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Slovenian report Slovenian report
by Euro Reporter
2011-11-15 08:13:14
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Bond yield breaks 7%
Slovenia’s 10-year government bonds slid for a fourth day, with the yield topping 7 percent for the first time since the nation adopted the euro in 2007, as the debt crisis in Europe roils markets. The yield rose to 7.14 percent at 1:05 p.m. in Ljubljana, according to Bloomberg data. The spread, or the difference investors demand to hold the securities instead of similar- maturity German debt, also advanced to a euro-era record of 545 basis points. A basis point is a hundredth of a percentage point. Slovenia, which holds early elections next month, was cut by Standard & Poor’s, Moody’s Investors Service and Fitch Ratings on the government’s collapse, the poor economic outlook and a weak banking industry. The former Yugoslav republic is also a victim of its “proximity” to Italy, which is struggling to fend off an investor crisis of confidence.

“The worry is that turmoil in Italy will last for some time, pushing Slovenian bond yields even higher,” Michal Dybula, an economist at BNP Paribas in Warsaw, Poland, said in a phone interview yesterday. “However, even if they breach the 7 percent mark that would not be the same evil as in Italy.” Slovenia’s five-year credit-default swaps raised 47 basis points to a record 395 basis points, according to provider CMA at 12:35 p.m. in London. The derivatives are used by investors to speculate on the country’s ability to repay debt. The note “look very, very cheap in regional comparison, compared with Croatian, Hungarian or Italian” bonds, said Gyula Toth, the chief strategist for central and Eastern Europe, Middle East and Africa at UniCredit SpA in Vienna, in an e-mail today.

The yield on Italian 10-year notes dropped for a second consecutive session and was at 6.65 percent at 1:05 p.m. in Ljubljana. Slovenian bond yields started to advance since voters rejected pension changes in a June referendum. The spread versus German debt at the time was 147 basis points. The European Commission believes the Slovenian “economy has some important challenges and we consider it has the capacity to face these challenges,” commission spokesman Olivier Bailly told reporters in Brussels.


Slovenians avoid security guidelines

Official police data show that in the first half of 2011, the number of burglaries in Slovenia has increased by 6.3 per cent – from 6.888 to 7.320, compared to the first half of 2010. In the same time the proportion of investigated acts has decreased. Burglars prey on poorly secured objects. Security professionals of the country’s largest private security company Sintal are stressing that burglars mostly attack poorly secured objects where they expect to intrude and alienate worthy items in minimal time. Especially when talking about residential objects, burglars are even discouraged by signs that a security company is protecting the object. But that is not enough. Most effective is a combination of mechanic and technical protection “Experience shows that the most adequate form of protection is combination of mechanic and technical protection with alarm system,” explain Sintal’s professionals. Mechanic protection is prolonging the necessary time for the burglar to enter into the secured object, whereas the system of technical protection immediately sensors intruders and adequately informs about the event. The alarm system can be connected to security control centre of the security company. The latter ensures professional intervening patrol in case of alarm.

Sintal has great everyday experience from the field; furthermore it conducted a survey that revealed the Slovenians admit not doing enough for protection of their own homes. Even basic protection, conducted by the home owner, let alone services of a professional security company, repels burglars. Sintal’s survey, conducted by Giedon agency, found out that at least three quarters of Slovenia’s residents consider Slovenia to be a safe country. Two thirds of the surveyed admit that they do not protect their home well enough when they leave for a longer period of time. 86 per cent close windows thoroughly, 30 per cent assure that their mailbox is not full, and only 17 per cent ask somebody to check on the property, and less than 10 per cent switch on an alarm. The proportion differs significantly when asking people who were victims of criminal offenses in the past: 91 per cent of those do not consider Slovenia to be a safe country and they are also paying much larger attention to additional protection of their homes.


Annual inflation accelerates, import prices rise

Slovenia's consumer price inflation increased in October, data released by the Statistical Office of the Republic of Slovenia showed Friday. The consumer price index increased 2.7 percent year-on-year in October, after rising 2.1 percent in September. In August, inflation was 0.9 percent.

Food and non-alcoholic beverages prices climbed 5.6 percent annually, while clothing and footwear prices advanced 2 percent. There was a 5.5 percent annual growth in housing costs and utility prices during the month, and a 1.9 percent rise in transportation costs. On a monthly basis, consumer prices moved up 0.7 percent in October, following September's 0.6 percent increase. In the January-October period, consumer prices advanced 1.7 percent from the corresponding period last year.

At the same time, the harmonized index of consumer prices (HICP), measured under the EU methodology, increased 0.8 percent month-on-month in October, taking the annual growth to 2.9 percent. Separately, the agency said Slovenia's import price index increased 4.3 percent year-on-year in September. Import prices in the euro area rose 4.1 percent, while prices in the non-eurozone countries moved up 4.5 percent during the month. On a monthly basis, import prices edged down 0.1 percent in September.

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