Dávka - Your daily dose of Slovak news
♥ Support DávkaNewsletter
Last refreshed: 06/06/2026 10:36 · 51 articles added
Stories are refreshed at 05:30, 10:30, 15:30, and 21:30 UTC.

Economy

View all1454 stories
Economy

Stellantis Forms Joint Venture with Chinese Automaker Dongfeng for Electric Vehicle Production

European automotive giant Stellantis has established a joint venture with Chinese manufacturer Dongfeng to produce electric vehicles. The partnership is designed to support Dongfeng's global expansion plans while advancing Stellantis's strategic objectives in the electric vehicle sector. Stellantis, formed in 2021 through the merger of French PSA Group and Italian-American Fiat Chrysler, operates major brands including Peugeot, Citroën, Jeep, and Ram. The collaboration reflects the growing trend of Western and Chinese automakers forming alliances to accelerate electric vehicle development and expand market reach, particularly as the automotive industry undergoes rapid transformation toward electrification.

SME
|
Economy

Slovak Financial Group Proxenty Faces Bond Default as Investor Confidence Collapses

Slovak financial group Proxenty is struggling to repay its bonds and promissory notes, leaving investors facing significant losses. The company, which previously attracted investors with attractive returns, has encountered serious financial difficulties that have shaken confidence in its ability to meet its debt obligations. Disappointed investors who trusted the firm while it was paying decent yields now face what one described as an "expensive lesson" as the financial group's repayment troubles mount.

SME
|
Economy

Slovak cable manufacturers face record antitrust fines, claim competitor manipulated regulators

Slovakia's antitrust authority imposed record fines on two cable manufacturers, VUKI from Bratislava and Elkond from Trstená, which together employ 200 workers. The companies face what the antitrust office called the highest penalty in its history for allegedly operating a price-fixing cartel. Both firms deny the charges, claiming they never formed a cartel or engaged in price coordination. VUKI suggests a competitor may have manipulated the antitrust authority to eliminate them from the market and gain control over the sector. The Antimonopoly Office oversees competition policy in Slovakia and investigates anti-competitive practices among businesses. The companies warn the fines could force them out of business, potentially allowing the competitor that reported them to dominate the cable manufacturing market.

Dennik N
|
Economy

Slovak Company Vuki Denies Cartel Charges, Warns of Market Impact

Slovak company Vuki has rejected cartel charges brought against it, describing potential penalties as nonsensical and warning they could devastate not only the company but the entire Slovak market. The firm faces accusations of participating in anti-competitive practices, though specific details of the alleged cartel activities have not been disclosed. Vuki's response suggests the charges could have broader economic implications beyond the company itself, potentially affecting market competition and business operations across Slovakia's economy.

SME
|
Economy

Slovak VAT Collection Efficiency Hits Decade Low, Hampering Budget Consolidation

Slovakia's value-added tax (VAT) collection has reached its lowest efficiency rate in a decade, significantly undermining the government's efforts to balance the national budget. Tax authorities are failing to effectively prevent tax evasion, which is prolonging the period needed for public finance consolidation and making the process more painful for citizens. The poor VAT collection performance means that if the government had achieved its planned collection targets, it could have easily abolished the controversial transaction tax. The declining effectiveness of tax collection is forcing the government to maintain unpopular fiscal measures longer than anticipated as it struggles to meet budget consolidation goals.

Dennik N
|
Economy

Prešov Region Faces Third Year of Lower Revenues as Budget Falls Short

The Prešov Region in eastern Slovakia has experienced a third consecutive year of reduced revenues, with the regional budget failing to meet expectations. Investment spending reached only 63 percent of planned levels, highlighting ongoing financial constraints for the self-governing region. The Prešov Region is one of Slovakia's eight higher territorial units, responsible for managing regional development, healthcare facilities, secondary education, and infrastructure projects within its jurisdiction covering much of eastern Slovakia.

Korzár
|
Economy

Hungary's Average Wage Growth Slows to Eight-Month Low in March

Average wage growth in Hungary decelerated in March, marking the slowest pace of increase since December of the previous year. The monthly growth rate moderated after wages had risen by 9.7 percent in February. The slowdown represents a cooling in Hungary's labor market dynamics, where wage increases had been running at higher rates in recent months as the economy grappled with inflation and labor shortages across various sectors.

TASR/Teraz
|
Economy

Slovakia meets fiscal rules despite growing deficit, budget council warns against stability illusion

Slovakia is technically complying with its fiscal rules even as the country's budget deficit continues to grow, according to the Budget Responsibility Council. The council warned that the current fiscal framework creates an illusion of stability while underlying financial conditions deteriorate. The Budget Responsibility Council, an independent body that monitors Slovakia's public finances and fiscal policy compliance, criticized the existing fiscal rules as too lenient for the country's economic situation. The warning highlights concerns about Slovakia's long-term fiscal sustainability despite meeting formal budget requirements under current regulations.

SME
|
Economy

Survey: 36% of Slovak employees live paycheck to paycheck despite widespread wage increases

More than one-third of Slovak employees struggle financially from paycheck to paycheck, according to a new survey, despite widespread wage increases across the country. The findings reveal a stark disconnect between employer efforts to raise salaries and workers' financial security, with 79% of companies having increased wages while 44% of employees still plan to request pay raises. The survey highlights ongoing cost-of-living pressures affecting Slovak workers, even as businesses have responded with salary adjustments in what appears to be a tight labor market where employees feel empowered to seek better compensation.

TASR/Teraz
|
Economy

Some crops will not recover from extreme drought conditions

Agricultural crops in Slovakia have suffered severe damage from extreme drought conditions, with some crops unable to recover from the worst period around May 10, according to the Agricultural and Food Chamber of Slovakia. The chamber, which represents farmers and food producers across the country, reported that the drought reached critical levels in early May, causing irreversible damage to certain agricultural products. The drought represents a significant challenge for Slovakia's agricultural sector, which plays an important role in the country's economy and food security.

SME
|
Economy

Investment App XTB Expands Services with Options Trading and Advanced Charts

Investment platform XTB has expanded its product portfolio to offer options trading and advanced charting tools powered by TradingView technology. The new features provide clients with enhanced analytical capabilities and greater flexibility in developing personalized investment strategies, marking a significant upgrade to the platform's services for active traders.

Aktuality
|
Economy

Slovakia's energy regulator rejects mandatory dynamic electricity pricing

Slovakia's state energy regulator has dismissed proposals to introduce mandatory dynamic electricity tariffs, rejecting concerns that such pricing would create social inequalities. The Regulatory Office for Network Industries, which oversees energy pricing in Slovakia, responded to criticism that time-based electricity pricing could disadvantage certain consumer groups. Dynamic tariffs charge different rates for electricity depending on the time of day or level of demand, typically offering lower prices during off-peak hours and higher rates during peak consumption periods. The regulator's position comes amid broader European discussions about modernizing electricity markets and encouraging more efficient energy consumption patterns through price signals.

SME
|
Economy

Slovakia's Inflation Rate Accelerates to 4.1 Percent in April

Slovakia's harmonized inflation rate accelerated to 4.1 percent year-on-year in April, marking the second-highest level recorded this year. The monthly inflation rate reached 0.5 percent, indicating continued upward pressure on consumer prices. The harmonized inflation index, which allows for comparison across European Union member states, shows Slovakia experiencing a resurgence in price growth after earlier months of more moderate increases.

Aktuality
|
Economy

Slovak Tax Authority Records Over 32,000 QR Code Payment Transactions

Slovak customers have completed more than 32,000 transactions using QR code payments, according to the country's tax authority. The financial administration reported growing interest in QR code-based payment systems among consumers. The QR payment method allows customers to complete transactions by scanning codes with their mobile devices, representing part of Slovakia's broader digitalization of financial services and tax collection processes.

SME
|
Economy

Slovak Business Leaders Demand Less Bureaucracy, Lower Taxes and Stable Regulations

Slovak entrepreneurs have called on the government to reduce bureaucratic burdens, lower taxes, and establish stable regulatory frameworks. The business community is also proposing reforms to create a more efficient and cost-effective state administration apparatus. The demands reflect ongoing tensions between the private sector and government over regulatory complexity and tax policy, as businesses seek to improve competitiveness and operational efficiency in Slovakia's economic environment.

SME
|
Economy

Million-Euro Creative Center Investment Reduced to Shell as Original Plans Collapse in Eastern Slovakia

A major investment project in eastern Slovakia has been significantly scaled back, with only a fraction of the original plans coming to fruition. The regional government invested one million euros into a creative center housed in a building on Strojárenska Street, but the ambitious development fell far short of expectations. Local authorities are now actively seeking tenants for the underutilized facility, highlighting the gap between the project's initial scope and its current reality. The setback represents a substantial loss of public investment and raises questions about the planning and execution of regional development initiatives.

Korzár
|
Economy

Slovakia Faces Water Infrastructure Crisis as EU Funding Ends

Slovakia's water management system faces a critical infrastructure crisis that can no longer be postponed. The investment deficit runs into billions of euros, with parts of the water infrastructure beyond their operational lifespan and hundreds of municipalities still lacking proper connections to water supply or sewage systems. With European Union funding for water infrastructure projects coming to an end, the Slovak government is looking toward public-private partnership (PPP) projects as a potential solution to address the massive investment gap. The deteriorating state of water infrastructure represents a significant challenge for the country's development and public health standards.

Aktuality
|
Economy

IKEA Announces Layoffs of 850 Employees

Swedish furniture retailer IKEA announced plans to cut 850 jobs from its global workforce as part of a restructuring initiative aimed at simplifying the company's organizational structure. The layoffs represent approximately three percent of IKEA's total workforce of 27,700 employees. The company is implementing the job cuts as it seeks to streamline operations across its international network of stores and facilities.

SME
|
Economy

Rental Prices Fall Across Slovakia, with Largest Drops in Bratislava and Košice

Average rental prices in Slovakia declined by 1.7 percent during the first three months of 2024, with year-over-year decreases also recorded across the country. Bratislava, the capital, experienced the steepest drop compared to the previous year, while Košice, Slovakia's second-largest city, also saw significant rental price reductions. The rental market trends contrast sharply with the property purchase sector, where Slovaks face increasingly expensive real estate prices and costly mortgage rates. The rental market has so far avoided the dramatic price pressures affecting property sales, though analysts suggest the ongoing Middle East conflict could potentially impact future rental demand patterns.

Dennik N
|
Economy

Slovakia Opens New Unmanned 24-Hour Store with Self-Service Payment

Slovakia has opened another round-the-clock store that operates without staff during nighttime hours. Customers can access the shop outside regular business hours, pay for their purchases themselves, and security is maintained through a camera surveillance system. The automated retail concept allows shoppers to enter and complete transactions independently when no employees are present.

Aktuality
|