New family benefits in Hungary

Gálosfa, Hungary (Ken Owen, CC BY-NC-ND)

Volkswagen Slovakia to cut nearly 3,000 jobs

EU to finance high-speed railway line between Sofia and Belgrade

Hungary

Hungarian Prime Minister Viktor Orbán announced new tax and loan benefits for families as a part of government’s efforts to increase the birth rate. The new measures include: a lifetime personal income tax exemption for women who give birth and raise at least four children and a subsidy of HUF2,5m (EUR8,000) for a purchase of a seven-seat vehicle for families with three or more children.

The benefits also include a low-interest loan of HUF9,8m (EUR31,200) for women under 40 who are marrying for the first time. A third of the debt will be forgiven when a second child is born and the entire loan waived after the third child.

Reuters quotes Zoltan Torok, an analyst at the Hungarian unit of Raiffeisen Bank, who said that on first glance the measures could cost several tens of billions of HUF, but they were unlikely to produce any drastic increase in the budget deficit, Reuters reports.

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Slovakia

Volkswagen, the country’s biggest car plant and largest private sector employer, plans to reduce its staff by 20 per cent, as a part of an efficiency program. The reason for such cuts is the unsure future of the Bratislava-based plant which needs access to serious investments and to increase its productivity by 30 per cent. Meantime, it has not been assigned any of the new models that would be produced after 2022.

The automotive industry accounts for 13 per cent of Slovakia’s GDP, which is expected to grow 4.3 per cent y/y and is responsible for 35 per cent of Slovakia’s exports.

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Bulgaria

Bulgaria’s Deputy Premier Ekaterina Zaharieva announced that within few years people will be able to travel from Sofia to Belgrade by train in less than two hours. The construction of the new railway line is financed by the EU. Brussels allocated an extra EUR190m for 11 transport projects.

The new high-speed railway line between Belgrade and Sofia will be 360 kilometers long. As a result, the trip between Sofia and Zagreb will be reduced to 5 hours, Minister Zaharieva added.

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What’s up in indexes

BET (of Bucharest) decreased from 7556.53 index points Friday, February 8th to 7378.64 index points Monday, February 11th. It’s down 2.53 per cent d/d and down 9.01 per cent y/y.

BUX (of Budapest) increased from 39704.61 index points Friday, February 8th to 39755.00 index points Monday, February 11th. It’s up 0.13 per cent d/d and up 3.83 per cent y/y.

CROBEX (of Zagreb) decreased from 1,756.88 index points Friday, February 8th to 1,750.20 index points Monday, February 11th. It’s down 0.38 per cent d/d and down 3.84 per cent y/y.

OMXR (of Riga) increased from 993.10 index points Friday, February 8th to 997.55 index points Monday, February 11th. It’s up 0.45 per cent d/d and down 0.25 per cent y/y.

OMXT (of Tallinn) decreased from 1227.39 index points Friday, February 8th to 1221.79 index points Monday, February 11th. It’s down 0.46 per cent d/d and down 4.24 per cent y/y.

OMXV (of Vilnius) decreased from 644.89 index points Friday, February 8th to 643.36 index points Monday, February 11th. It’s down 0.24 per cent d/d and down 4.28per cent y/y.

PX (of Prague) decreased from 1046.82 index points Friday, February 8th to 1046.43 index points Monday, February 11th. It’s down 0.04 per cent d/d and down 5.77 per cent y/y.

SAX (of Bratislava) increased from 334.06 index points Friday, February 8th to 335.24 index points Monday, February 11th. It’s up 0.35 per cent d/d and up 1.94 per cent y/y.

SOFIX (of Sofia) decreased from 575.17 index points Friday, February 8th to 573.00 index points Monday, February 11th. It’s down 0.38 per cent d/d and down 17.76 per cent y/y.

UX (of Kyiv) decreased from 1702.11 index points Friday, February 8th to 1696.45 index points Monday, February 11th. It’s down 0.33 per cent d/d and up 17.1 per cent y/y.

WIG20 (of Warsaw) increased from 2354.11 index points Friday, February 8th to 2354.28 index points Monday, February 11th. It’s up 0.01 per cent d/d and down 2.49 per cent y/y.

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