Latvia will fight shadow economy
Romania’s railway with wagons for cars
Yazaki to invest EUR23m in Bulgaria
According to the Eurostat, the price of properties in Hungary increased the most compared to 28 other European countries. Daily News Hungary reports that property prices in the Q3’2016, compared to the same period in 2015, have increased by 11.6 per cent, which exceeds the 4.3 per cent average in the rest of the EU.
Property prices in Budapest increased by 20 per cent, in county cities increased by 10 per cent, but villages experienced a 15 per cent decrease. While flats got more expensive, detached houses lost 10 per cent of their value in the first nine months of 2016, due to the fact that are located in county towns which are less popular with investors.
The Latvian State Revenue Service (VID) will have to make an effort to rebuild its lately damaged reputation and to focus on fighting tax evasion, in particular unofficial wages and VAT fraud schemes, Latvian President Raimonds Vejonis said, quoted by the Latvian press agency Leta. “Everyone must pay taxes, but VID has to work on increasing peoples and companies’ motivation to pay taxes,” Vejonis said.
He said the fight against the shadow economy had been ineffective so far. The payment of unofficial wages to employees as a form of tax evasion was criminalized in 2016 but no criminal proceedings have been opened for this kind of offense. The new tax strategy and its implementation will be a major benchmark in the future performance of the tax authority, the Latvian president added.
The state-owned railway passenger carrier CFR Calatori plans to introduce special wagons for passengers’ cars. Tourists would have the possibility of taking their cars with them while on holiday but without the hassle of driving long distances.
CFR Calatori general manager Iosif Szentes said in an interview for local Agerpres, as reported by Romania Insider, that this could be done by attaching special wagons to the international trains. A first test could be done in June this year, for the train from Bucharest to Thessaloniki, Greece. CFR Calatori already has two wagons that could be used for this project.
In 2016 CFR Calatori registered a profit of RON32.8m (EUR7.3m) and carried more than 52 million passengers.
Yazaki, a global automotive parts supplier, will invest BGN45.5m (EUR23m) in a cable plant near Dimitrovgrad. Novite.com reports that Bulgaria’s Council of Ministers has approved a draft memorandum of understanding with Yazaki for the construction of a plant for cable equipment of cars. The plant will produce electric installations for Mercedes class A and V cars, and the production will start in April 2017. The expected number of new jobs directly linked to the project is 3,150.
Yazaki Corporation is one of the biggest producers of cable equipment for the automobile industry. It has 175 centers for development, production and sales in 50 countries. The group entered the Bulgarian market in 2006 and it has plants in Yambol and Sliven. These produce cables for Ford and Renault models.
What’s up in indexes
BET (of Bucharest) increased from 7,271.21 index points Monday, January 23rd to 7,362 index points Wednesday, January 25th. It was up 1.26 per cent d/d and up 17.66 per cent y/y.
BUX (of Budapest) increased from 32,690.00 index points Tuesday, January 24th to 32,808.00 index points Wednesday, January 25th. It was up 0.36 per cent d/d and up 41.21 per cent y/y.
CROBEX (of Zagreb) decreased from 2,092.84 index points Tuesday, January 24th to 2,087.78 index points Wednesday, January 25th. It was down 0.24 per cent d/d and up 30.69 per cent y/y.
OMXR (of Riga) decreased from 742.98 index points Tuesday, January 24th to 741.15 index points Wednesday, January 25th. It was down 0.25 per cent d/d and up 25.65 per cent y/y.
OMXT (of Tallinn) increased from 1,094.44 index points Tuesday, January 24th to 1,095.85 index points Wednesday, January 25th. It was up 0.13 per cent d/d and up 24.84 per cent y/y.
OMXV (of Vilnius) increased from 564.70 index points Tuesday, January 24th to 564.76 index points Wednesday, January 25th. It was up 0.01 per cent d/d and up 17.39 per cent y/y.
PX (of Prague) increased from 930.13 index points Tuesday, January 24th to 938.16 index points Wednesday, January 25th. It was up 0.86 per cent d/d and up 6.14 per cent y/y.
SAX (of Bratislava) decreased from 308.59 index points Tuesday, January 24th to 305.88 index points Wednesday, January 25th. It was down 0.88 per cent d/d and up 0.72 per cent y/y.
SOFIX (of Sofia) increased from 605.32 index points Tuesday, January 24th to 611.33 index points Wednesday, January 25th. It was up 0.99 per cent d/d and 37.71 per cent y/y.
UX (of Kiev) increased from 856.24 index points Tuesday, January 24th to 856.70 index points Wednesday, January 25th. It was up 0.05 per cent d/d and up 30.00 per cent y/y/.
WIG20 (of Warsaw) increased from 2,013.17 index points Tuesday, January 24th to 2,079.15 index points Wednesday, January 25th. It was up 3.28 per cent d/d and up 20.21 per cent y/y.