CSE countries to lose 25 per cent of labor force by 2050

Rijeka, Croatia (Slawomir Wawak, CC BY-SA 2.0)

ExxonMobil wants to withdraw from Romanian offshore gas project

Latvia is still having AML problems

Central and Southeast Europe

The International Monetary Fund (IMF) expects the CSE countries to lose 25 per cent of their labor force by 2050 due to ageing of societies and migration, IMF deputy managing director Tao Zhang said.

“In the absence of demographic pressures, GDP per capita in the region could have reached 74 per cent of Western European levels in 2050, up from 52 per cent in 2020. With the demographic headwinds, CSE’s GDP per capita is projected to reach only 60 per cent of Western European levels in the same time frame,” Mr. Zhang added. 

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Romania

The US oil&gas group ExxonMobil wants to withdraw from the offshore gas project in Romania. The decision is a result of Romanian government’s decision taken in in December 2018, to impose new taxes, including a 2 per cent tax on energy companies’ turnover and a cap on gas prices. ExxonMobil has invested USD700m in the Neptun Deep project in Romania’s Black Sea. The project was regarded as a strategic American investment in the region.

Carlyle, the US private equity fund, is in a more advanced phase with another, smaller, gas exploitation project in the Black Sea, through local company Black Sea Oil & Gas, and is reportedly interested in Exxon’s stake.

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Latvia

Latvian Finance and Capital Market Commission (FCMC) has decided to fine Rigensis Bank AS for violating money laundering and terrorism financing prevention regulations. The fine is EUR1m.

For over a year Latvia is struggling with AML. In 2018, Latvian authorities had to shut its biggest bank, ABLV when the US authorities accused it of money laundering, plunging the country into its worst financial crisis in a decade.

According to FCMC Rigensis Bank failed to ensure that it meets requirements and performs necessary actions to prevent involvement in violations of regulations. FCMC inspections revealed a number of violations associated with internal control system, client base risks and its management.

The majority shareholder of Rigensis Bank is Russian businessman Igor Ciplakov.

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What’s up in indexes

BET (of Bucharest) increased from 9091.29 index points Friday, July 12th to 9129.54 index points Monday, July 15th. It’s up 0.45 per cent d/d and up 14.3 per cent y/y.

BUX (of Budapest) increased from 40699.69 index points Friday, July 12th to 40725.00 index points Monday, July 15th. It’s up 0.06 per cent d/d and up 15.5 per cent y/y.

OMXR (of Riga) decreased from 1017.29 index points Friday, July 12th to 1009.46 index points Monday, July 15th. It’s down 0.77 per cent d/d and down 1.30 per cent y/y.

OMXT (of Tallinn) decreased from 1276.20 index points Friday, July 12th to 1274.36 index points Monday, July 15th. It’s down 0.14 per cent d/d and up 1.17 per cent y/y.

OMXV (of Vilnius) decreased from 687.52 index points Friday, July 12th to 685.22 index points Monday, July 15th. It’s down 0.33 per cent d/d and down 4.32 per cent y/y.

PX (of Prague) increased from 1055.62 index points Friday, July 12th to 1056.65 index points Monday, July 15th. It’s up 0.10 per cent d/d and down 2.90 per cent y/y.

RTS (of Moscow) decreased from 1387.87 index points Friday, July 12th to 1386.52 index points Monday, July 15th. It’s down 0.10 per cent d/d and up 17.4 per cent y/y.

SAX (of Bratislava) increased from 343.05 index points Friday, July 12th to 344.27 index points Monday, July 15th. It’s up 0.36 per cent d/d and up 0.53 per cent y/y.

SOFIX (of Sofia) decreased from 583.78 index points Friday, July 12th to 579.80 index points Monday, July 15th. It’s down 0.68 per cent d/d and down 7.06 per cent y/y.

UX (of Kyiv) closed at 1594.41 index points Monday, July 15th. It’s the same result as Friday’s. It’s 0 per cent change d/d and up 0.12 per cent y/y.

WIG20 (of Warsaw) increased from 2315.36 index points Friday, July 12th to 2324.21 index points Monday, July 15th. It’s up 0.38 per cent d/d and up 8.91 per cent y/y.

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