Polish insurer PZU will acquire Bank Pekao

(©Pekao S.A.)

CEE growth in Q3’16: Romania is the leader

Romania: more highways in 2017

Czech employees satisfied with their work

Poland

The biggest Polish insurer and a state-owned Polish Development Fund (Polski Fundusz Rozwoju, PFR) have agreed to buy a combined 32.8 per cent stake in the country’s second-largest bank Pekao  from its Italian owner UniCredit. The value of the transaction is PLN10.6bn (EUR2.39bn) which is PLN123 per share.

According to Reuters PZU will buy a 20 percent stake in Pekao and PFR 12.8 percent, which will give state-controlled entities effective control over the lender.

“The transaction will be conducted in two stages. In the first one PZU will buy 100 per cent in a company which owns 20 per cent of bank’s shares, while PFR will buy at the same moment 10 per cent of shares directly,” PZU said in a statement. Later PFR will buy another 2.8 per cent of shares.

PZU is controlled by the Polish government, and PFR is a government entity created to help large Polish companies expand.

PZU’s statement

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CSE

Central and Southeast European (CEE) economy did not show robust growth figures for Q3’2016, the statistical office of the European Union, Eurostat, reveals. Romania had the best results in annual comparison, Hungary had the weakest.

Romanian economy accelerated by 4.6 per cent in Q3’16 y/y (seasonally adjusted data). Another three economies had to settle for growth rates between 3.0 per cent and 3.5 per cent (Bulgaria, Slovakia, Slovenia). Hungary ranks 8 (the last place) with the 1.6 per cent rate. Its growth is slightly under the Eurozone growth rate (1.7 per cent).

Portfolio.hu reports that in CEE, “one of the main impediments to growth is the decline in EU funds, but in the case of Hungary, for instance, the great crops counterbalanced this factor rather well”.

Annual GDP growth in CEE (Q3’16) in percentage

  • Romania: +4.6 per cent
  • Bulgaria: +3.4 per cent
  • Slovakia: +3.2 per cent
  • Slovenia: + 3.0 per cent
  • Croatia: +2.7 per cent
  • Poland: +2.2 per cent
  • Czech Republic: +1.9 per cent
  • Hungary: +1.6 per cent

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Romania

150 kilometers of new highways will be inaugurated next year in Romania, the Romania Insider informs. According to the Transport Minister Sorin Buse, it’s 10 times more than in 2016. There are 750 kilometers of highways in the country. By 2018 the number will increase to over 1,000 kilometers.

The portal quotes Mr. Buse: “In 2017, we will open 150 kilometers of highways for traffic, 117 kilometers of which are in an advanced stage. For over 30 kilometers we will have to monitor the work more closely to make sure they will be finalized.” In 2016 the government invested around EUR100m in highways.

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Czech Republic

The Czech Republic has the happiest employees in the world, Radio Praha informs. It reports on a survey released by the Swedish company Universum, according to which Czech employees rank 10th on the chart of work satisfaction (ahead of Germans, Swiss and French). Universum conducted its studies in 57 states of the world, monitoring the feelings of some 250,000 employees. They focused on 3 segments:

  • people’s satisfaction in their current job;
  • the probability that they would recommend their employer to others;
  • loyalty.

Radio Praga reports: “Although Czech employees currently have incomparably lower salaries than those in neighboring Germany, job security is high and with a 5 per cent unemployment rate, the lowest in the EU, many employers are offering perks and various benefits, such as longer paid leave, to potential employees. According to a poll conducted by the TNS Aisa agency 65 per cent of Czech employees feel totally secure in their present position, 27 per cent feel quite secure. 82 per cent of respondents expressed overall satisfaction with their employer, 74 per cent expressed satisfaction with their employers work attitude and leadership qualities”. Moreover, 70 per cent of respondents confirmed they had been given a raise in the last 3 years.

The average monthly wage in the Czech Republic is CZK27,220 (EUR1006,13).

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What’s up in indexes

BUX (of Budapest) increased from 30075.71 index points Tuesday, December 6th to 30152.01 index points Wednesday, December 7th. So it’s up 0.25 per cent d/d. From year-end it’s up 26.05 per cent.

BET (of Bucharest Stock Exchange) dropped by 0.26 per cent d/d and by 1.82 per cent from year-end. It decreased from 6888.02 index points Tuesday, December 6th to 6874.31 index points Wednesday, December 7th.

PX (of Prague) dropped by 0.07 per cent d/d and by 6.49 per cent from year-end. It decreased from 894.86 index points Tuesday, December 6th to 894.24 index points Wednesday, December 7th.

WIG20 (of Warsaw) was up 0.69 per cent d/d and up 1.63 per cent from year-end. So it increased from 1876.56 index points Tuesday, December 6th to 1889.51 index points Wednesday, December 7th.

OMXT (of Tallinn) increased from 1046.91 index points Tuesday, December 6th to 1047.83 index points Wednesday, December 7th. So it’s up 0.09 per cent d/d and up 16.56 from year-end.

OMXR (of Riga) closed at 742.56 index points Wednesday, December 7th. So it’s zero per cent change d/d. From year-end it’s up 24.94 per cent.

OMXV (of Vilnius) decreased from 560.01 index points Tuesday, December 6th to 559.27 index points Wednesday, December 7th. So it dropped by 0.13 per cent d/d. From year-end it’s up 15.08 per cent.

SAX (of Bratislava) closed at 304.95 index points Wednesday, December 7th. So it’s zero per cent change d/d. From year-end it’s up 4.31 per cent.

SOFIX (of Sofia) increased from 567.64 index points Tuesday, December 6th to 577.02 index points Wednesday, December 7th. It’s up 1.65 per cent d/d and up 25.19 per cent from year-end.

UX (of Kyiv) closed at  802.65 index points Wednesday, December 7th. The day before it closed at 802.61 index points. From year-end it’s up 17.03 per cent.

CROBEX (of Zagreb) was up 0.67 per cent – increasing from 1975.23 index points Tuesday, December 6th to 1988.47 index points Wednesday, December 7th. From year-end it’s up 17.69 per cent.

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