Labor costs increase in Estonia higher than the EU average

Tallinn, Estonia (Dmitry G, Public domain)

IKEA buys stake in Romanian wind farms

EBRD provides EUR160m to Serbia

Estonia

Labor costs in Estonia grew significantly more than the European Union average in the Q2’19, Baltic News Service reports. Hourly labor costs in the EU as a whole rose by 3.1 per cent, in Estonia the figure was 8.3 per cent, according to Eurostat. In the Eurozone it was 2.7 per cent.

Latvia and Lithuania, along with Bulgaria, Hungary, Romania and Slovakia exceeded the European average. In the case of these last four, labor costs growth exceeded even Estonia’s, reaching as high as 12.4 per cent in Romania’s case.

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Romania

IKEA will acquire 80 per cent of stake in seven wind farms in Romania from Vestas Wind Systems A/S as a part of an effort to reduce its climate impact, the company informed. The value of the transaction is EUR136m. The investment made by IKEA franchisee Ingka Group, consists of 64 turbines with a combined capacity of 171 megawatts. Completion of the deal is still subject to regulatory approval and is expected at the end of October.

“The output is equivalent to the electricity consumption of more than 65 IKEA stores,” Ingka Investments Managing Director Krister Mattsson said.

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Serbia

The European Bank for Reconstruction and Development (EBRD) is extending a EUR160m financial package to UniCredit Bank Serbia to back up small businesses and mortgage lending, the bank said. This includes, among others, the EUR100m loan for SMEs to improve access to financing and to increase competitiveness in local and international markets.

UniCredit Bank Serbia is one of the leading universal banks in Serbia, with 72 branches, 1,280 employees and over 400,000 customers. The EBRD is a leading institutional investor in Serbia. The Bank has invested more than EUR5bn across 250 projects in the country to date.

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What’s up in indexes

BET (of Bucharest) increased from 9204.23 index points Thursday, September 12th to 9231.85 index points Friday, September 13th. It’s up 0.11 per cent d/d and up 12.5 per cent y/y.

BUX (of Budapest) increased from 40067.00 index points Thursday, September 12th to 40285.21 index points Friday, September 13th. It’s up 0.54 per cent d/d and up 11.4 per cent y/y.

OMXR (of Riga) increased from 1029.16 index points Thursday, September 12th to 1034.52 index points Friday, September 13th. It’s up 0.52 per cent d/d and up 5.65 per cent y/y.

OMXT (of Tallinn) increased from 1223.57 index points Thursday, September 12th to 1225.43 index points Friday, September 13th. It’s up 0.15 per cent d/d and up 0.57 per cent y/y.

OMXV (of Vilnius) increased from 690.11 index points Thursday, September 12th to 691.57 index points Friday, September 13th. It’s up 0.21 per cent d/d and down 0.07 per cent y/y.

PX (of Prague) increased from 1049.42 index points Thursday, September 12th to 1050.17 index points Friday, September 13th. It’s up 0.07 per cent d/d and down 3.90 per cent y/y.

RTS (of Moscow) increased from 1361.05 index points Thursday, September 12th to 1368.93 index points Friday, September 13th. It’s up 0.58 per cent d/d and up 26.2 per cent y/y.

SAX (of Bratislava) closed at 347.72 index points Friday,  September 13th. It’s the same result as Thursday’s. It’s 0 per cent change d/d and up 3.75 per cent y/y.

SOFIX (of Sofia) increased from 578.00 index points Thursday, September 12th to 578.65 index points Friday, September 13th. It’s up 0.11 per cent d/d and down 8.15 per cent y/y.

UX (of Kyiv) increased from 1556.69 index points Thursday, September 12th to 1557.71 index points Friday, September 13th. It’s up 0.07 per cent d/d and down 5.21 per cent y/y.

WIG20 (of Warsaw) increased from 2189.07 index points Thursday, September 12th to 2200.95 index points Friday, September 13th. It’s up 0.54 per cent d/d and down 1.46 per cent y/y.

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