Hungary is 33rd in Global Innovation Index 2016

(Phil Renaud, CC BY-NC-ND)

Dutch company will to invest near Štúrovo in Slovakia

Three the largest Romanian banks increased profits by 50 per cent

Russians dominate foreign ownership of Montenegro companies

Hungary

Hungary improved its image as an innovative economy. As Portfolio.hu reports, in 2016 the country ranks 33rd in the Global Innovation Index (GII). GII is a survey conducted by the World Intellectual Property Organization, a specialized agency of the United Nations. It is calculated as the average of two sub-indices: the Innovation Input Sub-Index (that focuses on elements of the national economy: institutions, human capital and research, infrastructure, market sophistication and business sophistication) and the Innovation Output Sub-Index (that focuses on innovation results: knowledge and technology outputs and creative outputs).

“In the rankings of 128 countries only the Czech Republic of the Visegrad Four ranks higher than Hungary, although it slipped to the 27th place from the 24th last year. Slovakia ranks 36th (37th in 2015), whereas Poland jumped to the 39th place from the 46th,” writes Postfolio.hu.

The most innovative economies in the world are: Switzerland, Sweden, the United Kingdom, the USA, Finland and Singapore.

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Slovakia

Dutch company Yssel Holcon, which focuses on processing steal and producing concrete and ferroconcrete prefabricates, will build a new plant in the village of Obid, close to Štúrovo (Nitra Region). The investment is worth up to EUR30m. The company plans to employ 200 people in three industrial halls. As Slovak Spectator reports, final products from the plant will be exported to Germany and the Netherlands. The portal also informs the company will not be a beneficiary of Slovak Economy Ministry. The Yssel group has been active in Slovakia since 2007.

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Romania

“BCR, BRD-SocGen and Banca Transilvania, the top three local lenders, recorded cumulative profits of about EUR330m after the first six months of the year, up 50 per cent over the same period in 2015,” – Romania Insider reports after local Ziarul Financiar.

Earnings of those banks accounted for more than half of the profit recorded by the entire Romanian banking system during the period. The assets of the three banks grew by almost 9 per cent y/y to almost EUR3bn.

“The difference between BRD and Banca Transilvania dropped to only RON0.5bn (EUR112m).

Last year BRD had a market share of 13 per cent. Banca Transilvania saw a significant increase in its market share from 10 per cent to 12.6 per cent after taking over the local lender Volksbank,” Romania Insider informs.

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Montenegro

Research shows that the number of registered foreign companies has doubled in the past 7 years. More and more business owners in Montenegro are Russian. As Balkan Insight reports out of over 4,200 foreign-owned firms registered and operating in Montenegro, 32 per cent belong to Russians. The data from the Montenegrin statistical agency MONSTAT also shows an increase in the number of companies and enterprises owned by Ukrainian nationals – from 6 per cent in 2014 to 10.6 per cent in 2016.

In 2012, Montenegro adopted a new law on foreigners which stipulates that foreigners can stay in Montenegro for up to a year without a visa if they own real estate.

“Until then, Russians were able to stay in Montenegro only for 90 days and permanent residence could be achieved only if they owned a company. Last October, the government adopted regulations allowing foreigners to extend their annual residence permits without limits,” Balkan Insight writes.

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What’s up in indexes

BUX (of Budapest) increased from 27672.00 index points Tuesday, August 16th to 27790.97 index points Wednesday, August 17th. So it’s up 0.43 per cent d/d. From year-end it’s up 16.18 per cent.

BET (of Bucharest Stock Exchange) increased from 6865.23 index points Tuesday, August 16th to 6870.65 index points Wednesday, August 17th. So it’s up 0.08 per cent d/d. From year-end it dropped by 1.88 per cent.

PX (of Prague Stock Exchange) dropped by 0.64 per cent d/d and by 11.03 per cent from year-end. It decreased from 856.30 index points Tuesday, August 16th to 850.80 index points Wednesday, August 17th.

WIG20 (of Warsaw) dropped by 1.22 per cent – falling from 1846.86 index points Tuesday, August 16th to 1824.40 index points Wednesday, August 18th. From year-end it lost 1.87 per cent.

OMXT (of Tallinn) grew by 0.08 per cent d/d and by 11.52 per cent from year-end. The index increased from 1001.73 index points Tuesday, August 16th to 1002.53 index points Wednesday, August 17th. 

OMXR (of Riga) increased from 637.94 index points Tuesday, August 16th to 639.79 index points Wednesday, August 17th. So it’s up 0.29 per cent d/d. From year-end it’s up 7.65 per cent.

OMXV (of Vilnius) increased from 532.74 index points Tuesday, August 16th to 533.97 index points Wednesday, August 17th. So it’s up 0.23 per cent d/d and by 9.87 per cent from year-end.

SAX (of Bratislava) decreased from 318.62 index points Tuesday, August 16th to 314.71 index points Wednesday, August 17th. So it dropped by 1.23 per cent d/d. From year-end it’s up 7.65 per cent.

SOFIX (of Sofia) was up 0.91 per cent d/d and up 1.52 per cent from year-end. The index increased from 463.69 index points Tuesday, August 16th to 467.91 index points Wednesday, August 17th.

UX (of Kyiv) increased from 688.73 index points Tuesday, August 16th to 692.55 index points Wednesday, August 17th. So it’s up 0.55 per cent d/d. From year-end it’s up 0.98 per cent.

CROBEX (of Zagreb) was up 0.23 per cent – climbing from 1784.99 index points Tuesday, August 16th to 1789.03 index points Wednesday, August 17th.

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