Kremlin considers easing food embargo

Moscow, Russia (Matthias Catón, CC BY-NC-ND)

Czech Republic has the highest mid-year budget surplus in its history

Bulgaria has a budget surplus also 

Chopin airport in Warsaw with the new connection to Beijing

Russia

The Polish Radio reports after Rossiskaya Gazeta that Moscow is considering lifting its sanctions on EU food products. This is due to Russian need for baby food ingredients.

The draft legislation on a partial lifting of the embargo has been already prepared by Russia’s Agriculture Ministry. According to the document “Moscow would allow for the import of 70 tons of frozen meat, such as veal, beef and poultry, and 662 tons of chopped vegetables.” European exporters may apply with their offers until October 15th, 2016.

Russia imposed an embargo on food products from EU countries, including Poland, in August 2014. It was the aftermath of EU restrictions against Russia introduced in connection with the takeover of Crimea.

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Czech Republic

The budget surplus of Czech Republic was CZK75.6bn (EUR2.7bn) at the end of July 2016. It’s CZK41bn (EUR1.5bn) more than at the end of June 2016. As the Radio Praha reports: “The surplus is CZK50bn higher than registered in the same period last year and is the best result since the founding of the Czech Republic in 1993.” According to David Marek, an expert economist from Deloitte, this is due to sound fiscal management and the effectiveness of measurs introduced to fight tax evasion.

“The main reason behind the very good budgetary data is primarily the situation in the Czech economy – the GDP growth is between 2 and 3 per cent and the unemployment rate is the lowest in the last 10 to 15 years. Thus tax collection is much higher than in previous years, helping to keep the budget’s surplus and even increasing the surplus, compared to previous years,” the Radio Praha quotes Marek.

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Bulgaria

According to preliminary data from the Finance Ministry of Bulgaria, the country’s January-July consolidated budget surplus reached EUR1.7bn or 3.7 per cent of the GDP. It’s 0.9 per cent of GDP more than the same period of 2015.

“The improvement is driven by higher revenues and lower expenses, the ministry said in a statement, but underscored that a significant portion of the government’s capital expenditure has been delayed for the fourth quarter of the year,” Novinite.com writes.

The portal reminds that Bulgaria aims at a budget gap of 2 per cent of GDP in 2016, down from 2.9 per cent in 2015.

The country’s consolidated revenue for January-July is estimated at BGN20.54bn (EUR10.5bn), equal to 62.2 per cent of the full-year plan, and up by BGN1.52bn from the same period of 2015. Expenditure is calculated at BGN17.27bn, or 49.6 per cent of the full-year budget, down from BGN18.23bn a year ago.

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Poland

A new connection from Beijing to Warsaw will be launched in September 2016 with the Air China as an operator. The Polish Radio comments this will mount a challenge to Polish carrier LOT which so far enjoyed a monopoly on direct flights from Warsaw to Beijing (offering three flights a week). China’s flagship airline will offer four flights a week aboard an Airbus A330 liner.

In 2015 more that 11 million passengers were handled at Chopin Airport

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What’s up in indexes

BUX (of Budapest) dropped by 0.53 per cent – decreasing from 27167.07 index points Tuesday, August 2nd to 27023.94 index points Wednesday, August 3rd. From year-end it’s up 12.97 per cent.

BET (of Bucharest Stock Exchange) decreased from 6693.18 index points Tuesday, August 2nd to 6666.06 index points Wednesday, August 3rd. So it dropped by 0.28 per cent d/d and by 4.83 per cent from year-end.

PX (of Prague Stock Exchange) decreased from 876.28 index points Tuesday, August 2nd to 857.86 index points Wednesday, August 3rd. So it dropped by 2.10 per cent d/d. From year-end it dropped by 10.30 per cent.

WIG20 (of Warsaw) dropped by 0.75 per cent d/d and by 3.71 per cent from year-end. It decreased from 1803.63 index points Tuesday, August 2nd to 1790.09 index points Wednesday, August 3rd.

OMXT (of Tallinn) dropped by 0.03 per cent – falling from 1008.66 index points Tuesday, August 2nd to 1008.35 index points Wednesday, August 3rd. From year-end it’s up 12.16 per cent.

OMXR (of Riga) decreased from 638.06 index points Tuesday, August 2nd to 633.23 index points Wednesday, August 3rd. So it dropped by 0.76 per cent d/d. From year-end it’s up 6.54 per cent.

OMXV (of Vilnius) dropped by 1.04 per cent – falling from 544.40 index points Tuesday, August 2nd to 538.73 index points Wednesday, August 3rd. From year-end it’s up 10.85 per cent.

SAX (of Bratislava) increased from 312.11 index points Tuesday, August 2nd to 317.21 index points Wednesday, August 3rd. So it’s up 1.63 per cent d/d. From year-end it’s up 8.50 per cent.

SOFIX (of Sofia) dropped by 0.53 per cent d/d and by 1.08 per cent from year-end, falling from 458.37 index points Tuesday, August 2nd to 455.92 index points Wednesday, August 3rd. 

UX (of Kyiv) dropped by 0.36 per cent d/d – falling from 710.52 index points Tuesday, August 2nd to 797.97 index points Wednesday, August 3rd. From year-end it’s up 3.22 per cent.

CROBEX (of Zagreb Stock Exchange) was up 0.85 per cent d/d – increasing from 1761.10 index points Tuesday, August 2nd to 1773.18 index points Wednesday, August 3rd. From year-end it’s up 4.94 per cent.

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