......................................... 19
Austria and Switzerland Biggest Investors in Slovenia ....................................................... 19
Lacklustre October on the Ljubljana Stock Exchange ......................................................... 20
Slovenia to Get its Share of Former Yugoslav Money in the US ........................................ 20
Ljubljana Stock Exchange .................................................................................................... 20
Mutual Funds to Manage EUR 876M by the End of Year ................................................... 21
Foreign Exchange ................................................................................................................. 21
FAIRS, CONGRESSES ........................................................................................................... 22
Ways of Improving Macroeconomic Figures ....................................................................... 22
SLOVENIA IN BRIEF ............................................................................................................ 23
EU Summit to Focus on New Commission ......................................................................... 23
Sports Film About Jumper Peterka Gets Honourable Mention in Milan ............................. 23

President Drnovsek Congratulates Bush on Re-election ...................................................... 23
Conducted by Muti, Philharmonics Pay Tribute to Kleiber ................................................. 23
Ljubljana Hosts SE European Defence Ministers ................................................................ 23
2

HEADLINES
Foreign Debt Bigger than Reserves by over EUR 7bn
Slovenia's gross foreign debt stood at EUR 14.30bn at the end of July, and exceeded the country's foreign exchange reserves by EUR 7.04bn. The reserves totaled EUR 7.26bn, according to the latest issue of the Bulletin of the Bank of Slovenia
The bulk of July's foreign exchange reserves, EUR 6.27bn, were the reserves of the central bank, while the rest of EUR 992m belonged to commercial banks.
The majority of the debt, EUR 10.39bn, was long-term debt, of which loans accounted for the bulk of it (EUR 7.63bn).
Short-term debt accounted for EUR 2.76bn, with debt liabilities to affiliated enterprises and debt liabilities to direct investors amounting to EUR 1.15bn.
Janez Jansa Nominated as PM-Designate
President Janez Drnovsek has nominated the leader of the Slovenian Democrats (SDS) Janez
Jansa as a prime-minister designate. Drnovsek has already sent the proposal to parliament, his office said
As Jansa told the press after meeting Drnovsek today, 03 November they concluded he had enough support in parliament to become the new prime minister. Drnovsek, on the other hand, did not wish to speak to the press.
According to the standing orders, the parliament has to take a vote on the prime ministerdesignate within two to seven days after the president put forward his proposal. MPs are thus due to vote on Jansa next Wednesday at the latest.
The prime minister-designate is elected in a secret ballot and needs 46 votes in the 90-member parliament. Before the vote, the candidate has to present his government programme, and has
15 days to propose the ministerial candidates after being elected.
Jansa has already secured himself enough support in parliament, promised to be backed by four parties, New Slovenia (NSi), People's Party (SLS) and Pensioners' Party (DeSUS) in addition to the SDS, which together account for 49 votes.
The would-be prime minister meanwhile invited today two left-leaning parties of the outgoing ruling coalition to continue informal coalition talks. He is due to meet representatives of the
United List (ZLSD) and the Liberal Democrats (LDS) on Friday, 05 November or Monday,
08 November.
Asked to comment on the odds of the LDS and the ZLSD to join the ruling coalition after the two hold party congresses in the coming months, Jansa said that this might be possible in theory.
Changes to the act on the government are also scheduled to be on the talks' agenda, according to Jansa. He is convinced that a decision on the changes could be taken as early as next week, but would like to see consensus among parties to be as broad as possible beforehand.
The legislation changes are said to include the formation of the Ministry for Public
Administration and the abolishment of the Ministry for Information Society.
Jansa refused to comment on the names for the cabinet candidates or on the distribution of ministerial seats among the four parties, the SDS, the NSi, the SLS and DeSUS, which have already been sent the coalition agreement draft.
New Year's Will Bring New Taxes
One of the last big projects that the outgoing government completed this year was a comprehensive tax reform, designed to upgrade the system as a whole and divide the tax burden more evenly
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One of the last big projects that the outgoing government completed this year was a comprehensive tax reform, designed to upgrade the system as a whole and divide the tax burden more evenly. The most important new pieces of legislation are the income tax act and the corporate income tax act, which enter into force on New Year's.
In the new income tax act, the tax brackets were redefined so that the average tax burden will decrease by 9.5 percent, according to government calculations. The lowest tax rate has been reduced to 16 percent while the highest income bracket is eligible for a 50 percent tax. Those earning minimum wage will be exempt from income tax completely.
One of the centrepieces of the income tax act is the principle of general tax obligation, which means that every type of income is generally liable for income tax. This includes interest rates from bank savings, but only if they exceed SIT 300,000 (EUR 1,250).
Foreigners and those earning money abroad will also see their tax bill increase: every personal income from abroad will be taxed, as will be non-residents for the money they earn in
Slovenia.
Tax relief will be expressed in fixed sums rather than in percent. The general relief that all taxpayers are entitled to will stand at SIT 591,000 (EUR 2,460). This compares to the previously applicable 11 percent, which in 2003 averaged SIT 334,000 (EUR 1,400).
At the same time, special tax relief (for specialised books, medicine, etc.) will be reduced from 3 to 2 percent. Additionally, some types of goods and services will no longer be allowed as tax relief, while others, most notably the cost of Internet installation, have been added.
After the income tax act was already passed, students threatened to strike against the prospect of having their earnings taxed more heavily than so far. The government obliged and changed the legislation appropriately.
Annual tax relief for students was raised from the current SIT 668,000 (EUR 2,790) to SIT
1.2m (EUR 5,000). Moreover, the level of tax deduction for income earned through student job agencies will be lowered from 25 percent to 12.5 percent.
According to the amendments, students will be exempt from tax completely if they will be earning less than SIT 1.36m (EUR 5,670) in 2005 as supported family members, or if they earn less than SIT 1.6 (EUR 6,670) while being on their own.
The accrued tax cuts will significantly expand the budget gap: it is expected that SIT 37bn
(EUR 154m) less will flow into the budget in 2005. According to plans, the effect will be offset by greater taxation of capital.
The new corporate income tax did not change the tax rate, which remains at 25 percent, but shrank the available types of tax relief. Companies will be granted only a 10 percent relief for investment in fixed assets (except vehicles and furniture) and intangible assets. They will be given an additional 10 percent break if the assets are used for R & D within Slovenia.
Another novelty is that companies will be treated equally regardless of the type of incorporation; indeed, one of the most important stimuli for the adoption of this act was the requirement of the EU that a common taxation system be in place for parent companies and subsidiaries alike.
The income tax act and the corporate income tax act are the most significant parts of the tax reform package, but they are not the only ones: the tax service act was also amended to upgrade the institutional framework for taxation. Meanwhile, the customs service act entered into force on 28 May in compliance with EU requirements regarding customs services.
4

INTERNATIONAL COOPERATION
Drnovsek Receives Credentials of Brazilian Ambassador
President Janez Drnovsek has received the credentials of the Brazilian Ambassador to
Slovenia Celso Marcos Vieira de Souza, who is seated in Vienna. The pair discussed bilateral relations, UN reforms and the efforts of Brazil to get a permanent seat in the UN Security
Council, according to a press release of the president's office on Wednesday, 03 November
President Drnovsek said that Brazil was an important partner of Slovenia, and expressed the expectation that bilateral relations would improve now that Slovenia is part of the EU.
Brazil is Slovenia's most important trade partner in Latin America, said Drnovsek. The ambassador, on the other hand, said the EU was the most important trade partner of Brazil. He added that the majority of FDI to the Brazilian economy come from the EU.
The Brazilian ambassador stressed the importance ascribed by Brazil to the UN and its efforts to reform the organisation. He asked for Slovenian support in Brazil's efforts to get a permanent seat in the UN Security Council.
Drnovsek said Slovenia supported a permanent membership of a Latin American country in the UN Security Council, according to the press release.
The ambassador also addressed the efforts of the Brazilian President Luiz Inacio Lula da Silva to reduce poverty in Brazil and his international initiative to fight famine around the world.
Drnovsek said Slovenia supported the efforts to search for new ways of financing global development and the fight against famine, adding that he attended a conference in New York in September which was initiated by the Brazilian president.
President Accepts Credentials from Oman Ambassador
The newly-appointed Oman Ambassador Salim bin Mohamed bin Masud Al-Riami presented his credentials to President Janez Drnovsek on Wednesday, 03 November. The first ever
Oman ambassador to Slovenia will be seated in Vienna
In a brief meeting, the president assured Al-Riami Slovenia would try to appoint its ambassador to Oman shortly.
According to his office, Drnovsek also voiced confidence that the arrival of the Oman ambassador would create the conditions for a more intensive cooperation between the countries, especially in the economy.
Furthermore, he believes this opens new options for Slovenia to cooperate with Oman within the framework of the EU and NATO. The president wished the ambassador success in his work.
The ambassador acquainted Drnovsek with the conditions in Oman and the broader area. He stressed the importance of stability in the region for the development of the sultanate, the president's office said in a press release.
Diplomatic Ties Established with Kenya
Slovenia and Kenya have established diplomatic ties, as the two countries' ambassadors to the United Nations exchanged diplomatic notes at the UN headquarters on Wednesday, 03
November
On the occasion, Slovenian Ambassador Roman Kirn and his Kenyan counterpart Judith
Mbula Bahemuka debated UN-related topics, notably the reform of the organisation. They also discussed Slovenia's EU membership, globalisation, and the upcoming conference of the
Ottawa Convention on the Prohibition of Anti-Personnel Mines.
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FMs for Boosting Links between Slovenia and Montenegro
Montenegro considers Slovenia an important strategic partner, both politically and economically, and would like to see the good bilateral relations continue in the future. This was said by Montenegrin FM Miodrag Vlahovic after meeting his Slovenian counterpart Ivo
Vajgl on Wednesday, 03 November
Vlahovic's visit is aimed at Slovenia getting acquainted with Montenegro's stances on the problems in SE Europe prior to assuming the presidency of the Organisation for Security and
Cooperation in Europe (OSCE) in 2005.
Vajgl said that Slovenia intends to give solving problems in the region and offering it
European prospects special priority during its OSCE presidency. Therefore Slovenia would like to know the stances of individual countries, he explained.
One of the questions yet to be solved is the future of Serbia-Montenegro, as Montenegro, according to Vlahovic, insists that the status of the common state should be changed so that the two entities would become independent and internationally recognised states.
Vlahovic added though that he did not come to Ljubljana to seek support for Montenegro's independence, but rather to present the Montenegrin stance on the common state. The
Slovenian FM meanwhile said that the two nations themselves will have to take a decision on the matter.
As to the relations between Montenegro and Slovenia, the two foreign ministers agreed they are good. "Slovenia is a genuine friend of Montenegro, which it has proved over the past decade, when the situation was not that clear," Vlahovic said.
He was hopeful that the good bilateral relations will continue after the new government comes into power in Slovenia. He also announced he would meet the proposed prime ministerdesignate Janez Jansa during his visit if possible.
The pair also discussed ways of boosting business. Vlahovic said that Slovenian investors are welcome to participate in the modernisation of the Montenegrin economy, particularly in the privatisation process.
First Resident Ambassador from Ukraine Accredited Here
Slovenian president welcomed the opening of the Ukrainian Embassy in Ljubljana
Ivan M. Gnatishin presented his credentials to President Janez Drnovsek on Friday, 5
November thus becoming the first Ukrainian resident ambassador to Slovenia, according to a press release from Drnovsek's office.
The president welcomed the opening of the Ukrainian Embassy in Ljubljana, expressing the hope that the opening of diplomatic offices at the highest level in both countries was a good base for further development of relations between the two countries. Slovenia opened its embassy in Kiev in April 2004.
Drnovsek said there was still foom for expanding cooperation, particularly in economy. He drew attention to a well-developed political dialogue underway between the two countries, reassuring the ambassador that Slovenia would make efforts for successful integration of
Ukraine into European integration processes.
Ambassador Gnatishin congratulated the president on signing the European Constitutional
Treaty, which he said opened the door for Ukraine's integration into the EU, according to the press release.
Gnatishin also informed Drnovsek about the first round of presidential election in Ukraine.
The president said Slovenia was following the election developments with interest. He expressed the desire for Ukraine to develop successfully and use its great potentials.
Drnovsek drew attention to the Slovenian-run Forum of Slavic Cultures, which hopes to promote cooperation between Slavic cultures. He said he expects the forum to boost cooperation between Slovenia and Ukraine as well, the press release said.
6

EUROPEAN UNION
Study Says Small Countries Would Profit from Turkish Accession
A study by distinguished Slovenian diplomat Jozef Kunic suggests that small EU member states would gain from the EU membership of Turkey as it would redistribute the power of decision-making currently in the hands of the big, old EU members
Kunic, chair of the Slovenian International Relations Association, says in his analysis that
Turkey might not be able to compete with EU members in the economy, but would have, given its size, much say in the EU council and parliament. This would give the EU fresh impetus, and strengthen the role of new member states.
In addition, the Turkish membership would have a major impact on the EU role in the international community; for example, given the importance of Turkey in NATO, it would boost cooperation between the EU and NATO. More cooperation of the EU with international organisations would also benefit the small EU states, according to Kunic.
He is convinced that the EU would become a safer place with Turkey as its member. Once the
Union, which boasts political and economic stability, moved its borders to the east, this would have a favourable impact on its Asian neighbours. Gaining better access to the Black Sea, the
EU itself would strengthen its political influence, Kunic is convinced.
He expects EU leaders will approve the launch of accession negotiations with Turkey at the
EU summit in December. Given the conditions Brussels has set for Turky's membership, the accession process will not be a short one, but is nevertheless bound to conclude once started, according to Kunic.
Commenting on the increasingly frequent calls for the Turkish membership to be put on a referendum, Kunic thinks that the referendum proponents have two goals in mind: to enable
EU citizens to decide on an important issue in a bid to reduce the democratic deficit and make the people responsible for a decision on such a tough issue.
EU Inspectors Pleased with Work of Border Vets
Veterinary inspectors from the EU have found that Slovenia has effectively set up controls for the import of animals and animal products to the EU
Veterinary inspectors from the EU have found that Slovenia has effectively set up controls for the import of animals and animal products to the EU. There are only several minor shortcomings that must be eliminated, director general of the Veterinary Administration, Vida
Cadonic Spelic, told the press on Friday, 5 November.
Two inspectors from Dublin, who left today after a four-day mission, are also pleased with the structure of the Veterinary Administration, according to Cadonic Spelic. The number of veterinary inspectors (there are currently 11) is also satisfactory.
Several shortcomings were found when the inspectors reviewed the transposition of the EU's body of law in Slovenian legislation; they think that the terms "import", "transit" and
"shipment" should be defined in greater detail in the veterinary act. The act will probably be amended appropriately next year, she said.
The inspectors also recommended that the Slovenian inspectors be supervised more stringently and that staff get additional training. According to Cadonic Spelic, the Veterinary
Administration does not have a training programme for 2005 yet. But as soon as it is drafted, it will be sent to Dublin.
The inspectors furthermore found that the road crossing Gruskovje is ready to serve as an entry point for animals and animal products, bar a few minor corrections, Cadonic Spelic said, noting that imports through Gruskovje would be possible by next summer.
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Gruskovje is on the list of entry points for animals and animal products, yet it has not received the appropriate certificates. Slovenia will ask for a certification inspection once the customs and police control are put in place, presumably in February.
Five entry posts have been certified so far, namely the road crossings Obrezje and Jelsane, the railway crossing Dobova, the port of Koper, and the Ljubljana Airport.
The inspectors will send their report to the Veterinary Administration in 20 days. The
Slovenian vets will have 25 days to respond and provide possible commentaries.
8

STATISTICS/FORECASTS
D&B: Slovenia's Outlook Unlikely to Change with New Govt
Slovenia firmly retains the top place in the region in the November report of the rating firm
Dun&Bradstreet. The report suggests the country's outlook is unlikely to change with the new government
Examining the political situation in the country after the 3 October election, the D&B does not expect the Slovenian policy to change significantly under the new government of
Slovenian Democrats (SDS).
Although the incoming centre-right ruling coalition has announced an acceleration of the state withdrawing from the economy, the realities of ruling the country may test this assumption.
This is likely to be the case given that the new ruling and opposition parties lack experience in the fulfillment of their new roles, the monthly report suggests.
Employment Service Wants to Cut the Number of Jobless
The management board of the Employment Service at its maiden session on Wednesday, 03
November adopted development guidelines for the next five years, during which the service plans to become a key player in shaping and implementing the employment policy and developing human resources in Slovenia
The Employment Service hopes to help 55,000 jobless people to find employment next year,
STA was told by general director Joze Glazer.
It also expects to improve the structure of the unemployed, so that the share of unemployed women is to account for 51.9 percent of the unemployed, the share of the long-term unemployed is to stand at 42.4 percent and the share of jobless without completed education at 38 percent.
The Employment Service believes that the number of the unemployed will drop from the current 91,300 to 85,800 next year.
While jobs are being cut in some sectors undergoing restructuring, such as the textile industry, sectors such as trade, automobile and metal industries as well as construction are seeking new workforce.
Glazer also drew attention to the funding problem, saying that the budgetary funds provided for next year (SIT 6.1bn/EUR 25.4m) did not make it possible for the service to carry out all of its activities.
While the service has been assuming new tasks - this year it started implementing the activities of the European Social Fund - the share of budgetary funds received by the service has dropped over the past five years, Glazer pointed out.
The service hopes to become a key player in forming and implementing the employment policy and developing human resources in Slovenia in the next five years. Among other goals outlined in the development guidelines, the service would like to cut the period the unemployed are registered at the service in the long term.
The service's management board, which is composed of four government representatives, four trade union representatives and four employers' representatives and the director of the
Employment Service, on Wednesday started a new term in office after the previous board ended its term in May.
Labour Ministry State Secretary Stasa Baloh Plahutnik was named the chair of the management board, and Secretary General of the Slovenian Employers' Association Samo
Hribar Milic the vice-chair.
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Industrial Output Up 3.9% Year-on-Year in September
Industrial output increased by 3.9 percent year-on-year in September, according to the
Statistics Office. Compared with August, output grew by 23.6 percent, while in the first nine months of the year it increased by 5.8 percent y/y
Industrial output increased by 3.9 percent year-on-year in September, according to the
Statistics Office. Compared with August, output grew by 23.6 percent, while in the first nine months of the year it increased by 5.8 percent y/y.
The annual increase in Slovenia's industry can be attributed to the 8.2 percent growth in mining and quarrying, 5.4 percent growth in manufacturing and 10.1 percent growth in the supply of electricity, gas and water.
The output of capital goods was up 10 percent, while that of intermediate goods (energy product and raw materials) increased by 3.9 percent. The output of consumer goods rose by no more than 0.9 percent y/y in September.
The Slovenian industry saw its stocks grew by 20,9 percent in September, compared with the same month a year ago.
10

REGIONAL INFORMATION
Ljubljana Sees Number of Tourists Soar from 1997
The number of overnight stays in Ljubljana increased by 42.4 percent between 1997 and 2003
The number of overnight stays in Ljubljana increased by 42.4 percent between 1997 and
2003. This puts the Slovenian capital on top of a list of 35 major European cities surveyed by the European Cities Tourism network.
Berlin came in second with a 41.8 percent increase and Reykjavik third with a jump of 40 percent, the City of Ljubljana said in a news release Friday.
Ljubljana had a 6 percent average annual increase of overnight stays in this period, as opposed to 2.5 percent for all 99 cities that make up the network.
European Cities Tourism is a professional tourism network promoting and linking the tourism interests of European cities. The network connects major cities from 30 countries.
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BRANCH INFORMATION
Domestic Furniture Industry on Display
The 15th Ljubljana Furniture Fair will open in the Slovenian capital on Tuesday, 02
November featuring furniture for households and offices as well as other home equipment on a surface area of around 9,800 sq. metres
The six-day fair will showcase over 200 direct exhibitors, mainly from Slovenia, but also from Austria, Italy, Germany, Croatia, Serbia-Montenegro, Greece, Poland, Bangladesh and
Pakistan.
Output of domestic furniture companies shrank by 3.4 percent in 2003, a trend continuing also in 2004: the output fell by an additional 4.2 percent in the first half of this year as compared to the same period last year.
The rest of the manufacturing sector, on the other hand, increased its output by 5.8 percent in the January-to-June period year on year.
Last year, the Slovenian wood-processing industry as a whole had a bad year, finishing with a net loss of 1.1 billion Slovenian tolars (4.58 million euros).
The wood-processing industry, nearly 25 percent of which is furniture manufacturers, is a heavy net exporter, exporting goods worth EUR 1.2bn in 2003, according to the data provided by the Chamber of Commerce and Industry. The prime export markets were Germany, Italy,
Croatia, Austria and Slovakia.
Reflecting the fall in output, the number of workers in this branch of industry has been on the decrease for years: while the industry had a workforce of 35,000 in 1990, a year before
Slovenia became independent, the labour force shrank to 21,618 last year.
Motorway Stretch at Croatian Border Opened
A 12-kilometre stretch of motorway leading to the Obrezje border crossing with Croatia was opened on Thursday, 04 November in an investment worth SIT 23.9bn (EUR 99m)
The motorway, which is still under construction, connects the Karavanke border crossing with
Austria in the northwest and Obrezje in the southeast, making part of the 10th pan-European transport route between Salzburg and Thessalonike.
Attending the opening ceremony, Transport Minister Marko Pavliha said that Slovenia needs to finish the missing parts of the motorway as soon as possible in order to meet the demands of the Slovenian and other countries' economies.
Pavliha also said that his ministry is paying a lot of attention to the Slovenia's stretch of the
5th pan-European route, particularly to the section in the northeast of Slovenia, which has been rather neglected in the past.
According to Pavliha, both corridors, the fifth one connecting Barcelona and Kiev, represent vital routes for the Slovenian economy in entering the European market.
The government meanwhile took a decision today on where to build the motorway section
Pluska-Ponikve, also connecting Ljubljana with Croatia. This rather demanding section is due to be built by 2007 or 2008.
Slovenia has built a total of 310.5 kilometres of motorways so far since the first motorway section was constructed back in 1970.
In May, parliament approved this year's plan for the construction and maintenance of motorways whereby a total of 70 km of new roads would be opened by the end of 2004. The total value of the new roads was anticipated at SIT 62.4bn (EUR 260m).
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Latest Foreign Books Displayed in Ljubljana
More than 9,000 books that have been published abroad in the past year are on show at the
18th Frankfurt after Frankfurt fair, which opened at the Cankarjev dom arts centre on
Thursday, 04 November. The books were selected among 200,000 publications displayed at the international book fair in Frankfurt last month
The fair is organised by Konzorcij, Ljubljana's biggest bookshop, which boasts a wide selection of foreign books. According to the bookshop manager Barbara Borovnik Filipic, only the best books in each category were selected for the Ljubljana show.
The fair highlights this year's Nobel Prize winner Elfriede Jelinek as well as the recipients of other prestigious awards such as Pulitzer, Whitbread, Booker, and Goncourt.
The books are divided into eleven categories: social sciences, humanities, economics, law, medicine, natural sciences, technology, computer science, manuals, arts, and fiction. These were published by some 450 publishers, the majority of them in English, German, French,
Spanish and Italian.
Addressing today's opening ceremony, the general manager of Mladinska knjiga publishers, the owner of Konzorcij, pointed to the increasing number of companies marketing books.
According to Milan Matos, Mladinska knjiga is the biggest publishing house in the region of the former Yugoslavia; in the past year it sold 49 books to 15 countries.
The fair, officially opened by Europe Minister Milan M. Cvikl, will be open daily between 9
AM and 8 PM, until 9 November. It will feature a number of accompanying events, such as an exhibition and a debate on dissident writer Edvard Kocbek and the launch of a book by
Dejan Vercic and Betteke van Ruller entitled "Public Relations and Communication
Management in Europe".
Unlike the Frankfurt fair, the Ljubljana show does not feature Arab literature. The main reason is according to Borovnik-Filipic the different alphabet. She said the organisers were already concerned about next year when the Frankfurt fair focuses on Korean literature.
The fair will be attended by representatives of major foreign publishers such as
Taylor&Francis, Cambridge University Press, McGraw-Hill and Elsevier.
Slovenian Campsites Favoured Mostly by Foreigners
Campsites generate 14 percent of all tourist overnights in Slovenia. The visitor numbers were up 6 percent, while overnights were up 3 percent in the first eight months of the year, compared with the same period last year. The statistics show that the increase was mainly due to foreign visitors as the number of domestic guests has been on decline
The statistics were presented at Wednesday's, 03 November meeting of campsite managers, organised by the Slovenian Tourist Board (TZS) and the Tourism and Catering Association at the Chamber of Commerce (GZS).
Maria Acceto of the TZS explained that foreign tourists represent 88 percent of the total number of visitors to the campsites in the alpine region, while campsites at health resorts and on the seaside still attract mainly local population.
While the number of domestic visitors is not likely to increase, Slovenia should attract more foreign tourists to its campsites, the participants in today's debate said. They agreed that more campsites should be build at the seaside and the alpine regions.
At the meeting, awards for best campsites were conferred as part of the campaign dubbed
"My Country - Beautiful and Hospitable". The award for best big camp went to Camping
Sobec in NW Slovenia, while the nearby Camping Bled was declared best medium-sized campsite and Terme Ptuj in NE Slovenia best small camp.
Slovenian campsites are most popular among visitors from Germany, the Netherlands, Italy,
Austria, the Czech Republic, and increasingly from France. Dutch tourists stay at the campsites longest (an average 4.7 days), followed by visitors from the former Yugoslavia,
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Austrians, Danes, Belgians and Germans with an average of 3 days. Tourists from Germany and the Netherlands most often stay overnight.
Slovenian Tourism to Be Promoted at World Travel Market in London
A total of 28 Slovenian companies will be presenting their offer at the international travel industry's premier business-to-business forum
"Slovenia - Closer than Ever" will be the slogan under which Slovenian tourist companies will hope to attract business partners at World Travel Market in London between 8 and 11
November. A total of 28 Slovenian companies will be presenting their offer at the international travel industry's premier business-to-business forum.
Representatives of hotels, local tourism organisations, health resorts, travel agencies and air carriers will be presenting their offer at the Slovenian stall, which will stretch over an area of
200 square metre, the Slovenian Tourism Organisation (STO) said.
They will be particularly interested in doing business with their counterparts from European countries, according to the STO.
Organisers of the 25th World Travel Market expect over 5000 exhibitors from over 190 countries this year.
Tourism is becoming a major sector in the Slovenian economy. The country has seen over
1.9m of tourists in the first nine months of the year, which is a 4 percent increase year-onyear, according to the Statistics Office. The number of visitors from abroad was up 9 percent year-on-year.
While Germany, Austria and Italy are the major markets of Slovenian tourism, there has been a noticeable increase in the number of visitors from Great Britain recently, the STO said.
14

COMPANIES
Agromerkur Opens Large New Hatchery
Poultry company Agromerkur has unveiled a new and completely automated hatchery worth
SIT 369m (EUR 1.5m). Up to five million chicks will hatch in the new facility every year
The hatchery, which was officially launched on Tuesday, 02 November also meets the criteria to get a certificate enabling it to export day-old chicks and hatching eggs to the EU.
This is the company's second major investment in as many years. Last year, Agromerkur opened a state-of-the-art chicken abattoir.
According to director Jurij Bertalanic, the company has thereby kept the promise given to customers that it would ensure the traceability of its meat products from hatching to slaughtering.
Moreover, most of the food for the chickens comes from companies that make up Kmetijsko gospodarstvo Rakican, Agromerkur's parent company.
Stilles Stakes Future on Made-to-Order Furniture
Stilles, a manufacturer of high-end period furniture, expects to end the year with sales of up to SIT 1,4bn (EUR 5.8m) and a net profit of at least SIT 20m (EUR 83,000). With exports accounting for 55 percent of the sales, the company stakes its future on made-to-order furniture, in particular for hotels
Stilles director Aleksander Hatlak told the press Tuesday , 02 November that the US remains the company's most important market. On the made-to-order market, hotel chains are their most important customer, including Ritz Carlton, Kempinski, Radisson SAS, Hilton, Hayatt and Four Seasons.
According to Hatlak, the made-to-order capacity is the company's greatest competitive advantage. In a relatively short time, we are able to manufacture high-quality products, he stressed.
The manufacturer has no own retail outlets abroad so it offers its products through partnering outlets. As of this year, their furniture is available in Prague, Mainz, Stuttgart, Erfurt, Tirana,
Zagreb and Budapest.
Telekom Slovenije Eying a Stake in Montenegrin Telco
Telekom Slovenije has expressed interest in a 51-percent share of the Montenegrin telecoms utility put out to tender. The Slovenian telco on Friday responded to an invitation for expression of interest, which expires on 5 November, but has refused to confirm to STA that it would place a bid
"If we did not believe that the move was sensible, we would not have made such a decision,"
Darinka Pavlic Kamien, the Telekom spokesperson, told STA about the expression of interest.
Pavlic Kamien, however, did not want to say whether Telekom Slovenije would submit an actual offer. Offers will be accepted until 22 December.
The tender for the 51-percent state-owned stake in the Montenegrin telco was published at the end of October. Bidders must be companies with at least 700,000 subscribers and over EUR
100m of total revenues in the past financial year. They must also submit a transparent ownership and management structure report.
The Montenegrin telco is the majority owner of the Montenegrin mobile services provider
Monet and the Montecard telephone box network.
According to Tuesday's issue of the Montenegrin paper Dan, Hungary's Matav and the
Serbian Telekom have also expressed interest in the Montenegrin telco.
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Montenegrin Foreign Minister Miodrag Vlahovic, who is paying a two-day working visit to
Slovenia, told the press on Wednesday, 03 November that Slovenian investors were welcome to participate in the modernisation of the Montenegrin economy, particularly in the privatisation of Montenegrin companies they are familiar with.
Mercator CEO Rebuffs Rumours about Damaging Business Practices
The chief executive of retailer Mercator, Zoran Jankovic, has addressed an open letter to
Serbian deputy PM Miroljub Labus to reject criticism "recently circulated in the media" and targeted at Mercator in connection with its bid to acquire Serbian grocer C Market
Mercator rebuffs allegations that they are cutting wages, laying off workers and have delays in payments to suppliers. "We are disappointed that you are using unchecked information to denigrate Mercator's public image of," Jankovic wrote in a letter published Wednesday, 03
November.
In a recent interview for STA, Labus said Mercator's attitude to Serbian suppliers and employees of its centre in Belgrade is disconcerting, citing alleged measures such as the lowering of wages and layoffs. He said C Market simply used this as propaganda to make its employees start worrying what would happen if Mercator acquires them.
Jankovic stressed today that Mercator does not plan any layoffs if it succeeds in acquiring C
Market. "On the contrary, everyone willing to work, get training and accept work standards characteristic of high-quality retailers will be given the opportunity to work," he said.
According to the chief exec, Mercator is trying to pay suppliers within 15 days in Serbia. At the request of certain suppliers and due to the poor liquidity in Serbia, some payments arrive even sooner. "We thereby significantly affect the liquidity of the Serbian economy," Jankovic believes.
Cementarna Trbovlje Makes Solid Profit
Cement maker Lafarge Cement Cementarna Trbovlje posted a net profit for 2003 of SIT 868m
(EUR 3.6m) on sales of SIT 7.6bn (EUR 31.7m), up over 10 percent over the year before. The profit will remain undistributed, the company's shareholders' assembly decided on Thursday,
04 November
The company is owned by Lafarge Perlmooser, a part of the France-based Lafarge group, one of the world's biggest construction material manufacturers.
Chairman Franci Blaznek, who was given another term at the helm of the company, said that the bottom line was boosted by record cement consumption in Slovenia last year, when 1.3 million tonnes of cement was sold.
Cementarna Trbovlje produced 530,000 tonnes of cement in 2003, with some 11 percent of the output sold to Croatia.
Yet Blaznek noted that Slovenia is importing increasing quantities of cement from is southern neighbour: in Croatia, cements costs 17 euros per tonne to produce, as opposed to 24 euros in
Slovenia, he noted.
Mercator Owns Almost 100% of Maximarket Department Store
The country's leading grocer Mercator says its bid for the top Ljubljana department store has been successful as it has acquired 70.59 percent of Maximarket shares. Together with the stake it held before the takeover bid, Mercator now holds a 98.69 percent share in the department store, Mercator management stated in the papers on, 05 November
Mercator offered SIT 8,000 (EUR 33.3) a share. Publishing its bid on 22 September, the grocer said it would acquire at least 25 percent of all shares, yet since this happened less then
14 days before the bid expired, it extended the offer until 3 November.
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Mercator must now wait to get the stamp of approval from the Competition Protection Office.
After it receives the approval, the grocer will pay out the purchase money of SIT 1.7bn (EUR
7.09m) in cash, according to a report in daily Delo.
The grocer intends to form reservations for the missing 1.5 percent share that remains in the hands of small shareholders and buy it off later if the shareholders are willing to sell, the Delo report says.
Although small shareholders thought the offer of SIT 8,000 (EUR 33.3) a share was too low, the majority decided to sell their shares. Nevertheless, Delo says they intend to file a legal action against Mercator and the Maximarket management over their franchise contract for the
Maximarket grocery department.
The shareholders say that the compensation in case of a pull out from the contract is too high and that it has as such turned a rival company off its intention to bid for the takeover of
Maximarket.
Before Mercator, a bid for the department store was filed by investment firm Maxima
Holding. It offered SIT 6,000 (EUR 25) a share, but later decided to cancel the bid. An interest in acquiring Maximarket has also been shown by the Celje-based grocer Engrotus.
The company published a takeover intent in early October, but backed out a few days later.
Located in the centre of the capital, Maximarket has been attracting the Ljubljana upper class for the past decade, although sales have been on the decline recently, following a boom of cheaper superstores on the city's outskirts.
The store with a sales and catering area of 14,000 square metres employs a workforce of 420.
It offers more than 1,000,000 products, including high-end labels.
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FINANCE
Slovenians Lack Knowledge About Mutual Funds
The business magazine Kapital presented Tuesday, 02 November the results of a public survey about alternative ways of saving, which suggest that most Slovenians are not well informed about what the financial market has to offer
The survey reveals that as much as 94 percent of the respondents have never invested into mutual funds, which places Slovenia at the bottom among EU member states, with only
Poland placing lower.
On the other hand, 84 percent of the respondents have expressed interest in different forms of saving. 15 percent said they were interested in mutual funds, however they have never opted for them so far due to poor knowledge.
This lack of knowledge is said to be the second most common reason, behind the lack of money, that is preventing Slovenians from investing into mutual funds, the survey also shows.
In order to provide the public with sufficient information on alternative forms of saving, the publisher Kapital will conduct a nation-wide campaign next week, organising seminars in
Maribor, Celje, Ljubljana and Koper.
According to Primoz Inkret of Kapital, the public interest for the seminars has been huge, therefore the publisher plans to launch another campaign at the beginning of 2005.
Last Remnants of Voucher Privatisation Now History
The authorised investment companies, the creations of the early 90s voucher privatisation, bid farewell a fortnight ago as pid Maksima reincorporated as a regular joint-stock company and changed its name to Maksima Invest
The authorised investment companies had to transform according to law and most took the option to become regular joint-stock companies (42). Eleven became regular investment companies, one turned into a mutual fund and five into special joint-stock companies.
The figures overlap somewhat because some entities decided to split up into investment companies and regular joint stock companies, notes Alenka Selak, head of the department for investment funds at the Securities Market Agency.
Most authorised investment companies, which later became known under the acronym PID, were set up after 1994 to collect privatisation vouchers and invest them into companies that were undergoing privatisation.
Yet as privatisation drew to an end, PID managers grew ever louder of the privatisation gap - the property that the state allocated to them did not correspond to the value of the privatisation vouchers.
The gap - after long and heated debates, it was set at SIT 84.5bn (EUR 352.4m) - was filled in
2001 when PIDs were given a large portion of property held by the Slovenian Development
Corporation, the custodian of troubled company and another long-standing feature of the country's privatisation that has recently been closed down.
Not surprisingly, the PIDs were outraged by the poor property they got with the deal and even took their case to the Constitutional Court, yet the court dismissed the complaint.
All in all, some 1.2 million citizens invested just under SIT 330bn (EUR 1.38bn at the current exchange rate), which accounts for almost 60 percent of the privatisation vouchers issued to all citizens in October 1993; the total value was SIT 576bn (EUR 2.4bn).
Despite promises of solid returns, it turned out after privatisation ended in 1998 that those who invested their vouchers in companies rather than PIDs were better off. The value of PID shares simply reflected the state of the then ailing economy, preoccupied with transition difficulties.
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Slovenian Insurers Could Triple Premiums with New Markets
Slovenian insurance companies should penetrate the markets of "new" Europe in order to keep their competitive strength following EU enlargement, suggests a study by the Economics
Institute of the Ljubljana Faculty of Law
According to the study by professor Franjo Stiblar, Slovenian insurers could triple their premiums by entering new markets, thereby becoming large enough to compete and stave off takeover attempts from their western rivals.
As Stiblar highlights in his study, the insurance market in central, eastern and southeastern
Europe is underdeveloped, but it is expected it will grow faster than the developed markets.
The study advices Slovenian insurers to first start offering their services and then invest in the markets of the EU newcomers, Bulgaria, Romania, and particularly of the former Yugoslav states and Russia.
According to the study, Slovenian companies could grab a 10-percent market share in Croatia,
Bosnia-Herzegovina, Serbia-Montenegro, Macedonia, Bulgaria, Romania and Russia.
While the share should be easy to achieve in the former Yugoslav states, this might prove more challenging in the case of Bulgaria, Romania and Russia, which are, however, important due to their size.
Highlighting the importance of the huge Russian market, the study suggests that Slovenian companies stand a good chance of succeeding in Russia, but should act immediately or risk being overtaken by their western competitors.
In 2003, Slovenian insurance companies collected a total of EUR 1.27bn of premiums. By entering the new markets, they could post annual premiums of EUR 3.9bn by 2013, the study suggests.
Austria and Switzerland Biggest Investors in Slovenia
Companies from the EU and Switzerland are the biggest foreign investors in Slovenia, according to a report on foreign direct investment (FDI) between 1994 and 2003 that the
Bank of Slovenia confirmed Thursday, 04 November. Slovenian firms, on the other hand, invest mostly in countries of the former Yugoslavia
Foreigners have invested in 5 percent of all Slovenian companies. At the end of 2003, they held 18.5 percent of the total capital, according to the report.
Investors from the EU accounted for 68.5 percent of all investment. Austria has the biggest share of FDI, worth EUR 1.18bn.
Switzerland is at second place with EUR 1.12bn, a value roughly corresponding the takeover price of drug maker Lek, which was acquired by Novartis in 2002.
Germany is in third place and France places fourth, the Bank of Slovenia said in a news release after Thursday's meeting of the board of governors.
Slovenian enterprises also invested heftily, mostly in Southeast Europe, with cumulative outward FDI topping EUR 1.85bn.
Croatia tops the list of outward FDI with investments worth EUR 609.8m. Although the value of investments in Croatia has been increasing, Croatia's share in overall outward FDI dropped to 33 percent by the end of 2003.
The second most important FDI destination was Bosnia, which had a 11.2-percent share, followed by Serbia-Montenegro.
Broken down by industries, most outward FDI ended up in manufacturing (58.5 percent), chemical industry (18.3 percent), engineering and machinery industries (6.8 percent) and food industry (6.1 percent).
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Lacklustre October on the Ljubljana Stock Exchange
October was a slow month on the Ljubljana Stock Exchange (LJSE). The value of all deals amounted to SIT 26.3bn (EUR 109.7m), down 21.3 percent from September and 15.8 percent less than the monthly average this year. Half the trading volume was a result of block deals, the monthly statistical report of the LJSE says
According to the report, the benchmark SBI 20 shed 0.34 percent. The blue chip index lost 1.5 percent in the first half of the month but gathered pace towards the end.
The investment fund PIX index remained flat, while the free market IPT index added 1.93 percent. The bond BIO index added 0.59 percent in what is the second consecutive month of solid growth.
The most popular shares on the official market in September were the Novo mesto-based pharmaceuticals company Krka (SIT 2.7bn/EUR 11.3m), retailer Mercator (SIT 2.1bn/EUR
8.8m) and petrol retailer Petrol (SIT 1.3bn/EUR 5.4m).
The market capitalisation of all securities traded on the LJSE amounted to SIT 2,961bn (EUR
12.35bn), up 2.2 percent over the month before.
Strong bonds were the largest single contributor to the market cap gain, largely as a result of the admittance of two new state issues and three bank issues.
Notwithstanding investment funds, the market capitalisation of shares amounted to 29.6 percent of the 2003 gross domestic product (GDP).
Slovenia to Get its Share of Former Yugoslav Money in the US
The government approved on Thursday, 04 November a US proposal on distributing the funds deposited by the former Yugoslav authorities with the US Defense Security Cooperation
Agency (DSCA). In line with the succession agreement, Slovenia is entitled to 16 percent of the total sum of US$ 2.46 million plus interests
The money that the former Yugoslavia had deposited abroad were frozen by a 1992 UN resolution after the federation broke up. The resolution envisaged all the funds be frozen until an agreement on the succession to the former Yugoslavia is reached.
The agreement between all five successor states - Slovenia, Croatia, Bosnia-Herzegovina,
Serbia-Montenegro and Macedonia - was eventually negotiated in 2001 and came into effect this year after all the states ratified it.
Slovenia will transfer its share of the money unfrozen by the US agency to its succession fund, the government said in Thursday's, 04 November press release.
Ljubljana Stock Exchange
Calm week on the bourse
The Ljubljana Stock Exchange saw rather modest trading this week, something that analysts attribute partially to the school holidays, which kept many investors off the trading floor in the first week of November. Stock brokers expect livelier trading next week though as companies are due to release their Q3 results.
In the week that was one day shorter for the 1 November bank holiday, the benchmark SBI 20 index gained 15.77 points (0.33%) to 4,838.30. The PIX investment fund index was up 21.06 points (0.48%) to 4,413.07, while the IPT free market index lost 10.04 points (0.24%) to
4,079.85. The BIO bond index gained 0.03 of a point to 119.63.
The volumes reached SIT 2.7bn (EUR 11.26m), 17 percent of which was done in block deals.
The most active blue chip was that of pharma Krka, which lost 0.31 percent to SIT 82,258
(EUR 343.05). Almost half of SIT 250.6m (EUR 1.05m) worth of trading done in this share was thanks to management members selling out their shares. They were probably prompted by changes in income tax legislation that will make deals beyond 1 January 2005 much less profitable.
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On the winning side, retailer Mercator gained 0.97 percent to SIT 42,848 (EUR 178.69) with a volume of SIT 189.8m (EUR 0.79m). On Friday, Mercator said its bid for the top Ljubljana department store was successful as it managed to increase its stake in Maximarket to 98.69 percent.
The shares that posted quite good volumes were also those of oil retailer Petrol (SIT
102.9m/EUR 0.43m), household appliance manufacturer Gorenje (SIT 102.26m/EUR 0.43m), bred and pasta manufacturer Zito (SIT 65.1m/EUR 0.27m), medical appliances wholesaler
Salus (SIT 60.7m/EUR 0.25m) and hardware retailer Merkur (SIT 58.6m/EUR 0.24m).
Investment fund Triglav Steber 1 continued to dominate trading on the official market. With deals worth SIT 282.2m (EUR 1.18m), it gained 0.28 percent to SIT 3,748 (EUR 15.63).
The free market was abuzz with the 2nd issue bonds of the Slovenian Restitution Fund
(SOD), which lost 0.21 percent to close at 106.38 percent of their nominal value.
Iskra Avtoelektrika, the recently floated maker of electrical engines for the automotive industry, shed 17.5 percent and closed at SIT 9,982 (EUR 41.63), below its floating price of
SIT 10,000.
On Wednesday the bourse started trading in new issues of treasury bills, the 78th issue of three-month bills and the 31st issue of six-month bills. The issues are worth about seven billion tolars (EUR 29.2m) each.
Mutual Funds to Manage EUR 876M by the End of Year
The volume of funds managed by mutual funds has increased by SIT 68.4bn (EUR 285m) to
SIT 191.8bn (EUR 800m) since the beginning of the year
The volume of funds managed by mutual funds has increased by SIT 68.4bn (EUR 285m) to
SIT 191.8bn (EUR 800m) since the beginning of the year. Observers expect that the inflow of funds will increase further so that mutual funds will have managed more than SIT 210bn
(EUR 876m) by the end of the year.
Mutual funds manage a little below EUR 400 per capita, a figure that puts Slovenia at the bottom of the list of EU member states. The volume of this form of saving is nevertheless expected to increase.
The leader among the Slovenian funds is Galileo with SIT 59.4bn (EUR 248m), followed by
Rastko with SIT 26.9bn (EUR 112m), Alfa with SIT 16bn (EUR 66.7m) and Primus with
12.4bn (EUR 51.7m).
Their market share has been on the decrease, a trend that may be expected to continue with the arrival of foreign funds. Galileo's market share is 30.96 percent.
The leading investment company in terms of market share is KD Investments (47.79 percent), followed by Probanka DZU (8.49 percent) and PDU (6.52 percent).
The biggest yield in the first ten months of the year was posted by mutual funds Modra kombinacija (20.21%), Rastko (19.80%) and Zajcek (19,73%).
Foreign Exchange
Mean exchange rate of the Bank of Slovenia
Euro (EUR) - SIT 239.79 (0.00)
U.S. dollar (USD) - SIT 186.20 (-1.79)
Swiss franc (CHF) - SIT 156.60 (-0.14)
British pound (GBP) - SIT 343.34 (-1.00)
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FAIRS, CONGRESSES
Ways of Improving Macroeconomic Figures
The Slovenian Quality Association began its annual conference on Thursday, 04 November to examine ways of improving the country's macroeconomic figures by boosting quality standards
Addressing the participants of the two-day event, the chairman of the association Jozko Cuk said that Slovenia adopted the EU system of quality upon its EU entry.
The system is to enable Slovenia to reach and surpass the EU development average, however a lot still needs to be done for achieving this long-term strategic goals, according to Cuk.
The key macroeconomic indicators, according to Cuk, suggest that Slovenia places among successful European states: it reaches 77 percent of the EU development average, its GDP amounts to EUR 24bn, while its annual economic growth stands at 4 percent.
Moreover, the Slovenian economy is export oriented, the unemployment rate is below the EU average and 25 percent of GDP goes for investment, Cuk enumerated some encouraging data.
However, a lot still needs to be done, Cuk highlighted, in order for Slovenia to surpass the
EU's GDP average, including restructuring and lowering the public spending by 2.5 percent by 2013.
In addition, the Slovenian economy needs an innovation push similar to the Irish model, greater partnership between public and private sector, closer cooperation between the business sector and science, and the state withdrawing from the economy.
The Slovenian economy has to be internationalised, for which foreign investments need to be encouraged, while the education level of the labour market should be improved at the same time, according to Cuk.
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SLOVENIA IN BRIEF
EU Summit to Focus on New Commission
EU leaders, including outgoing Slovenian PM Anton Rop, will gather in Brussels today for the regular autumn summit, dedicated this time to a reform of the Lisbon Strategy, new plans in the fields of freedom and security and several foreign policy issues.
Sports Film About Jumper Peterka Gets Honourable Mention in Milan
"Peterka: Year of Decision", a documentary about Slovenia's best ski jumper Primoz Peterka, has been awarded a honourable mention at the 22nd international festival "Sports Movies &
TV" in Milan. The film, which has been directed by Vlado Skafar, will receive the award on
Wednesday, 03 November alongside four other productions. This means it also has the chance to be named winner, as the jury will select the winner among the shortlisted quintet.
President Drnovsek Congratulates Bush on Re-election
Slovenian President Janez Drnovsek has sent a letter of congratulations to US President
George Bush upon his re-election, Drnovsek's office said in a press release. Drnovsek wished the US president a lot of success in the second term in his office, confident that friendly relations between Slovenia and the US will continue to strengthen in the next four years, according to the press release.
Conducted by Muti, Philharmonics Pay Tribute to Kleiber
The Slovenian Philharmonics paid a tribute to Carlos Kleiber, the acclaimed conductor who was buried in Slovenia earlier this year, with a concert featuring the great Italian conductor
Riccardo Muti, who was a long-time friend of Kleiber's, on Thursday, 04 November evening.
Kleiber was posthumously awarded the title of honorary member of the Slovenian
Philharmonic Society. As a conductor Kleiber made only two guest appearances in Ljubljana.
Carlos Kleiber died on 13 July, aged 74. He was buried in Konjsica in the east of Slovenia in line with his wish to be buried beside his wife, ballerina Stanka Brezovar, who died last
December.
Ljubljana Hosts SE European Defence Ministers
Defence ministers from Southeastern Europe have gathered in Ljubljana to review the activities of Southeastern Europe Defence Ministerial (SEDM), a regional cooperation mechanism. The ministerial is attended by delegations from the ten member states (Albania,
Bulgaria, Greece, Croatia, Italy, Macedonia, Romania, Slovenia, Turkey and the US), observer countries (Ukraine), Serbia-Montenegro and Bosnia-Herzegovina as guests, as well as SEDM, NATO and SE Europe Stability Pact officials.
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