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Economy

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Economy

Technical University in Košice to Lose Faculty as Steel Industry Demands Change

The Technical University of Košice will reduce its number of faculties, reflecting changes in Slovakia's steel industry employment needs. U.S. Steel, which operates major facilities in eastern Slovakia, has indicated it requires specialized experts rather than large numbers of workers. Despite the faculty reduction, industry specialists argue that metallurgical expertise will remain essential for the region's industrial sector. The move highlights broader shifts in Slovakia's heavy industry, where American steel giant U.S. Steel has been a major employer since acquiring the former state-owned steel works in Košice in the early 2000s.

Korzár
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Economy

U.S. Steel Says Large Numbers of Steelworkers No Longer Needed as University Faculty Faces Merger

U.S. Steel has declared that large numbers of steelworkers are no longer required for its operations, a statement that has prompted significant changes in Slovakia's educational sector. The announcement has forced a university faculty that has trained steelworkers for decades to merge with another institution due to reduced demand for metallurgical education. However, industry experts dispute the steel giant's assessment, arguing that steelworkers will continue to be essential for the sector. The development highlights broader questions about the future of Slovakia's steel industry and the educational infrastructure built around it, particularly as the country's industrial landscape undergoes transformation.

Korzár
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Economy

Kia Slovakia Workers Enter Strike Alert Status

Workers at Kia Slovakia's manufacturing plant have entered strike alert status following a vote by union delegates. The local chapter of the KOVO metalworkers' union in Žilina will now proceed to hold a ballot among employees on whether to initiate an actual strike. Kia Slovakia operates the country's largest automotive manufacturing facility in Žilina, northern Slovakia, producing vehicles for the European market and serving as a major employer in the region. The plant is a key component of Slovakia's automotive industry, which accounts for a significant portion of the country's manufacturing output and exports.

TASR/Teraz
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Economy

Slovak Tax Authority Uncovers Over 21 Million Euros in Tax Violations in February

Slovakia's Financial Administration discovered tax violations worth more than 21 million euros during February, conducting 796 tax inspections throughout the month. The Financial Administration, which serves as the country's tax collection agency responsible for enforcing compliance and conducting audits of businesses and individuals, carried out the comprehensive review as part of its regular oversight activities. The substantial amount of uncovered violations highlights ongoing challenges with tax compliance in Slovakia and demonstrates the agency's continued efforts to ensure proper collection of government revenues.

SME
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Economy

Tax Filing Deadline Expires as Enforcement Action Looms for Debtors Owing Over 170 Euros

The deadline for filing tax returns has expired in Slovakia, with authorities now authorized to pursue collection actions against debtors who owe more than 170 euros. Tax enforcement measures will include account freezes, wage garnishments, and personal visits by bailiffs to businesses and homes. The threshold amount represents the minimum debt level at which Slovak tax authorities can initiate formal collection proceedings against individuals and businesses who have failed to meet their tax obligations.

Aktuality
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Economy

Slovak economists warn potential Iran war could push inflation to 6 percent

Economists are warning that escalating Middle East tensions involving Iran could drive Slovak inflation above 6 percent if the crisis is not resolved quickly. A prolonged conflict would stifle any signs of recovery in Slovakia's economy and could trigger a recession as early as this year, according to economic forecasts. While inflation would remain elevated above 6 percent for an extended period under such a scenario, analysts say it would not reach the double-digit levels seen during previous crises. The economic impact would manifest through higher consumer prices and job losses as military conflict disrupts global supply chains and energy markets that directly affect Slovakia's import-dependent economy.

Dennik N
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Economy

Slovak Gas Industry Warns Customers of Fraudulent Messages and Emails

Slovakia's gas industry has issued warnings to customers about fraudulent communications attempting to steal sensitive personal information. The deceptive messages and emails are designed to trick consumers into revealing confidential data through various phishing schemes. The alert comes as part of broader efforts to protect customers from increasingly sophisticated online fraud targeting utility service users.

SME
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Economy

Slovakia's Largest Bank Raises Mortgage and Deposit Rates Starting April

Slovenská sporiteľňa, Slovakia's largest bank, will increase interest rates on mortgages and term deposits beginning in April. The bank said the changes are designed to reflect current market rate developments. The rate adjustments come as financial institutions across Europe continue to adapt their pricing in response to broader monetary policy trends and market conditions.

SME
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Economy

Slovakia's Postal Service Launches Most Accessible ATM and Deposit Machine Network

Slovakia's postal service has launched what it calls the country's most accessible network of ATMs and deposit machines, expanding cash access beyond traditional banks. The move comes as cash remains important for Slovaks despite the growing popularity of cashless payments. The significance of cash transactions has increased following the introduction of a transaction tax, which has led many businesses to prefer cash payments. Demand for cash traditionally rises before Easter holidays due to traditional gift-giving customs, shopping, and travel. The postal service network allows people to access cash without needing to locate a bank or traditional ATM, simply by visiting any post office location.

Košice Dnes
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Economy

Slovak Bank Offers Stock and ETF Trading Through Mobile App Despite Higher Fees

A Slovak bank has launched investment services allowing customers to purchase stocks and exchange-traded funds (ETFs) directly through its mobile application. The bank's investment platform enables retail customers to access securities trading without requiring a separate brokerage account. However, the fees charged by the bank for these investment services are higher than those offered by dedicated investment brokers, potentially making the service more expensive for active traders despite the convenience of integrated banking and investment services.

SME
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Economy

Lidl Launches 'The Beat of Freshness' Social Media Campaign Highlighting Produce Quality

German supermarket chain Lidl has launched a new Easter social media campaign called 'The Beat of Freshness' focusing on the quality and freshness of its products. The campaign features animal 'freshness experts' to demonstrate the retailer's commitment to being a pioneer in fresh fruit and vegetable offerings. The creative activation aims to showcase Lidl's emphasis on produce quality through its social media channels.

Aktuality
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Economy

Slovakia's Central Bank Warns of Slow Economic Growth This Year

Slovakia's economy will experience slow growth or no growth at all this year, according to the National Bank of Slovakia, the country's central bank. The bank cited the ongoing conflict in Iran and the broader Middle East region as a key factor worsening economic expectations. The central bank's assessment reflects concerns about how regional instability and geopolitical tensions are impacting Slovakia's economic outlook, potentially affecting trade, energy costs, and overall economic confidence.

TASR/Teraz
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Economy

Slovakia launches public-private partnership tender for major bridge repair project

Slovakia's Ministry of Transport has launched a public-private partnership tender for a comprehensive bridge repair and maintenance project. The winning contractor will be responsible for repairing 558 bridges on first-class roads and maintaining them in very good condition for 30 years. The project represents a significant infrastructure investment using a concession model, where private companies handle both the initial repairs and long-term maintenance of critical transportation infrastructure across the country.

TASR/Teraz
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Economy

Eurozone inflation rises to 2.5% in March

Inflation in the eurozone increased to 2.5% in March, driven primarily by rising energy and services prices. The preliminary data was released Tuesday by Eurostat, the European Union's statistical office. The increase marks a continuation of inflationary pressures across the 20-nation currency bloc, with energy costs and services proving to be the main drivers of the price surge.

TASR/Teraz
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Economy

Penta Investment Group Reports Record Profit of 714 Million Euros

Penta, one of Slovakia's largest investment groups, achieved record profits of 714 million euros in 2024, with all major companies within the group contributing to this financial success. The investment group, which has significant holdings across Central Europe in sectors including media, retail, healthcare, and real estate, saw strong performance across its portfolio companies. Penta has been a dominant force in the Slovak economy for over two decades, controlling major assets including private healthcare provider Svet Zdravia, retail chains, and various industrial enterprises throughout the region.

SME
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Economy

European Public Prosecutor's Office Investigates EU Funding Fraud in Eastern Slovakia

The European Public Prosecutor's Office has launched an investigation into suspected EU subsidy fraud in the eastern Slovak cities of Košice and Rožňava. The probe focuses on the alleged misuse of European Union funds within an information technology project. The European Public Prosecutor's Office, established in 2017, is responsible for investigating crimes against the EU's financial interests, including fraud involving EU funds and subsidies. The investigation targets potential violations in the management of EU structural funds, which represent a significant source of development financing for Slovakia as an EU member state.

Korzár
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Economy

Volkswagen Slovakia Reports 12 Billion Euro Revenue for 2023

Volkswagen Slovakia achieved a turnover of 12 billion euros in 2023, with pre-tax profits reaching 330 million euros. The automotive manufacturer, which operates major production facilities in Bratislava and is one of Slovakia's largest employers and exporters, continues to be a cornerstone of the country's manufacturing-based economy. The strong financial performance reflects the company's significant role in Slovakia's automotive sector, which has made the country one of the world's largest car producers per capita.

SME
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Economy

Volkswagen's Slovak Plant Weathered Trump Tariffs with Strong European Sales

Volkswagen's Slovak manufacturing facility in Bratislava posted relatively modest declines in 2024 despite facing trade pressures, with revenues dropping just 4 percent to 12 billion euros and gross profit falling 7 percent to 330 million euros. The company managed to offset weaker sales in the United States and China through stronger performance in European markets, helping cushion the impact of trade tensions during the Trump administration. After cutting jobs in previous difficult years from 2020 to 2022, the Slovak plant is now planning to hire 1,200 new workers, signaling a recovery in the automotive sector. The Bratislava facility represents one of Slovakia's largest industrial employers and a key component of the country's export-oriented economy, which relies heavily on automotive manufacturing for foreign investment and employment.

Dennik N
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Economy

Slovakia Building Europe's Most Expensive Highways Despite Low Traffic Demand

Slovakia is constructing what appears to be the region's most expensive highways, often in areas with minimal traffic demand. The route between Rimavská Sobota and Tornaľa sees only about 6,000 vehicles daily, yet authorities are planning an additional 15 kilometers of modern expressway to complement the recently completed and reportedly oversized Kriváň-Mýtna highway section. While Slovakia needs better road infrastructure, critics argue that building expensive highways in low-traffic areas diverts resources from more pressing transportation needs. The country's highway construction costs have reached record levels, raising questions about the efficiency and prioritization of infrastructure spending in the central European nation.

Dennik N
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Economy

Košice Steel Plant Reduces Losses but Remains Unprofitable in 2024

U.S. Steel Košice, the major steel plant in eastern Slovakia, cut its annual losses from 100 million euros to 56 million euros in 2024, though the facility remained unprofitable for another year. The reduced losses came primarily from lower raw material costs, but the company continued to struggle with weak market demand and rising wage expenses that offset operational improvements. The Košice steel plant, which employs thousands of workers and represents one of Slovakia's largest industrial facilities, has faced ongoing financial challenges amid difficult conditions in the European steel sector. The plant changed ownership during 2024 when Japanese conglomerate Nippon Steel acquired U.S. Steel, the American company that had operated the facility. Company officials indicated that the situation could improve modestly in 2025 due to anticipated recovery in steel demand, though the plant faces continued pressure from global market conditions and rising operational costs in the competitive European steel industry.

Dennik N
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