Estonian branch of Danske Bank to be closed

Tallinn, Estonia (Pjotr Mahhonin, CC BY-SA)

Europe’s largest solar energy park in Hungary

Growth of the Czech economy slowed down to 3 per cent in 2018

Estonia

Estonian authorities said that the local branch of Danske Bank must be closed after the financial group admitted that it was laundering money from Russia and former Soviet states through its subsidiary, Estonian Public Broadcasting (ERR) informed (read more).

The Estonian Financial Supervisory Authority said the activities of Denmark’s largest financial institution must cease in Estonia within eight months. “A strong signal has been sent to the entire world: there is no place for money laundering in Estonia,” the country’s Prime Minister Juri Ratas told the Associated Press. Danske Bank said it will comply with the request, shutting its banking activities in all three Baltic countries and in Russia.

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Hungary

Together with utility giant E.ON, Audi is building a solar energy park on the roofs of two logistics centers in Győr, covering about 160,000 square meters. This will be Europe’s the largest photovoltaic system installed on a rooftop. It will have an output of 12 megawatts. Construction will start in August 2019, and renewable energy generation should start at the beginning of next year.

“The company is committed to the economical use of resources and therefore wants to keep the environmental impact of our production as low as possible,” said Achim Heinfling, CEO of Audi Hungaria.

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Czech Republic

In 2018, Czech economic growth slowed down to 3 per cent from 4.5 per cent y/y, according to data released by the Czech Statistics Office. Czech growth is driven by private consumption, investments, industry and trade, and what is holding the country back is a lack of workers, Radio Praha commented.

“Another reason is a very mild expansionary economic policy. Czech Republic was the only country in the Central European region to tighten its monetary policy last year by raising interest rates. Also the country has a pro-export economy and the biggest trade partner, Germany, is balancing on the brink of recession,” economic expert Miroslav Novak said.

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and more

What’s up in indexes

BET (of Bucharest) decreased from 7728.47 index points Monday, February 18th to 7731.74 index points Tuesday, February 19th. It’s down 0.25 per cent d/d and down 7.01 per cent y/y.

BUX (of Budapest) decreased from 40653.00 index points Monday, February 18th to 40560.00 index points Tuesday, February 19th. It’s down 0.23 per cent d/d and up 3.98 per cent y/y.

CROBEX (of Zagreb) decreased from 1,773.77 index points Monday, February 18th to 1,767.47 index points Tuesday, February 19th. It’s down 0.36 per cent d/d and down 2.35 per cent y/y.

OMXR (of Riga) increased from 988.91 index points Monday, February 18th to 989.23 index points Tuesday, February 19th. It’s up 0.03 per cent d/d and down 3.25 per cent y/y.

OMXT (of Tallinn) decreased from 1220.57 index points Monday, February 18th to 1218.54 index points Tuesday, February 19th. It’s down 0.35 per cent d/d and down 4.87 per cent y/y.

OMXV (of Vilnius) increased from 643.37 index points Monday, February 18th to 645.05 index points Tuesday, February 19th. It’s up 0.26 per cent d/d and down 4.29 per cent y/y.

PX (of Prague) increased from 1063.90 index points Monday, February 18th to 1065.63 index points Tuesday, February 19th. It’s up 0.16 per cent d/d and down 4.02 per cent y/y.

SAX (of Bratislava) increased from 335.74 index points Monday, February 18th to 339.26 index points Tuesday, February 19th. It’s up 1.05 per cent d/d and down 2.90 per cent y/y.

SOFIX (of Sofia) decreased from 578.30 index points Monday, February 18th to 578.00 index points Tuesday, February 19th. It’s down 0.06 per cent d/d and down 16.48 per cent y/y.

UX (of Kyiv) decreased from 1690.69 index points Monday, February 18th to 1689.37 index points Tuesday, February 19th. It’s down 0.08 per cent d/d and up 15.7 per cent y/y.

WIG20 (of Warsaw) decreased from 2325.67 index points Monday, February 18th to 2322.41 index points Tuesday, February 19th. It’s down 0.14 per cent d/d and down 3.57 per cent y/y.

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