Serbian trade unions demand higher minimum wage
Gas production is top priority for Ukrnafta due to lower royalty
Assets of investment funds in Bulgaria decreased 0.8 per cent
Jarosław Gowin, Polish Minister of Science and Higher Education, informed that a new bill to boost innovation will be drafted. Last week the Polish government proposed a draft law that included tax relief, reduction in bureaucracy and additional financial incentives for R&D. Gowin claims it is vital to tighten links between science and business to encourage more innovative projects in Polish economy. The new bill aims to facilitate the cooperation between those two sectors.
“Gowin told Polish Radio that the main obstacles to commercialize inventions will be pinpointed by early September, and the ministry will put forward a final bill by the end of the year,” the Polish Radio writes.
Balkan Insight reports on quarrels between the Serbian government, employers and several trade unions while negotiating a new minimum wage level. After the government proposed the new minimum hourly pay for workers, one independent trade union described its level as “an insult”.
“The government has already made a decision on the rise. These are not negotiations but a farce and a spectacle. This wage rise is not an economic but a political move,” said Zeljko Veselinovic from the trade union Sloga which represents thousands of workers from various sectors. The Sloga trade union was not invited to join negotiations. Only the unions considered close to the government are taking part in it. The results of the talks will be revealed on August 23rd.
“All three sides, unions, state and employers are in an agreement and on August 23rd we should announce the final proposal for the rise in wages. We, the employers’ association, think that a realistic rise should be six RSD per hour [four eurocents],” the director of the Serbian Association of Employers, Srdjan Drobnjakovic, informed on August 19th.
The minimum hourly wage in Serbia is RSD121 (less than EUR1) It was set two years ago. It is one of the lowest level in the whole Balkan region, and also in Europe. In the EU, the average wage amounts to EUR25 per hour.
Ukrnafta, Ukrainian public company, will develop gas production as its top priority because oil royalties are set at a higher level, Interfax reports.
The agency quotes the CEO of Ukrnafta, Mark Rollins: “Taking into account the cash cost, it is more beneficial to produce gas than oil for us. Finally, we plan to produce more gas and spend fewer efforts on oil production. With the oil price decline to the minimum figures seen at the beginning of this year, development of our fields is getting less and less attractive.”
Interfax reports that the oil royalties are set at 45 per cent, while gas ones are 29 per cent. Ukrnafta has 1,941 oil wells and 177 gas wells. It owns 537 filling stations across Ukraine.
The assets managed by resident and non-resident investment funds operating in Bulgaria totalled BGN2.24bn (EUR1.14bn) as of end-June 2016, Novinite.com informs. They decreased by 0.8 per cent y/y. The country’s central bank BNB informed that comparing with the end of March 2016, the assets managed by resident and non-resident investment funds have decreased by 6.3 per cent.
The BNB also informed:
- The assets of resident and non-resident investment funds operating in Bulgaria were equivalent to 2.5 per cent of 2016 GDP forecast by the BNB;
- The assets of resident investment funds totaled BGN860m as of end-June 2016, increasing by 1.4 per cent y/y and by 7.5 per cent from end-March 2016;
- Non-resident investment funds’ liabilities to residents totaled BGN1.38bn as of end June 2016, being up 0.4 per cent y/y. Compared with end-March 2016 results non-resident investment funds’ liabilities to residents have decreased by 13.2 per cent.
What’s up in indexes
BUX (of Budapest) dropped by 0.36 per cent – falling from 27700.12 index points Thursday, August 18th to 27599.77 index points Friday, August 19th. From year-end it’s up 15.38 per cent.
BET (of Bucharest Stock Exchange) increased from 6898.58 index points Thursday, August 18th to 6907.86 index points Friday, August 19th. So it’s up 0.13 per cent d/d. From year-end it dropped by 1.38 per cent.
PX (of Prague Stock Exchange) dropped by 0.40 per cent d/d and by 11.37 per cent from year-end – increasing from 850.98 index points Thursday, August 18th to 847.60 index points Friday, August 19th.
WIG20 (of Warsaw) dropped by 1.14 per cent d/d and by 3.17 per cent from year-end. So it decreased from 1821.01 index points Thursday, August 18th to 1800.17 index points Friday, August 19th.
OMXT (of Tallinn) dropped by 0.60 per cent – falling from 1001.12 index points Thursday, August 18th to 995.12 index points Friday, August 19th. From year-end it’s up 10.69 per cent.
OMXR (of Riga) dropped by 0.17 per cent – falling from 639.56 index points Thursday, August 18th to 638.49 index points Friday, August 19th. From year-end it’s up 7.43 per cent.
OMXV (of Vilnius) increased from 533.70 index points Thursday, August 18th to 540.35 index points Friday, August 19th. So it’s up 1.25 per cent d/d and up 11.19 per cent from year-end.
SAX (of Bratislava) dropped by 0.13 per cent – decreasing from 311.60 index points Thursday, August 18th to 311.19 index points Friday, August 19th. From year-end it’s up 6.44 per cent.
SOFIX (of Sofia) decreased from 468.67 index points Thursday, August 18th to 466.60 index points Friday, August 19th. So it dropped by 0.44 per cent d/d. From year-end it’s up 1.24 per cent.
UX (of Kyiv) increased from 698.40 index points Thursday, August 18th to 699.21 index points Friday, August 19th. So it’s up 0.12 per cent d/d. From year-end it’s up 1.95 per cent.
CROBEX (of Zagreb) increased from 1786.90 index points Thursday, August 18th to 1792.81 index points Friday, August 20th. So it’s up 0.33 per cent d/d. From year-end it’s up 6.11 per cent.