Estonian Center Party leader will form a new government

Riigikogu, Estonian parliament, Tallin, Estonia (Dennis Jarvis, CC BY-SA)

Poland may change its tax system

Slovnaft refinery to invest EUR500m into new business

Ukraine exports 16.4 million tons of grain

Estonia

Juri Ratas has been appointed by Estonia’s President Kersti Kaljulaid to become the new Prime Minister. According to Politico.eu he has two weeks to form the government. Center Party will form a coalition with the Social Democrat SDE and conservative Pro Patria and Res Publica Union.

As the major topics for his government Juri Ratas named 2017 budget, foreign affairs, security and the Estonian presidency of the Council of the European Union.

The former Estonian government did not received the confidence vote because two coalition partners resigned from the coalition.

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Poland

Deputy Prime Minister Mateusz Morawiecki said that Poland’s digressive tax system needs to be “tweaked in order to make it more progressive”, including . One idea is to remove tax-free brackets from high-earners.

The personal income taxable amount in Poland is 18 per cent for people earning under PLN85,528 (EUR19,286), minus a tax-free amount of PLN556.02. People who earn more, pay PLN14,839 (EUR3,346), plus an additional 32 per cent of the surplus over PLN 85,528.

The Polish Radio informs Mr. Morawiecki was asked in an interview whether the government is considering removing the flat 19 per cent tax rate for entrepreneurs. He said: “We are not working on such an option (…) An entrepreneur is someone who takes the risk to start a business. This is something completely different than working eight hours [in an office], so I would not want entrepreneurs to be worried that we will tax them as much as people who work a full-time job.”

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Slovakia

Slovak refinery Slovnaft plans to invest almost EUR500m by 2020. The Bratislava-based company is in search for the new areas of business.  As Slovak Spectator reports: “The Slovak refinery does not see such great prospects in the production of motor fuels as in the past, and it expects a significant drop in demand for petrol and diesel. Thus it plans to focus on the production of chemicals and plastics.”

The portal quotes an analyst from Finlord, Eva Mahdanová, saying that: “Plastics and chemicals are a  prospective area of business for the future (…) By 2020 the global market for plastics should grow by 5.3 percent on average annually”.

During the next years Slovnaft wants to reduce production of motor fuels to only one half of its total production. Along with plastics and chemical products the company wants to focus on completely new business activities beyond its current core business, such as sharing of electric cars or even its own brand of fast food, Fresh Corner.

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Ukraine

Ukraine exported 16.4 million tons of grain since early 2016/2017 agricultural year (July’2016/June’2017), the Interfax reports. Ukraine’s Agricultural Policy and Food Ministry has reported that around 9.5 million tons of wheat, 3.9 million tons of barley and around 3 million tons of corn were exported. Also some 131,000 tons of flour was exported as of November 2016.

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What’s up in indexes

BUX (of Budapest) was up 0.56 per cent – increasing from 29941.07 index points Thursday, November 17th to 30109.02 index points Friday, November 18th. From year-end it’s up 25.87 per cent.

BET (of Bucharest Stock Exchange) dropped by 0.49 per cent d/d and by 2.54 per cent from year-end. It decreased from 6857.62 index points Thursday, November 17th to 6824.19 index points Friday, November 18th.

PX (of Prague) dropped by 0.59 per cent d/d and by 7.52 per cent from year-end. It decreased from 889.62 index points Thursday, November 17th to 884.41 index points Friday, November 18th.

WIG20 (of Warsaw) dropped by 0.96 per cent d/d and by 7.18 per cent from year-end. It decreased from 1742.39 index points Thursday, November 17th to 1725.74 index points Friday, November 18th.

OMXT (of Tallinn) was up 0.24 per cent – increasing from 1032.17 index points Thursday, November 17th to 1032.50 index points Friday, November 18th. From year-end it’s up 14.85 per cent.

Latvia Stock Market was closed Friday, November 18th. OMXR closed at 741.29 index points Thursday, November 17th. From year-end it’s up 24.72 per cent.

OMXV (of Vilnius) increased from 557.71 index points Thursday, November 17th to 560.10 index points Friday, November 18th. So it’s up 0.43 per cent d/d and up 15.25 per cent from year-end.

SAX (of Bratislava) closed at 314.37 index points Friday, November 18th. So it’s zero per cent change from Thursday, November 17th. From year-end its’ up 7.53 per cent.

SOFIX (of Sofia) decreased from 533.51 index points Thursday, November 17th to 530.91 index points Friday, November 18th. So it dropped by 0.49 per cent d/d. From year-end it’s up 15.19 per cent.

UX (of Kyiv) increased from 797.93 index points Thursday, November 17th to 805.29 index points Friday, November 18th. So it’s up 0.92 per cent d/d and up 17.41 per cent from year-end.

CROBEX (of Zagreb) was up 0.16 per cent – increasing from 1975.42 index points Thursday, November 17th to 1978.63 points Friday, November 18th. From year-end it’s up 17.10 per cent.

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