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News Roundup – Wednesday, 10 April, until 3 PM

Europe

News Roundup – Wednesday, 10 April, until 3 PM

News Roundup – Wednesday, 10 April, until 3 PM

ep/ep
676 words
10 April 2013
STA
English
(c) 2013 STA, Slovenska Tiskovna Agencija d.o.o

 

Ljubljana, 10 April (STA) – Below is a roundup of major events on Wednesday, 10 April, until 3 PM local time:

LJUBLJANA – The European Commission warned Slovenia of excessive macroeconomic imbalances related foremost to the high indebtedness of companies, calling for immediate action to deal with the problem. The in-depth review of the macroeconomic state of 13 problematic EU members found excessive imbalances only in Slovenia and Spain. The country must lay out a comprehensive strategy for dealing with the imbalances in its budget and reform plans due in Brussels by early May.

CELJE – The Celje District Court sentenced ex-boss of bankrupt builder

Vegrad Hilda Tovšak to two years in prison after she pleaded guilty of

fraud and misappropriation of funds yesterday. Tovšak was tried for taking

EUR 220,000 for the firm from a solidarity fund into which Vegrad workers

used to pay part of their income for their co-workers in distress. Tovšak

is party to several other court proceedings related to Vegrad and is

currently in detention over a bribery case.

WASHINGTON, US – The Institute for International Finance, a

Washington-based association of large banks, suggested in a report

published on Tuesday that Slovenia should get “precautionary credit

assistance” from the European Stability Mechanism to avert a potential

bailout. The IIF estimates the government’s funding shortfall could be

between EUR 9.3bn and EUR 11.8bn over 2013-2015, depending on the severity

of downturn.

LJUBLJANA – A report by the Institute of Macroeconomic Analysis and

Development found that the growth in minimum wage outpaced overall wage

growth for the fourth year in a row in 2012. At EUR 783.66 gross, Slovenia

has the seventh-highest minimum wage among the 19 EU members which have

statutory minimum wages. In January 8.3% of all employees received minimum

wages. An Eurostat report meanwhile showed that Slovenia’s hourly labour

costs grew by 6.9% in 2008-2012, below the eurozone and EU average.

LJUBLJANA – Industrial output in Slovenia rose by 3.4% in February over the

same month last year. The monthly increase also stood at 3.4%, while the

total output for the first two months of the year was up 0.8% on the first

two months of 2012, according to data from the Statistics Office.

BRDO PRI KRANJU – The Foreign Ministry hosted a regional meeting dedicated

to the UN “Responsibility to Protect” initiative, one of two events

focusing on the topic held in Slovenia this week. The conference was also

attended by Adama Dieng, special adviser of UN secretary general on the

prevention of genocide. The initiative aims to create a set of norms based

on the idea that sovereignty is a responsibility, with a view to stopping

genocide, war crimes, crimes against humanity, and ethnic cleansing.

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