Bulgarian government approved action plan to join Eurozone

(Christine und Hagen Graf, CC BY)
(Christine und Hagen Graf, CC BY)

Serbia welcomes Chinese investment of EUR870.4m

In Czech Republic ice cream production increased 

Bulgaria

Novinite.com reports after Reuters that the cabinet of Boyko Borisov approved an action plan that “envisages the country entering the ‘waiting room’ for Eurozone membership and also joining the European Union’s banking union by the end of June next year”. In July 2018, Bulgarian government applied to enter the exchange rate mechanism (ERM-2). According to the law, the county has to stay for two years in the so-called waiting room to join the Eurozone. At the same time, the portal points out that the country’s currency levy (BGN) “has long been pegged to the EUR via currency board”.

Bulgaria is the first non-EUR country which officially applied to join the banking union. To achieve it, the country has to, according to  Novinite.com, improve its macro-financial framework, strengthen supervision of non-banking financial sector, including pension funds and insurance firms, as well as work harder for combating money laundering. It also has to improve the bankruptcy legal framework.

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Serbia

Chinese company Shandong Linglong will build a tire factory in Serbia – the SEE News Corporate Wire informs. As reported, the investment amounts to EUR870.4m. The plant will be located in Serbia’s Zrenjanin Free Trade Zone (in Northern Serbia). The company informed it has chosen Serbia because of “low investment, construction, labor and energy costs compared to other countries in Europe”. The construction works will start in April 2019 and will be completed by 2025. The company wants to produce 13.62 million high-performance radial tires per year at the facility.

There are several Chinese investments in Serbia, e.g. the modernization of the Kostolac thermal power plant. Chinese companies are involved in the construction of the “Pupin bridge” in Belgrade or building sections of the highways parts of the Pan-European Corridor X.

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Czech Republic

In 2017, Czech Republic produced 44 million liters of ice cream – Radio Praha informs after the European Union’s statistics office, Eurostat. As reported, this was the highest figure since 2004. The data from the Eurostat shows that Czech Republic has surpassed Greece and Croatia. The Radio Praha points out that there are about 7,400 sellers of ice cream operating in the country. 

„ While in 2012, ice cream exports amounted to CZK283m, last year’s figure was four times higher, that is more than CZK1bn. At the same time, there is still more ice-cream imported to the country than exported abroad,” spokesman of the Czech Statistics Office Tomáš Chrámecký comments.

The leading ice cream producers in Europe are Germany, Italy and France.

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What’s up in indexes

BET (of Bucharest) decreased from 8,221.00 index points Tuesday, August 21st to 8,189.52 index points Wednesday, August 22nd. It’s down 0.38 per cent d/d and down 1.94 per cent y/y.

BUX (of Budapest) decreased from 37,007.66 index points Tuesday, August 21st to 36,365.90 index points Wednesday, August 22nd. It’s down 1.73 per cent d/d and 3.34 per cent y/y.

CROBEX (of Zagreb) decreased from 1,831.05 index points Tuesday, August 21th to 1,826.29 index points Wednesday, August 22nd. It’s down 0.26 per cent d/d and down 1.58 per cent y/y.

OMXR (of Riga) increased from 997.22 index points Tuesday, August 21st to 1,000.51 index points Wednesday, August 22nd. It’s up 0.33 per cent d/d and down 1.64 per cent y/y.

OMXT (of Tallinn) decreased from 1,228.46 index points Tuesday, August 21st to 1,224.70 index points Wednesday, August 22nd. It’s down 0.31 per cent d/d and down 2.55 per cent y/y.

OMXV (of Vilnius) closed at 708.75 index points Wednesday, August 22nd. It’s the same result as Tuesday’s. It’s 0 per cent change d/d and up 8.89 per cent y/y.

PX (of Prague) increased from 1,068.86 index points Tuesday, August 21st to 1,073.00 index points Wednesday, August 22nd. It’s up 0.39 per cent d/d and up 3.80 per cent y/y.

SAX (of Bratislava) closed at 349.48 index points Wednesday, August 22nd. It’s the same result as Tuesday’s. It’s 0 per cent change d/d and up 5.89 per cent y/y.

SOFIX (of Sofia) decreased from 634.05 index points Tuesday, August 21st to 629.47 index points Wednesday, August 22nd. It’s down 0.72 per cent d/d and down 12.53 per cent y/y.

UX (of Kyiv) increased from 1,623.57 index points Tuesday, August 21st to 1,628.61 index points Wednesday, August 22nd. It’s up 0.31 per cent d/d and up 43.87 per cent y/y.

WIG20 (of Warsaw) increased from 2,281.02 index points Tuesday, August 21st to 2,295.63 index points Wednesday, August 22nd. It’s up 0.64 per cent d/d and down 3.84 per cent y/y.

 

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