Anti-Uber protests in Hungary

Taxis in Budapest (CC BY-NC zsoolt)

Croatia seeks for EUR250m from EBRD.

When cash-flow is a challenge.

NBU’s reserves up to USD19.6bn by the end of 2016.

Hungary

Hungarian taxi drivers believe that Uber steals their jobs and that conditions on passengers transport market shall be equal. “Small groups of taxi drivers relaunched protests against car dispatcher Uber in central Budapest,” The Daily News Hungary reports.

Taxis gathered at Heroes’ Square. The protesters split into four groups and drove to different parts of the city. One of the groups submitted a petition against Uber to the US Embassy and the other to the Development Ministry. Hungarian taxi drivers held a four-day protest in January 2016 demanding fair conditions on the passengers transport market, with the same rules applying to Uber and taxi drivers.

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Croatia

The Croatian government said on March 10th it will start negotiations with the European Bank for Reconstruction and Development (EBRD) to secure EUR250m loan. The loan is supposed to help a state-owned motorway operator Hrvatske Autoceste (HAC) pay due debts and finance its restructuring – SEE News Corporate Wire reports. EBRD has earlier expressed its willingness to provide the loan.

HAC has to repay its debt that amounts to EUR580m this year. The Transport Ministry plans to pay the debt using the majority of the potential EBRD loan (up to EUR200 m). SEE News Corporate Wire quotes Oleg Butkovic, Transport Minister of Croatia, who said that the remaining EUR50m “will cover the company’s restructuring”.

“In June, Croatia’s previous government cleared plans to take steps to offer a 60 per cent stake in HAC-ONC, a unit of HAC, through an initial public offering (IPO) and put state-run enterprise restructuring and sale center CERP in charge of selecting an advisor for the IPO. The government decided to go for the IPO after abandoning previous plans to lease out some 1,000 km of motorways,” SEE News Corporate Wire informs.

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Poland

The Polish Radio reports results of a study on liquidity in the small and medium enterprises in Poland. The data shows that companies employing 10 to 49 people “most often complain of difficulties with delayed payments – with retailers, restaurants, caterers and hotels being particularly hit”.

The Polish Radio quotes Mr Maciej Ameljan, the vice-president of “Rzetelna Firma”, who conducted the survey,: “invoices not paid on time usually does not threaten liquidity in large and stable companies. This is not the case with micro and small enterprises, where payment delays can severely hit a company’s budget”.

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Ukraine

Valeriya Gontareva, the governor of the National Bank of Ukraine (NBU), announced plans to increase Ukraine’s international reserves to USD19.6bn by the end of 2016. Today international reserves stand at USD13.5bn.

Interfax agency quotes Mrs Gontareva saying on March 10th: “We plan by the end of 2016 to reach USD19.6bn in international reserves. We did not reach the target of USD17.5bn in 2015 as we have not received an additional USD5bn from the International Monetary Fund (IMF). We should restore relations with the international community. It is necessary to stop political opposition and continue reforms”. Mrs Gontareva explained that when talking about USD19.6bn she mostly meant international borrowings.

Interfax reports that an important task of the NBU is the correct distribution of net international reserves. “We have a four-year program and it is necessary in three years to achieve a sustainable level of cash reserves,” said Gontareva.

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What’s up in indexes?

UX of Ukraine grew by 7.69 per cent Thursday, March 10th.

BUX (of Budapest) decreased from 25345.77 index points Wednesday, March 9th to 25254.65 index points Thursday, March 10th. So it lost 0.36 per cent d/d. From year-end it’s up 5.58 per cent.

BET (of Bucharest Stock Exchange) increased from 6638.73 index points Wednesday, March 9th to 6653.16 index points Thursday, March 10th. So it’s up 0.57 per cent d/d. From year-end the index lost 5.01 per cent.

PX (of Prague) increased from 886.71 index points Wednesday, March 9th to 896.15 index points Thursday, March 10th. So it’s up 1.06 per cent d/d. From year-end it lost 6.29 per cent.

WIG20 (of Warsaw) was up 0.46 per cent d/d and up 1.51 per cent from year-end. The index increased from 1878.59 index points Wednesday, March 9th to 1887.31 index points Thursday, March 10th.

OMXT (of Tallinn) climbed from 947.29 index points Wednesday, March 9th to 953.03 index points Thursday, March 10th. So it’s up 0.61 per cent d/d and 6.01 per cent from year-end.

OMXR (of Riga) was up 1.03 per cent, increasing from 634.52 index points Wednesday, March 9th to 641.06 index points Thursday, March 10th. From year-end it’s up 7.86 per cent.

OMXV (of Vilnius) increased from 499.61 index points Wednesday, March 9th to 501.01 index points Thursday, March 10th. So it’s up 0.28 per cent d/d and up 3.09 per cent from year-end.

SAX (of Bratislava) increased from 323.32 index points Wednesday, March 9th to 326.90 index points Thursday, March 10th. So it’s up 1.11 per cent d/d and up 11.82 per cent from year-end.

SOFIX (of Sofia) increased from 442.23 index points Wednesday, March 9th to 444.10 index points Thursday, March 10th. So it’s up 0.42 per cent d/d. From year-end it lost 3.65 per cent.

UX (of Kyiv) was up 7.69 per cent d/d – increasing from 628.54 index points Wednesday, March 9th to 676.87 index points Thursday, March 10th. From year-end it dropped by 1.31 per cent.

CROBEX (of Zagreb Stock Exchange) was up 0.06 per cent Thursday, March 10th. It increased from 1615.36 index points to 1616.27 index poin. From year-end the index lost 4.34 per cent.

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