Bulgaria: 24.2 per cent increase in the construction production
Ukraine may start seizing Gazprom's assets
Latvia and Poland
Leta agency informs about the meeting of the Baltic Council of Ministers. It took place in Vilnius, Lithuania. During the event, a bilateral meeting between Latvia’s and Poland’s PMs took place. Māris Kučinskis, who welcomed the participation of the Polish army in the NATO multi-national battalion deployed to Latvia, pointed out that Poland is “an important ally and strategic partner of the Baltic states in the region”.
Mr. Kucinskis underlined that “there are opportunities for the cooperation between the Baltic states and Poland” in an implementation of the Rail Baltica fast train project and energy projects – especially in the field of synchronization of the Baltic power grids with continental Europe. He added that the Baltic States should cooperate with Poland on major regional infrastructure projects and security matters.
The construction production improves y/y and m/m in Bulgaria. Novinite.com informs that in January 2018 the index of production in the section “Construction production” was up 24.2 per cent y/y (working day adjusted data). As reported, this was due to the positive rate in the building construction, where the growth observed was by 31.6 per cent and in the civil engineering – where it reached 15.5 per cent.
At the same time, the construction production was up 5.1 per cent m/m (seasonally adjusted data). The production of building construction was up 5.3 per cent and production of civil engineering – by 4.8 per cent.
If Gazprom refuses to pay the Ukrainian state-owned energy company Naftogaz, under a ruling by the Arbitration Institute of the Stockholm Chamber of Commerce, Ukraine is determined to recover the relevant sums, including through seizing the Russian gas company’s assets abroad, said Ukraine’s President Petro Poroshenko according to Interfax agency. “A team of lawyers is working at my instruction to recover the relevant sums. Therefore, if Gazprom doesn’t pay the compensation, we will be seizing its assets,” he added.
The dispute between Gazprom and Naftogaz in the Arbitration Institute of the Stockholm Chamber of Commerce concluded by the end of February, with Gazprom ordered to pay Naftogaz USD4.63bn for undersupplying gas contracted for transit. Based upon the results of two arbitration disputes between the companies regarding export and transit of gas, the former being in favor of Gazprom, the net payment it has to make to Naftogaz now is USD2.56bn.
Gazprom announced that it had filed an appeal against the Stockholm arbitration court’s ruling regarding gas delivery and would file another appeal regarding the ruling on gas transportation before the end of March 2018.
What’s up in indexes
BET (of Bucharest) increased from 8,471.65 index points Thursday, March 8th to 8,477.18 index points Friday, March 9th. It’s up 0.07 per cent d/d and up 7.71 per cent y/y.
BUX (of Budapest) decreased from 38,670.63 index points Thursday, March 8th to 38,411.50 index points Friday, March 9th. It’s down 0.67 per cent d/d and up 16.44 per cent y/y.
CROBEX (of Zagreb) increased from 1,852.99 index points Thursday, March 8th to 1,857.70 index points Friday, March 9th. It’s up 0.25 per cent d/d and down 14.43 per cent y/y.
OMXR (of Riga) increased from 1,043.98 index points Thursday, March 8th to 1,045.29 index points Friday, March 9th. It’s up 0.13 per cent d/d and up 36.51 per cent y/y.
OMXT (of Tallinn) decreased from 1,311.26 index points Thursday, March 8th to 1,310.46 index points Friday, March 9th. It’s down 0.06 per cent d/d and up 18.02 per cent y/y.
OMXV (of Vilnius) increased from 683.62 index points Thursday, March 8th to 684.54 index points Friday, March 9th. It’s up 0.13 per cent d/d and up 21.33 per cent y/y.
PX (of Prague) increased from 1,118.17 index points Thursday, March 8th to 1,123.60 index points Friday, March 9th. It’s up 0.49 per cent d/d and up 15.36 per cent y/y.
SAX (of Bratislava) increased from 328.46 index points Thursday, March 8th to 335.10 index points Friday, March 9th. It’s up 2.02 per cent d/d and up 7.37 per cent y/y.
SOFIX (of Sofia) increased from 682.94 index points Thursday, March 8th to 685.86 index points Friday, March 9th. It’s up 0.43 per cent d/d and up 10.52 per cent y/y.
Friday, March 9th was a non-trading day on Kyiv’s stock exchange. UX (of Kyiv) closed at 1,611.53 index points Wednesday, March 7th. It’s down 0.61 per cent d/d and up 70.17 per cent y/y.
WIG20 (of Warsaw) increased from 2,322.09 index points Thursday, March 8th to 2,354.54 index points Friday, March 9th. It’s up 1.40 per cent d/d and up 7.53 per cent y/y.