Romania to take over the majority stake in the country’s biggest shipyard
Hungary’s Economy Minister: we’re not in a rush to euro zone
Estonians drink alcohol from Latvia
Baltic states and Poland
The Baltic states and Poland, together with the President of the European Commission, agreed during their meeting in Brussels that the synchronization of Latvia, Estonia and Lithuania electricity networks with the continental European system will be completed by 2025.
The meeting took place on March 22nd during the summit of the state and government leaders of the European Union. After the meeting, Estonian Prime Minister Jüri Ratas, Poland’s Prime Minister Mateusz Morawiecki, Lithuanian President Dalia Grybauskaitė and Latvian Prime Minister Māris Kučinskis released a joint statement that they agreed to make 2018 a decisive year and expressed their commitment to conclude by June 2018 a political agreement on the preferred way of synchronizing the Baltic States with the continental European network.
The statement also stresses that in order to successfully realize the project, the support from Connecting Europe Facility funds will be crucial. Latvian Radio informed that the leading electricity network companies in the Baltic region, as well as in Poland, have already started exploring various possible routes to synchronization.
Romania will become a majority shareholder in the biggest shipyard in the country – Daewoo Mangalia Heavy Industries (DMHI) shipyard. As the Hellenic Shipping News informs, the state-owned company 2 Mai S.A. will acquire a 2 per cent stake in the shipyard held by the Dutch group Damen Shipyards. As the report puts it: “the agreement between Romania and Damen stipulates that state-owned 2 Mai S.A Mangalia will renounce its preference rights on the shares held by DSME in DMHI, while Damen will transfer a 2 per cent stake to 2 Mai S.A”.
Romanian Economy Minister Danut Andrusca commented: “For the first time in the last 28 years, the Romanian state takes control of a privatized strategic industrial objective. As a majority shareholder, we can effectively protect the interests of the Romanian state and we can also protect the highly qualified labor force at the shipyard.”
Daewoo Mangalia Heavy Industries (DMHI) was established in 1997. It was a joint-venture between Romania’s 2 Mai Mangalia Shipyard and South Korea’s Daewoo Shipbuilding & Marine Engineering. Daewoo was a majority shareholder with 50 per cent stake. Since 1999 the company also has owned other shipyard in Romania in Galați, a port city on the Danube river. DMHI operates 33 shipbuilding and repair yards worldwide. Its total headcount is 9,000.
Hungarians are not very eager to join the Eurozone, Novinite.com informs after Reuters. The agency quotes Hungary’s Economy Minister Mihaly Varga who said that his country would not enter the waiting room for the Eurozone, which was a requirement to fix the exchange rate two years before the adoption of the euro. Mr. Varga said that Hungary was in the same favorable position as the Czech Republic or Poland. “It is up to us when we decide to take the next step”, he said.
Hungary’s government has been planning to replace the country’s forint (HUF) with the euro (EUR) since 2003. Nevertheless, the efforts have been stopped. The cabinet of Victor Orban and the central bank claim that the country “should not join the euro before its economy is sufficiently strong”.
70 per cent of Estonian residents aged 18-74 have bought alcohol in 2018 – the data from Kantar Emor show. The Baltic Course reports that in March 2018 about 20 per cent of the alcohol consumed in Estonia was purchased from Latvia. The share decreased by per cent compared with December 2017. The portal reminds that the share of alcohol bought from Latvia was 15 per cent in August 2017 and 6 per cent in August 2015.
At the same time, the analysts point out that the boom of buying alcohol from Latvia comes to an end. “(It) has stabilized at the level of 20 per cent of all alcohol purchases” – Mr. Aivar Voog from Kantar Emor comments.
What’s up in indexes
BET (of Bucharest) increased from 8,643.85 index points Thursday, March 22nd to 8,660.99 index points Friday, March 23rd. It’s up 0.32 per cent d/d and up 8.79 per cent y/y.
BUX (of Budapest) decreased from 37,350.75 index points Thursday, March 22nd to 36,940.37 index points Friday, March 23rd. It’s down 1.10 per cent d/d and up 14.98 per cent y/y.
CROBEX (of Zagreb) decreased from 1,841.39 index points Thursday, March 22nd to 1,829.21 index points Friday, March 23rd. It’s down 0.66 per cent d/d and down 11.26 per cent y/y.
OMXR (of Riga) increased from 1,038.33 index points Thursday, March 22nd to 1,040.16 index points Friday, March 23rd. It’s up 0.18 per cent d/d and up 35.04 per cent y/y.
OMXT (of Tallinn) decreased from 1,313.68 index points Thursday, March 22nd to 1,309.81 index points Friday, March 23rd. It’s down 0.29 per cent d/d and up 16.65 per cent y/y.
OMXV (of Vilnius) decreased from 695.44 index points Thursday, March 22nd to 688.95 index points Friday, March 23rd. It’s down 0.93 per cent d/d and up 23.17 per cent y/y.
PX (of Prague) decreased from 1,118.73 index points Thursday, March 22nd to 1,107.72 index points Friday, March 23rd. It’s down 0.98 per cent d/d and up 12.95 per cent y/y.
SAX (of Bratislava) decreased from 340.45 index points Thursday, March 22nd to 337.03 index points Friday, March 23rd. It’s down 1.00 per cent d/d and up 9.75 per cent y/y.
SOFIX (of Sofia) decreased from 667.67 index points Thursday, March 22nd to 661.77 index points Friday, March 23rd. It’s down 0.88 per cent d/d and up 3.51 per cent y/y.
UX (of Kyiv) decreased from 1,658.16 index points Thursday, March 22nd to 1,645.08 index points Friday, March 23rd. It’s down 0.79 per cent d/d and up 73.19 per cent y/y.
WIG20 (of Warsaw) decreased from 2,274.10 index points Thursday, March 22nd to 2,257.22 index points Friday, March 23rd. It’s down 0.74 per cent d/d and up 0.98 per cent y/y.