China opens New Belgrade Bank as its Balkan Hub

(epSos.de, CC BY)

Bosch’s plans new logistic center in Hungary

Estonia's tax revenue grows 5.5 per cent in 2016

In Latvia construction costs increased by 0.4 per cent

Serbia

China sees its new Bank of China branch, just opened in Belgrade, as forming part of a strategy aimed to conquer Balkan and European markets, The Balkan Insight writes. Balkan Hub is a part of a strategy aimed at conquering Balkan and European markets.

Guoli Tian, the CEO of the bank, quoted by the Balkan Insight, said at the opening ceremony that opening the branch was one of the steps the bank was taking to meet the “rising demands” of economic cooperation between Serbia and China. Tian added that the bank is ready to give its contribution to China’s “One Belt, One Road” initiative.

The Bank of China is one of the five largest banks in the world.

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Hungary

German giant Bosch is moving its CEE regional logistics centers to Hatvan, in northern Hungary. It will do so in 2018 and will create 250 jobs, writes Daily News Hungary.

Hungary’s state-owned National Industrial Park Operating and Development Company will build a HUF17bn (EUR54.8m) industrial park for Bosch, which will lease 60,000 sqm for 16 years, said Hungary’s Minister of Foreign Affairs and Trade, Péter Szijjártó.

Bosch will also increase the value of its orders from local suppliers by EUR60m over the next six years as part of the arrangement.

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Estonia

In 2016 Estonia’s tax revenues were up 5.5 per cent. In total it was EUR6.26bn, 0.1 per cent more than the fiscal year’s budgeted target, informs News ERR.

Tax receipts in December amounted to EUR534.8m, up 9.6 per cent from the same month in 2015. The inflow of social tax increased 6.5 per cent over the year and tax receipts made up 101.7 per cent of the target for the full year. The increase was mainly due to the 5.7 per cent growth of average wages. The workforce increased 0.3 per cent.

Corporate income tax receipts amounted to 94.8 per cent of the budgeted target. Value added tax receipts totaled EUR1.96bn, 5.7 per cent more than the year before. The growth was primarily driven by the retail trade, whose nominal growth in the first 11 months of 2016 amounted to 4.7 per cent, which was slightly above expectations.

At the same time, a decrease occurred in government sector investments as the EU funds have not yet been fully utilized.

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Latvia

Latvia’s Central Statistical Bureau (CSB) informed that in December 2016, compared to the previous year, the level of construction costs increased by 0.4 per cent. Labor remuneration grew by 3.5 per cent, maintenance and operational costs of machinery and equipment rose by 1.1 per cent, whereas prices of building materials decreased by 1.1 per cent.

In December, the average level of construction costs was mostly affected by an increase in the prices of asphalt concrete and sand. The average 12-month level of construction costs of 2016 decreased by 0.5 per cent in comparison to the average 12-month level of 2015.

In 2016, data on the prices of construction resources were provided by approximately 180 construction enterprises and more than 30 trade enterprises. The sample included construction enterprises with the highest value of own account construction works in 2015.

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What’s up in indexes

BET (of Bucharest) increased from 7,362 index points Wednesday, January 25th to 7,403.22 index points Thursday, January 26th. It was up 0.30 per cent d/d and up 18.65 per cent y/y.

BUX (of Budapest) increased from 32,808.00 index points Wednesday, January 25th to 32,918.00 index points Thursday, January 26th. It was up 0.34 per cent d/d and up 39.95 per cent y/y.

CROBEX (of Zagreb) increased from 2,087.78 index points Wednesday, January 25th to 2,109.13 index points Thursday, January 26th. It was up 1.02 per cent d/d and up 31.69 per cent y/y.

OMXR (of Riga) increased from 741.15 index points Wednesday, January 25th to 743.99 index points Thursday, January 26th. It was up 0.38 per cent d/d and up 26.04 per cent y/y.

OMXT (of Tallinn) increased from 1,095.85 index points Wednesday, January 25th to 1,098.19 index points Thursday, January 26th. It was up 0.21 per cent d/d and up 25.84 per cent y/y.

OMXV (of Vilnius) decreased from 564.76 index points Wednesday, January 25th to 563.44 index points Thursday, January 26th. It was down 0.23 per cent d/d and up 16.84 per cent y/y.

PX (of Prague) decreased from 938.16 index points Wednesday, January 25th to 938.08 index points Thursday, January 26th. It was down 0.01 per cent d/d and up 5.07 per cent y/y.

SAX (of Bratislava) increased from 305.88 index points Wednesday, January 25th to 307.69 index points Thursday, January 26th. It was up 0.59 per cent d/d and up 1.32 per cent y/y.

SOFIX (of Sofia) increased from 611.33 index points Wednesday, January 25th to 611.60 index points Thursday, January 26th. It was up 0.04 per cent d/d and 37.61 per cent y/y.

UX (of Kiev) increased from 856.70 index points Wednesday, January 25th to 861.00 index points Thursday, January 26th. It was up 0.50 per cent d/d and up 31.96 per cent y/y/.

WIG20 (of Warsaw) increased from 2,079.15 index points Wednesday, January 25th to 2,080.40 index points Thursday, January 26th. It was up 0.06 per cent d/d and up 21.42 per cent y/y.

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