Gold prices dropped by more than 3 percent, driven by a strengthening US dollar and a significant increase in oil prices. The decline reflects broader market movements as investors respond to currency fluctuations and energy commodity price changes that typically influence precious metal valuations.
German chemical conglomerate BASF announced price increases across its product portfolio due to rising raw material and energy costs. The company indicated that some products could see price increases exceeding 30 percent. BASF is one of the world's largest chemical companies, producing everything from basic chemicals and plastics to agricultural solutions and automotive components. The price adjustments reflect broader inflationary pressures affecting energy-intensive industries, particularly in Europe where natural gas and electricity costs have surged significantly over the past year.
Construction companies have filed objections against the tender conditions for the Turany-Hubová section of Slovakia's D1 highway, the country's largest highway contract. The Slovak highway authority is conducting a second tender for this crucial segment after the head of the Public Procurement Office ordered the cancellation of the first competition. The complaints indicate further complications for completing the D1 highway connection between Bratislava and Košice, Slovakia's two largest cities. The D1 serves as the country's main east-west transport artery and its completion has been a long-standing infrastructure priority, but the project has faced repeated delays and procurement challenges.
European stock markets extended their recovery from losses sustained earlier in the week, showing continued upward momentum in trading sessions. Oil prices remained elevated, maintaining the higher levels reached in recent trading as energy markets continue to reflect ongoing supply and demand pressures across global commodities markets.
Oil prices increased as market uncertainty mounted over whether President-elect Donald Trump will be able to assemble an international coalition to escort oil tankers through the Strait of Hormuz. The narrow waterway between Iran and the Arabian Peninsula serves as a critical chokepoint for global oil shipments, with roughly one-fifth of the world's petroleum passing through the strait daily. Concerns about potential disruptions to this vital shipping route have historically driven oil price volatility, as any interference with tanker traffic could significantly impact global energy supplies and costs.
The owners of Slovakia's Slovalco aluminum smelter have indicated they would be willing to share ownership with the Slovak state if the government helps revive production that has been suspended for three years. The facility is jointly owned by Norwegian firm Norsk Hydro and Slovak financial group Penta. Prime Minister Robert Fico's government has preliminarily promised to assist the company with high electricity costs, which forced the shutdown of the main production operations. The company's management confirmed that without government support for energy costs, production would likely end permanently, as the current owners are only prepared to maintain the facility in standby mode for a limited time.
SEPS, Slovakia's state-owned electricity transmission system operator, has allocated hundreds of thousands of euros for image improvement initiatives. The company justified the expenditure as a consolidation measure, responding to scrutiny over the spending during a period when the government has implemented various austerity measures across state-owned enterprises. SEPS operates Slovakia's high-voltage electricity transmission network and plays a crucial role in the country's energy infrastructure as one of the state's key assets, often referred to as a 'golden egg' due to its strategic importance and revenue generation.
Decodom, one of Slovakia's largest furniture manufacturers, has filed for court protection from creditors, marking the second time the company has sought such relief after previously doing so during the COVID-19 pandemic. The Topoľčany-based company owes over half a million euros in social insurance contributions to the state and has already dramatically reduced its workforce from 1,200 to 400 employees in recent years. The furniture maker's financial difficulties have been the subject of industry speculation for several weeks, though company management had previously denied reports of major problems.
Slovak employers are announcing forced holiday leave for workers rather than paying the mandated double wages required under new labor legislation. The law requires companies to provide a 100 percent salary supplement to employees who work during designated holiday periods. Rather than absorb these increased labor costs, many businesses are choosing to shut down operations and require staff to take mandatory vacation days during these periods, effectively avoiding the premium pay requirements while maintaining payroll control.
Slovakia's second pillar pension system continues to face significant problems that will result in low retirement benefits, particularly affecting people under 50 years of age. The second pillar, which forms part of Slovakia's mandatory pension system alongside state pensions, has undergone reforms aimed at addressing structural deficiencies. However, these changes have not resolved all the fundamental issues plaguing the system. The second pillar operates as a private pension scheme where contributions are invested in financial markets, but concerns persist about its long-term viability and ability to provide adequate retirement income for future retirees. The system's problems have been linked to policy decisions made during previous governments, raising questions about the effectiveness of Slovakia's multi-pillar pension approach.
European wholesale natural gas prices extended their upward trend Tuesday, with the benchmark TTF contract for next-month delivery climbing more than 2 percent to approximately 52 euros per megawatt hour. The price increase occurred on the Amsterdam-based Title Transfer Facility, which serves as Europe's main trading hub for natural gas and acts as the continental benchmark for wholesale gas pricing. Rising energy costs remain a significant concern for European economies, particularly affecting heating bills for consumers and production costs for industries across the continent during the winter heating season.
Collective bargaining negotiations at the U.S. Steel plant in Košice have stalled with no compromise in sight between management and labor representatives. The trade unions representing workers at the facility have entered strike readiness as they await a third round of negotiations. U.S. Steel Košice is the Slovak subsidiary of the American steel giant and operates one of the largest industrial facilities in eastern Slovakia, employing thousands of workers in the region. The labor dispute highlights ongoing tensions in Slovakia's heavy industry sector, where workers have increasingly pushed for better conditions amid economic pressures.
A regional business talent fair has launched in Trnava as part of a nationwide competition series. The Trnava event serves as one of three qualifying rounds leading to a final competition scheduled for April 28 in Bratislava. The fair series aims to showcase entrepreneurial talents from across Slovakia, with regional winners advancing to compete in the capital city.
Ivan Mikloš, Slovakia's former finance minister, has warned that the global economy faces risks that could trigger a financial crisis similar to the 2008 collapse. Writing in Slovak media, Mikloš identified two key threats to global financial stability: rising oil prices due to Middle East conflicts and potential mass withdrawals from non-bank investment funds. While oil price increases from the Middle East war have not yet reached the devastating levels of previous oil crises, Mikloš noted they still pose economic risks. However, he acknowledged that the financial sector has become more resilient since the 2008 crisis, with stronger regulatory frameworks and capital buffers in place. Some analysts and investors have drawn parallels between current global economic conditions and the period immediately before the 2008 financial meltdown, suggesting similar warning signs are emerging in financial markets.
Slovenská pošta, Slovakia's state-owned postal service, definitively lost its legal dispute with the Public Procurement Office and must pay a fine of nearly €109,000. The state enterprise had ignored problems in its procurement practices for years before facing this penalty. The Public Procurement Office oversees compliance with EU and Slovak laws governing how public institutions and state-owned companies must conduct competitive bidding for contracts and purchases.
Several gas stations in northern Slovakia experienced fuel shortages in recent days due to increased demand from foreign drivers taking advantage of the country's lower fuel prices compared to neighboring countries. The fuel outages have prompted the Slovak government to consider implementing higher fuel prices specifically for foreign customers. The shortages highlight how Slovakia's competitive fuel pricing has attracted cross-border traffic, straining local supply chains in border regions where drivers from countries with higher fuel costs regularly cross into Slovakia to fill up their tanks.
The Slovak Association of Petroleum Industry (SAPI) has criticized government plans to subsidize electricity production from natural gas. The industry group warned that over a planned 15-year period of guaranteed purchase prices for gas-generated electricity, households and businesses could face subsidy costs totaling up to 600 million euros. SAPI, which represents oil and gas companies operating in Slovakia, argues that these subsidies would place an excessive financial burden on consumers while supporting what they view as an inefficient energy source.
Slovakia's Financial Administration seized nearly 600,000 cigarettes in a major operation targeting illegal tobacco production. Unknown perpetrators were operating out of rented warehouse facilities where they were illegally storing, processing, and manufacturing tobacco products without proper authorization. The Financial Administration, which oversees tax collection and customs enforcement in Slovakia, conducted the raid as part of efforts to combat the country's significant black market tobacco trade that costs the state millions of euros annually in lost tax revenue.
Slavomír Molnár, a financial intermediary with 18 years of experience in Slovakia, has published a detailed guide addressing the most common questions about mortgages and refinancing. The comprehensive interview covers key aspects of the Slovak mortgage market that consumers need to understand when taking out or refinancing home loans. The guide emphasizes that longer repayment periods generally benefit borrowers in the current market environment. Slovakia's mortgage market has seen significant changes in recent years, with interest rates and lending conditions affecting both first-time buyers and existing homeowners considering refinancing options. The expert's guidance comes at a time when many Slovak households are navigating complex decisions about property financing amid evolving economic conditions.
Slovakia's video game development industry is slowly recovering from a downturn that followed the end of pandemic-era gaming boom. The sector faces challenges from government consolidation measures and the country's poor international image, which hamper efforts to attract talent and investment. While Slovakia's largest gaming companies focus primarily on mobile game development, smaller studios specializing in PC and console games are struggling to achieve the breakthrough success needed to put Slovakia on the global gaming map. The industry operates from various locations across the country, including established studios in smaller cities like Michalovce in eastern Slovakia, but lacks a major international hit that would raise the profile of Slovak game development worldwide.