Globalisation vs. nationalism within CEE

Ludwik Sobolewski, CEO of Bucharest Stock Exchange. (C: BSE)

Victor Orban is afraid of immigrants and Austrian owners of Hungarian stock exchange.

Google installs its subsidiary in Lithuania.

Bucharest Stock Exchange with its first financial exhibition for education.



Would the Hungarian stock exchange become more Hungarian? The national bank of Hungary (MNB) wants to increase its engagement in Budapest Stock Exchange, now owned mainly by Austrians. The hugest shareholder of BSE is CEE Stock Exchange Group (CEESEG). It is the largest stock exchange group in Central and Eastern Europe that owns four stock exchanges – in Budapest (Hungary), Ljubljana (Slovenia), Prague (Czech Republic) and Vienna (Austria). SEESEG holds 50,5 % of BSE shares. The second important shareholder is Oesterreichische Kontrollbank AG (OKAG) with 18,3 % of shares. MNB holds only 6,9 % of shares. Now the MNB plans to buy some shares from Austrians. The information was confirmed by Ferenc Gerhardt, the MNB deputy chairman to – a Hungarian business portal. Here’s the most recent list of BSE shareholders .

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Additionally: The BUX – BSE’s main index – was down on Friday 1,15%, after soaring 1,94 % on Thursday. The investors moods are moderate after Hungary’s Central Statistic Office (KSH) revealed the economic data last week.


The other European BSE, the Bucharest Stock Exchange – run by the Pole, Ludwik Sobolewski – will launch “Your Money Expo”, a series of events that plan to raise the level of financial education among Romanians.
The first event will take place in October. Attendees will see the official opening of the trading session and they will have a chance to attend various seminars.

The BSE was founded in 1982. The total market capitalisations equals almost EUR30 bn. There are two stock exchanges in Bulgaria. The other one is Sibiu Stock Exchange founded in 1994.



The aftermath of the scandal within Eesti Energia – the next scandal. After auditors reported on irregularities in money spending within the energy company Eesti Energia in Estonia, the next corruption scandal bursts in the Port of Tallin. At the end of August the prosecutors arrested two managers (Ain Kaljurand and Allan Kiil) for arranging a corruptive system, which, as it is reported, started in 2009. Prosecutors are accusing the managers of accepting millions of euro of bribes in connection with the transactions of purchasing ferries.

The newspaper “Postimees” publishes an interview with Neinar Sali, a chariman of Port of Tallin since 2005.  The chairman, asked about the scandal, stated that too formal relations between he board and the council, were one of the reasons why the criminal activity went unnoticed for such a long time. The other factor  mentioned in the interview was the characteristic of the sector.  “Behold Ukraine or Russia, for instance – there, in transit sector, nothing happens without lubrication. In Latvia also, there’s a corruption case related to railway” – he explained.

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Latvian army would be better equipped. The Latvian army has received four Combat Vehicle Reconnaissance-Tracked armoured vehicles from the UK. The vehicles will be used to train mechanics and soldiers. This is only the first shipment of  such equipment. The agreement signed by Latvia and The Great Britain in 2014 says that Latvia would buy 123 CVTRs and that they would be shipped to Latvia to 2020. The contract amounts to EUR 48,1 m.

Latvian military is less than 6000 active personnel. The Defence Minister of Latvia is Raimonds Bergmanis.



American Google registered its subsidiary in Lithuania on 3, September. Company is headed up by Graham Law, finance director of Google’s operations in Europe, Middle East and Africa. The new-born company has EUR 100000 of capital. Google has also its subsidiaries in Poland, Czech Republic and Hungary.



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