Latvia will ban cash transactions exceeding EUR7,200

(©Shutterstock)

Ukraine’s GDP up 1.4 per cent in Q2’16

In Hungary wages are up 7 per cent y/y in July’16

Bulgaria is ready to transport 15 bcm of gas via Balkan Hub Project.

Latvia

Leta agency informs that Latvian government approved the Law on Taxes and Duties  amendments banning cash transactions exceeding EUR7,200. Now natural persons, who are not engaged in carrying on a business, will not be allowed to engage in cash transactions exceeding EUR7,200.

Leta informs: „The Finance Ministry’s representatives will have a meeting with representatives of the Accountants Association later this week to specify the amount of fines applicable to individuals who violate the new provision in the law.”

In this way the Latvian Finance Ministry tries to cope with the shadow economy – as unlimited cash transactions are very hard to track.

The new law will come into force in January 1st, 2018 (there will be a transitional period – the new law will apply to cash transactions settled after January 1st, 2018, if such transactions are stipulated in contracts signed before January 1st, 2017).

>>More

Ukraine

The Interfax reports, after the State Statistics Service, that Ukraine’s GDP grew by 1.4 per cent y/y in Q2’2016.  In mid-August the service evaluated the GDP growth at 1.3 per cent.

„The service retained the estimate for the GDP growth in the second quarter of 2016, taking into account the seasonal factor to the previous quarter, at 0.6 per cent, while the decline of 0.7 per cent was recorded in the first quarter. According to the report, the country’s nominal GDP in April-June amounted to UAH531.bn (EUR18.3bn), the change in deflator to 15.2 per cent, whereas in January-March the figure was UAH453.2bn (EUR18.7bn) with deflator being 20.5 per cent,” the Interfax writes.

>>More

Hungary

Hungarians earn more and more. In July 2016 net earnings grew y/y by 7 per cent on average at real value in the national economy and by 6.6 per cent in business sector. 

Portfolio.hu reports that in the same period net earnings grew by 6.7 per cent y/y at nominal value. Discounting at the -0.3 per cent inflation this gives us a 7 per cent net real wage rise.

In the business sector, the number of employees at companies with staffs larger than five persons grew by 8,000 in July 2016, reaching almost 2 million mark.

>>More

Bulgaria

Bulgaria is ready to transport 15 bcm of gas via Balkan Hub Project – Novinite.com reports.

The portal quotes PM Boyko Borisov saying, there is “a clear view in the region that the Balkan Gas Hub can be carried through”.

Bulgaria could transit as much as 15 bcm of gas via the hub. Also Russian gas could be transported via it. “My big dream is that big gas operators come and that we profit from gas transit while simultaneously building our interconnectors with neighboring countries. This is when true diversification will take place,” Borisov said. 

The European Commission backs the idea of constructin Bulgarian Gas Hub – originally projected to extract natural gas from the Black Sea. The hub is to provide the opportunity for different interconnectors. The EC and Bulgaria work on the construction of interconnectors with Greece and Romania and search for funding for the interconnector with Serbia.

>>More

What’s up in indexes

BUX (of Budapest) dropped by 1.25 per cent d/d – falling from 28564.54 index points Monday, September 19th to 28208.66 index points Tuesday, September 20th. From year-end it’s up 17.93 per cent.

BET (of Bucharest Stock Exchange) was up 0.13 per cent – increasing from 6969.95 index points Monday, September 19th to 6979.25 index points Tuesday, September 20th. From year-end it dropped by 0.33 per cent.

PX (of Prague Stock Exchange) was up 0.43 per cent – increasing from 861.83 index points Monday, September 19th to 865.53 index points Tuesday, September 20th. It dropped by 9.49 per cent. 

WIG20 (of Warsaw) was up 0.33 per cent d/d – increasing from 1749.78 index points Monday, September 19th to 1755.59 index points Tuesday, September 20th. From year-end it dropped by 5.57 per cent.

OMXT (of Tallinn) was up 1.08 per cent d/d and by 11.41 per cent from year-end. It increased from 990.81 index points Monday, September 19th to 1001.56 index points Tuesday, September 20th.

OMXR (of Riga) was up 1.70 per cent d/d and up 19.17 per cent from year-end. It increased from 696.44 index points Monday, September 19th to 708.31 index points Tuesday, September 20th. 

OMXV (of Vilnius) dropped by 0.05 per cent d/d – falling from 542.19 index points Monday, September 19th to 541.91 index points Tuesday, September 20th. It’s up 11.51 per cent from year-end.

SAX (od Bratislava) decreased from 321.50 index points Monday, September 19th to 321.24 index points Tuesday, September 20th. It dropped by 0.08 per cent d/d. From year-end it’s up 9.88 per cent.

SOFIX (of Sofia) was up 0.58 per cent d/d and up 4.06 per cent from year-end. It increased from 476.81 index points Monday, September 19th to 479.59 index points Tuesday, September 20th.

UX (of Kyiv) was up 0.84 per cent d/d and up 14.26 per cent from year-end. It increased from 777.12 index points Monday, September 19th to 783.64 index points Tuesday, September 20th.

CROBEX (of Zagreb) was 0.22 per cent – increasing from 1880.06 index points Monday, September 19th to 1884.28 index points Tuesday, September 20th. From year-end it’s up 11.52 per cent.

Share this post

TOP