Estonian energy giant plans to enter Poland
Turks love to visit Bulgaria and there the number may increase
Real estate investment in Romania up 80 per cent in H1’16
According to the macroeconomic survey conducted by the National Bank of Poland, Polish experts expect Poland’s economy to grow 3.4 per cent on average in 2016 and 2017. In 2018 the GDP is expected to fall to 3.3 per cent. The inflation is expected at the level of 1.4 per cent in 2017 and 1.9 per cent in 2018. The market expects 1.4 percent inflation in 2017 and 1.9 percent in 2018.
Eesti Energia, the Estonian energy giant, plans to enter Polish retail market in 2017. As the Baltic Course informs, Estonian Finance Ministry endorsed the establishment of a subsidiary of Eesti Energia in Poland.
The portal quotes Karla Agan, the head of energy sales in Eesti Energia: “In accordance with the recently endorsed new strategic action plan of Eesti Energia, we are planning to expand our retail sales on the markets around the Baltic Sea (…) While the time when retail sales could be started depends on how quickl licenses can be acquired in Poland, right now we are working toward being able to start selling there in 2017.”
Baltic Course writes: „The creation of the new company was endorsed by Finance Minister Sven Sester as the representative of the government, the sole shareholder of Eesti Energia. The entity of Poland will be a limited-liability company with a registered capital of PLN1m or approximately EUR227,000.”
Eesti Energia is an Estonian state-owned company founded in 1939. It’s core businesses is producing and selling electricity, liquid fuelas and electricity networks. The company operates (under the brand Enefit) in the Baltic and Nordic electricity market by its subsidiaries in Latvia, Lithiania, Finland. It is also present in the USA (Utah) and in Jordan.
In 2015 the company faced some „spending scandal” – when the findings of the audit of the company under its previous CEO Sandor Liive were revealed. We reported it here. http://financialobserver.eu/daily/estonian-auditors-cast-a-shadow-over-huge-energy-company/
„The number of visitors from Turkey has been growing since the beginning of the winter season,” Novinite.com informs after the Tourism Minister Nikolina Angelkova. Angelkova said the number of tourists from Turkey spending holidy in Bulgarian Black Sea resorts in 2016 grew by 10 per cent compared to the same period of the previous year.
Regarding the current political situation in Turkey, the minister informed her institution is „closely following the developments in the neighboring country, working to analyze the situation which will inevitably have an impact on the tourist flow.” She also added: „We have taken absolutely all measures to secure the safety and comfort of tourists. Whoever heads to [Bulgaria] will be well received and attended and next year I hope we will be able to retain this interest in our country next year”.
Romania’s real estate investment volumes went up 80 per cent y/y in H1’16. As the data from real estate consulting company JLL shows, it reached EUR340m. Most of the investments are in Bucharest. It accounts for 48 per cent of the total investment volume. Significant increases are also noted in Sibiu (29 per cent).
As the data shows, market volumes were balanced between retail operations (45 per cent) and office (38 per cent), while industrial accounted for close to 17 per cent.
The biggest transaction registered in the first half of 2016 was NEPI’s acquisition of Sibiu Shopping City from ARGO. It reached EUR100m. JLL states this was the largest single asset deal outside of Bucharest since the economic crisis hit in 2008.
What’s up in indexes
BUX (od Budapest) dropped by 0.36 per cent – falling from 27163.42 index points Thursday, July 14th to 27065.97 index points Friday, July 15th. From year-end it’s up 13.15 per cent.
BET (of Bucharest Stock Exchange) was up 0.52 per cent d/d – increasing from 6580.40 index points Thursday, July 14th to 6614.60 index points Friday, July 15th. From year-end it dropped by 5.56 per cent.
PX (of Prague Stock Exchange) was up 2.21 per cent d/d – increasing from 844.90 index points Thursday, July 14th to 863.55 index points Friday, July 15th. From year-end it lost 9.70 per cent.
WIG20 (of Warsaw) was up 0.84 per cent d/d – increasing from 1745.34 index points Thursday, July 14th to 1759.41 index points Friday, July 15th. From year-end it lost 5.36 per cent.
OMXT (of Tallinn) increased from 996.71 index points Thursday, July 14th to 1005.08 index points Friday, July 15th. So it’s up 0.84 per cent d/d. From year-end it’s up 11.80 per cent.
OMXR (of Riga) increased from 626.44 index points Thursday, July 14th to 630.54 index points Friday, July 15th. So it’s up 0.65 per cent d/d. From year-end it’s up 6.09 per cent.
OMXV (of Vilnius) decreased from 527.10 index points Thursday, July 14th to 523.19 index points Friday, July 15th. So it dropped by 0.74 per cent d/d. From year-end it’s up 7.65 per cent.
SAX (od Bratislava) was up 0.91 per cent d/d – increasing from 308.79 index points Thursday, July 14th to 311.61 index points Friday, July 15th. From year-end it’s up 6.59 per cent.
SOFIX (of Sofia) lost 0.30 per cent d/d – falling from 451.47 index points Thursday, July 14th to 450.10 index points Friday, July 15th. From year-end it dropped by 2.34 per cent.
UX (of Kyiv) was up 0.89 index points – increasing from 711.80 index points Thursday, July 14th to 718.13 index points Friday, July 15th. From year-end it’s up 4.71 per cent.
CROBEX (of Zagreb Stock Exchange) increased from 1719.41 index points Thursday, July 14th to 1724.23 index points Friday, July 15th. So it’s up 0.28 per cent d/d. From year-end it’s up 2.05 per cent.