Hungary: Tesco employees to go on strike

Budapest, Hungary (RachelH_, CC BY-NC)

Czech Republic: the most popular destination for emerging market bonds

Bulgaria: Judges will earn more

Hungary

The employees of Hungarian Tesco retail chain will go on strike. According to the trade unions it will take place in all Tesco stores across the country, although the specific date hasn’t been disclosed yet. The employees demand 25 per cent pay rise and expanding the headcount by 15 per cent. It may cost Tesco HUF14bn (EUR45,7m).

The Budapest Business Journal reports about the conflict between unions and the Tesco management. Despite negotiations that have already took place, the management of the company informs they do not plan a salary increases for employees this year. It is also not clear whether Tesco plans any layoffs or not.

As the Budapest Business Journal reports, another round of negotiations is scheduled on Wednesday, September 6th.

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Czech Republic

According to Deutsche Bank foreign investors now account for a striking 46 per cent of Czech government debt, an increase of 14 per cent YTD. bne IntelliNews reports that Fitch Ratings upgraded its outlook on the government’s debt rating of A- to positive from stable. This is mainly due to the results published by the Czech Statistical Office – GDP growth is 4.7 per cent. Fitch also emphasized the country’s liquid banking system – the loan to deposit ratio is 80 per cent – which should ensure high demand for bonds.

bne IntelliNews quotes chief economist Pavel Sobisek of UniCredit saying that “the record performance is due to a higher household spending resulting from a nine-year record rise in wages, partly brought on by acute shortages of workers amid unemployment which, having hit record lows this year, is the lowest in the European Union.” Chief economist Petr Sklenar of J&T Banka concluded that the spectacular growth was partly a result of the Czech Republic’s stable and healthy banks and economic competitiveness.

The Czech Q2 GDP advance drew on record growth that took place both in household consumption, which grew by 4.4 per cent y/y and 1.8 per cent q/q, and investment, which soared by 7.7 per cent y/y and 6.3 per cent q/q. Exports grew by 7.3 per cent y/y (imports by 6.2 per cent y/y), while government expenditure rose by 1.9 per cent y/y.

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Bulgaria

Bulgarian judges and other employees of the justice sector will earn more. Novinite.com reports that salaries increase is planned by the Supreme Judicial Council (SJC), and it will be 3 to 7 per cent. The final decision will be taken by the SJC on September 14th.

As reported, the salaries of junior judges and prosecutors will increase by 7 per cent, but the SJC is also considering a variation of increases at different levels.

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What’s up in indexes

BET (of Bucharest) decreased from 8,119.76 index points Friday, September 1st to 8,035.19 index points Monday, September 4th. It’s down 1.04 per cent d/d and up 14.36 per cent y/y.

BUX (of Budapest) decreased from 37,719.90 index points Friday, September 1st to 37,465.26 index points Monday, September 4th. It’s down 0.68 per cent d/d and up 31.88 per cent y/y.

CROBEX (of Zagreb) increased from 1,896.94 index points Friday, September 1st to 1,902.56 index points Monday, September 4th. It’s up 0.30 per cent and up 4.33 per cent y/y.

OMXR (of Riga) increased from 992.86 index points Friday, September 1st to 997.26 index points Monday, September 4th. It’s up 0.44 per cent d/d and up 47.27 per cent y/y.

OMXT (of Tallinn) decreased from 1,272.10 index points Friday, September 1st to 1,256.07 index points Monday, September 4th. It’s down 1.26 per cent d/d and up 25.38 per cent y/y.

OMXV (of Vilnius) decreased from 656.40 index points Friday, September 1st to 654.44 index points Monday, September 4th. It’s down 0.30 per cent d/d and up 22.34 per cent y/y.

PX (of Prague) increased from 1,021.97 index points Friday, September 1st to 1,026.16 index points Monday, September 4th. It’s up 0.41 per cent d/d and up 16.50 per cent y/y.

SAX (of Bratislava) increased from 333.39 index points Thursday, August 31st to 334.17 index points Monday, September 4th. It’ up 0.23 per cent d/d and up 4.09 per cent y/y.

SOFIX (of Sofia) decreased from 710.31 index points Friday, September 1st to 705.70 per cent y/y. It’s down 0.65 per cent d/d and up 50.39 per cent y/y.

UX (of Kyiv) decreased from 1,136.04 index points Friday, September 1st to 1,133.56 per cent y/y. It’s down 0.22 per cent d/d and up 55.70 per cent y/y.

WIG20 (of Warsaw) decreased from 2,527.62 index points Friday, September 1st to 2,519.42 per cent y/y. It’s down 0.32 per cent d/d and up 42.54 per cent y/y.

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