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    Slovakia govt to restrict profits of retail chains

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    In a move aimed at checking retail chains from hiking prices of foodstuffs inappropriately, the government intends to bring a law to restrict their profits, Prime Minister announced in a political talk show on .

    He said the fact that profits from foodstuffs sale in retail networks exceed 40 percent is unacceptable and “margins posted by large retail chain are often typical for trade in “white meat” and weapons.”

    Mr Fico said the government has analyses confirming that global foodstuffs price increase is misused on local market for enormous profit chase.

    He said the ruling coalition party SMER- Social Democracy (SMER-SD) stands behind Speaker of Parliament Pavol Paska. The Prime Minister turned down the objections that Mr. Paska made a mistake when he released the modified version of the draft amendment of the Social Insurance Law in the Internet.

    Mr. Fico is convinced that the decision of Mr. Paska was correct and in compliance with the order of the Slovak parliament and the Slovak Constitution.

    Mr Fico said he considers the “outcry” around the draft bill to be the consequence of pressure made by private pension fund management companies, which he likened to non-bank subjects. Mr. Fico would never entrust his money to them.