Norma, Estonia's seatbelt maker, has asked the Labor Inspectorate for permission to introduce a shorter work week due to difficulties in Russia and Ukraine's auto industry. However, Viktor Tskhovrebov, an analyst at the Russian investment bank Renaissance Capital, told the business daily Aripaev that Norma's argument "didn't hold water" since the output of automobiles grew 6.9 percent in the first 11 months of 2004. "Norma's troubles can in no way be due to the difficult situation of the Russian car industry," the analyst said. "As far as I've heard, AvtoVAZ [Russia's largest car producer 's ed.] is not satisfied with the quality and prices of Norma's products." According to Tskhorebov, local seatbelt makers have entered the market. "Norma now has to face tougher competition, whereas it used to be a monopolistic seat-belt supplier to AvtoVAZ," he said.
Latvian Economy Minister Krisjanis Karins has said he plans to ask for a Cabinet decision on selling the state-owned stake of Ventspils Nafta. Karins said that he didn't know whether the 38.62 percent stake would be sold this year, as there were differing opinions over what to do with it. Although talks with potential buyers could start this year, he noted that shares might not be sold until 2006.
