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OMRI Daily Digest - 12 July 1995 (mind) |
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CET - 12 July 1995 (mind) |
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CET - 11 July 1995 (mind) |
176 sor |
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+ - | OMRI Daily Digest - 12 July 1995 (mind) |
VÁLASZ |
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OMRI DAILY DIGEST
No. 134, 12 July 1995
ROMANIA REJECTS HUNGARIAN CRITICISM. The Romanian Foreign Ministry on 10
July rejected Hungarian Foreign Minister Laszlo Kovacs's criticism of
Romania's new education law (see OMRI Daily Digest, 11 July 1995), Radio
Bucharest reported. The ministry said Kovacs's statement was an attempt
to put pressure" on Bucharest. It noted that the law meets European
standards and even "goes beyond what is required." Above all, the
ministry argued, the law is far more responsive to the needs of national
minorities than is the case in Hungary, where "the Romanian and other
national minorities . . . continue to face the danger of assimilation."
-- Michael Shafir, OMRI, Inc.
[As of 12:00 CET]
Compiled by Jan Cleave
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A tovabbterjesztest a New York-i szekhelyu Magyar Emberi Jogok
Alapitvany tamogatja.
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Reposting is supported by Hungarian Human Rights Foundation News
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+ - | CET - 12 July 1995 (mind) |
VÁLASZ |
Feladó: (cikkei)
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Wednesday, 12 July 1995
Volume 2, Issue 134
BUSINESS NEWS
-------------
**HUNGARY'S LARGEST BANK SET FOR DOMESTIC FLOAT**
The domestic public offering of Hungary's OTP Bank will begin
on Monday. Andras Simor, head of the Hungarian arm of
Creditinstalt, lead manager of the sale, told reporters
yesterday that 1.4 million shares will be on offer, half of
which will be reserved for local institutional investors. The
launch precedes a flotation on local and foreign stock
exchanges which, Simor said, could now take place as early as
the first week of August. Domestic subscriptions will close
no later than next Friday.
ABOUT CET ON-LINE
-----------------
* CET On-Line is Copyright (c) 1995 Word Up! Inc., New Media
Group, all rights reserved. Not-for-profit redistribution of
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copyright notice, and all other copyright and by-line
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For-profit distribution of this publication or the information
contained herein is strictly prohibited without the express
written permission of Word Up! Inc., New Media Group. These
conditions are subject to change without notice. For further
information, contact Cameron M. Hewes at >
Some portions of the news provided by special agreement with
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* All "Letters to the Editor" and other comments about
editorial content should be directed to Nancy Marshall at
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A tovabbterjesztest a New York-i szekhelyu Magyar Emberi Jogok
Alapitvany tamogatja.
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+ - | CET - 11 July 1995 (mind) |
VÁLASZ |
Feladó: (cikkei)
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Tuesday, 11 July 1995
Volume 2, Issue 133
REGIONAL NEWS
-------------
**ROMANIAN-HUNGARIAN OFFICIALS BACK TO THE DRAWING BOARD**
The foreign ministers of Romania and Hungary will meet next week
to try and reach agreement on a basic treaty between the two
countries. Teodor Mesecanu and his Hungarian counterpart
Laszlo Kovacs will be following up talks at expert level which
have been going on between the two countries since the start
of the year. The sticking point continues to be exactly what
rights for minorities should be enshrined in the accord, which
is a precondition to both countries' further intergration into
Europe's security and trade structures.
BUSINESS NEWS
-------------
**HUNGARY LOOKING TO IMPROVE POSITION IN CHINESE MARKETS**
Hungarian leaders called on Chinese president Jiang Zemin to
lower his country's trade surplus with Hungary in talks
yesterday. Jiang met for two hours with Hungarian President
Arpad Goncz on the second day of a three day visit to Hungary.
The Hungarian government is trying to find as many ways as
possible to lower Hungary's trade deficit which is a major
cause of the nation's foreign debt of nearly $32 billion.
According to Hungarian figures, the trade deficit with China
jumped from $18 million in 1993 to $87 million in 1994,
which is just a fraction of the total trade deficit of $3.9
billion. Still, Hungarian officials said they don't want the
deficit with China to grow and they hope trade won't have to
be cut to balance the flow of goods. Chinese Foreign Ministry
Spokesman Chen Jian said drastic measures aren't needed to
solve the problem.
"One of the important reasons behind the trade surplus is the
fact that both China and Hungary are in the process of
structural economic reforms, so this is only a temporary
phenomenon. As far as China is concerned, China is ready to
expand its imports from Hungary and to resolve the problem of
the trade imbalance on the precondition that both the import
and export of both our countries expand."
Chen said the Chinese Minister of Foreign Trade and Economic
Cooperation is meeting with Hungarian officials to explore
more possibilities for trade. He said Chinese businesses are
keen to buy goods from Hungary as long as the price is right.
--David Fink
BUSINESS FEATURE
----------------
**HUNGARIAN GUSHER SHOULD PUMP UP OIL TENDER**
By Tom Hoover
Although the Hungarian government is withholding the monetary
details of the privatization of its national oil company, Mol,
the announcement last week that a new oil field has been
discovered should make the tender a bit more lucrative. The
yet untapped deposit is just southwest of Hungary's Lake
Balaton near the tiny village of Szokedencs and preliminary
testing suggests heavy crude.
"The field is six or seven kilometers," said Ivan Fisch,
assistant to the vice-president at Mol. "By Hungarian
standards that's a large field."
It's not yet known how much oil will be pumped out of the
Szokedencs site, but Fisch said a precise estimate will be
made in about three months. Under Hungarian law the
government has the right to explore for natural resources and
land owners are obliged to allow it. Szokedencs lies in an
area dense with Hungarian oil production fields and, according
to Mol, was a logical location to search. Mol has exploration
rights to about 18 percent of Hungary's 93,000 square
kilometers of territory and the area of Szokedencs falls into
that 18 percent. Mol produced all of Hungary's 1.6 million
tons of domestic crude last year, a drop of 100,000 tons over
1993. But the country still gets most of its oil from Russia
and imported 5.5 million tons last year.
"The only alternative we have is the Adria pipeline from
Croatia," Fisch said. "But the war has closed it for the
past two years."
The Adria pipeline was a major supplier to Slovakia and the
Czech Republic as well, however, a section of it runs through
the Serb-held region of Krajina in Croatia, effectively
shutting off the flow. In the hope of increasing domestic
production, four international oil companies have been given
the opportunity to explore in Hungary as direct competitors to
Mol. Blue Star, Coastal, Occidental and Mobil were each given
a 35 year concession last year to explore 9,000 square
kilometers, but as yet have had no success. Fisch said Mol
has a tradition of cooperation with Occidental, but it was not
named as one of the western companies interested in a minority
share in Mol, which Privatization Minister Tamas Suchmann said
will be available late this month. Austria's OMV, America's
Mobil, Amoco, Shell and France's Total have voiced interest in
Mol, Hungary's biggest firm in terms of sales and one of the
15 biggest companies in Europe. Suchmann emphasized last
week, however, that the Hungarian government will keep a 25
percent share of Mol permanently, maintaining it as the
"national oil company". Another 20 percent of shares will be
offered to the Mol staff. About five percent of Mol is
already privately held and a float on the Budapest Stock
Exchange will immediately follow the further privatization.
The value of Mol also includes its natural gas monopoly. The
company produces 50 percent of the natural gas used
domestically, importing the rest from Russia.
ABOUT CET ON-LINE
-----------------
* CET On-Line is Copyright (c) 1995 Word Up! Inc., New Media
Group, all rights reserved. Not-for-profit redistribution of
CET On-Line in electronic format is allowed only if our
copyright notice, and all other copyright and by-line
information contained in this publication is included.
For-profit distribution of this publication or the information
contained herein is strictly prohibited without the express
written permission of Word Up! Inc., New Media Group. These
conditions are subject to change without notice. For further
information, contact Cameron M. Hewes at >
* All "Letters to the Editor" and other comments about
editorial content should be directed to Nancy Marshall at
>. Any comments about distribution or
production should be directed to Cameron M. Hewes at
>.
**CET On-Line** is a Word Up! Inc., New Media Group
Publication. The New Media Group also publishes the Prague
Financial Monitor on-line. For more information on the Prague
FM, send a message with the word INFO in the body of a message
to >.
For a copy of the latest issue of the Prague Financial Monitor,
send a blank e-mail message to >.
**Subscription Information**
CET On-Line is a free e-publication. Subscribe by sending a
message with the word SUBSCRIBE in the body of a message to
>. For an automated information
response, send a blank message to >.
To unsubscribe at any time, send the word UNSUBSCRIBE in the body,
not the subject line, of a message to >.
For a copy of the latest issue of CET On-Line, simply send a blank
e-mail message to >.
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A tovabbterjesztest a New York-i szekhelyu Magyar Emberi Jogok
Alapitvany tamogatja.
[*] [*] [*] [*] [*][*] [*][*][*]
[*] [*] [*] [*] [*] [*] [*]
[*][*][*] [*][*][*] [*][*] [*][*]
[*] [*] [*] [*] [*] [*] [*]
[*] [*] [*] [*] [*] [*] [*]
Reposting is supported by Hungarian Human Rights Foundation News
and Information Service.
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