Faurecia opens a new plant in Slovakia

(Dgeise, Public domain)

Tourists love Dracula castle in Romania

Estonia wants to introduce covered bonds

Moody’s: Poland's proposed framework for FX mortgages positive

Slovakia

The French company Faurecia starts the production of seats for Bratislava-based carmaker Volkswagen as of January 2017. It will be the biggest Faurecia’s investment in Slovakia of more than  EUR20m.

“Altogether 1,300 people will work in this plant, of whom 200 will be administrative and managing employees,” said head of Faurecia Slovensko, Gauthier Lerouge, as quoted by TASR. “600 people should be sent to the new plant from other factories, the company plans to hire an additional 600-700 employees in 2017,” Lerouge added.

According to the Slovak Spectator Faurecia will lease about 27,000 square metres in the building owned by P3 company, close to Bratislava, the capitol of Slovakia.

>>More

Romania

In 2016, almost 500,000 foreign tourists visited the Bran Castle, also known as “Dracula’s castle”, according to the Romanian Insider.

The medieval castle has become known due to its striking resemblance to Dracula’s Castle, as depicted in Bram Stoker’s Dracula novel, published in 1897. The castle is now owned by Prince Dominic Habsburg-Lothringen, the son of Princess Ileana of Romania, and the grandson of King Ferdinand I and Queen Marie of Romania, who got it back from the Romanian state in 2006.

The Bran Castle received more than 800,000 tourists last year, up from the 610,000 visitors in 2015. “The 800,000 tourists paid for tickets, but we had an average of 2,200 tourists per month who enjoyed free entrance to a various of public or private events organized at the Bran castle. More than 60 per cent of the tourists visiting the castle were foreigners,” said Bogdana Balmus, PR manager of the castle.

>>More

Estonia

The Estonia’s Ministry of Finance is convinced that covered bonds are considered safer than other similar types of investment, reports ERR, Estonian Public Broadcasting agency. The ministry took up preliminary work on the bill a year ago, and is currently working on the final version.  

As the ministry confirmed to ERR, it’s hoping to start the evaluation process this year. Head of the ministry’s financial markets policy department, Siiri Tõniste, told ERR that he would be busy mainly with Estonia’s presidency of the Council of the European Union in the second half of 2017, but that at the same time the European Commission was planning to present its own approach to an EU regulation of covered bonds.

Covered bonds are corporate bonds, with the difference that the issuing corporation, typically a bank, uses its own pool of real estate collateral to back them up.

>>More

Poland

Poland’s framework for FX mortgages, proposed by country’s macroprudential body, KSF, is credit positive for banks, rating agency Moody’s said in a report, according to the Polish Press Agency.

“The framework clarifies legislation on foreign-currency mortgages and addresses related systemic risks without compromising banking sector stability,” Moody’s said. “The framework improves on various prior solutions and is credit positive for banks.”

“Higher RWA requirements, if adopted, will enhance the banks’ credit quality by requiring higher capital buffers, which increases banks’ loss- absorption cushion,” the agency said.

Biggest impact of the solution is seen for Bank Millennium, mBank and Getin Noble, with Getin being the most vulnerable due to its weaker capital position, the agency suggested.

>>More

What’s up in indexes

BUX (of Budapest) increased from 32,709.00 index points Thursday, January 19th to 32,881.92 index points Friday, January 20th. It was up 0.53 per cent d/d and up 44.52 per cent y/y.

BET (of Bucharest) increased from 7,216.15 index points Thursday, January 19th to 7,289.73 index points Friday, January 20th. It was up 0.89 per cent d/d and up 20.23 per cent y/y.

PX (of Prague) decreased from 928.71 index points Thursday, January 19th to 928.53 index points Friday, January 20th. It was down 0.02 per cent d/d and up 8.48 per cent y/y.

WIG20 (of Warsaw) decreased from 2,015.47 index points Thursday, January 19th to 2,006.01 index points Friday, January 20th. It was down 0.47 per cent d/d and up 19.79 per cent y/y.

OMXT (of Tallinn) increased from 1,092.13 index points Thursday, January 19th to 1,091.21 index points Friday, January 20th. It was up 0.08 per cent d/d and up 24.69 per cent y/y.

OMXR (of Riga) increased from 743.98 index points Thursday, January 19th to 745.64 index points Friday, January 20th. It was up 0.22 per cent d/d and up 26.20 per cent y/y.

OMXV (of Vilnius) increased from 564.52 index points Thursday, January 19th to 565.66 index points Friday, January 20th. It was up 0.20 per cent d/d and up 17.44 per cent y/y.

SAX (of Bratislava) remained at the same level of 316.23 index points on Friday, January 20th. It was up 2.52 per cent y/y.

SOFIX (of Sofia) increased from 605.09 index points Thursday, January 19th to 605.20 index points Friday, January 20th. It was up 0.02 per cent d/d and up 36.56 per cent y/y.

UX (of Kiev) increased from 860.84 index points Thursday, January 19th to 863.30 index points Friday, January 20th. It was up 0.29 per cent d/d and up 32.79 per cent y/y/.

CROBEX (of Zagreb) increased from 2,083.84 index points Thursday, January 19th to 2,096.56 index points Friday, January 20th. It was up 0.61 per cent d/d and up 30.69 per cent y/y.

Share this post

TOP