New property law in Albania

Tirana, Albania (paula soler-moya, CC BY-NC-ND)

Unemployment in the CSE

Hungarian-Austrian quarrel over Paks II

Bulgarian adults rely on their parents money

Albania

Looks like Albania finally solved the problem of the restitution of private property to former owner. The new property law in Albania has just entered into force. According to the new regulations Albanian state has to compensate the legal owners in the total value of LEK200bn (EUR1.4bn). “At the moment there are 26,000 files of legal owners at the Property Restitution and Compensation Agency (AKPP) and 75,000 hectares of land are foreseen to undergo restitution,” Albanian News reports. For years there have been lots of cases in the Albanian courts and Court of the Human Rights in Strasbourg filed by people wanting to get back the legacy which has been stolen by the communist ruler. But according to the Albanian President Bujar Nishani the new law violates the Constitution (he insists that the money should be distributed within ten years). He announced he will appeal to the Constitutional Court. Also the Republican party is against the new law.

>>More

and more

Central and Southeast Europe

According to the European Economic Forecast Winter 2016 published on February 4th, Czech Republic is the best in dealing with the problem of unemployment best. In 2017 the unemployment rate in Czech Republic will be 4.7 per cent (in 2015 and 2016 – respectively – 5.1 per cent and 4.8 per cent). And how about CEE countries? It looks like they’re making much better (but Croatia) than Eurozone’s average.

Country

2015

2016

2017

Poland

7.5

7.0

6.5

Czech Republic

5.1

4.8

4.7

Slovakia

11.5

10.3

9.3

Croatia

16.2

15.1

13.8

Hungary

6.7

6.0

5.2

Slovenia

9.1

8.8

8.4

Lithuania

9.0

8.0

7.2

Latvia

9.9

9.2

8.6

Estonia

6.3

6.3

7.5

Romania

6.7

6.6

6.5

Bulgaria

10.1

9.4

8.8

Serbia

No data

 

 

Bosnia and Herzegovina

No data

 

 

Albania

No data

 

 

According to the report in the whole European Union employment should continue to rise modestly. “Unemployment rates are set to continue falling, albeit at a slower pace than last year. The decline should be more pronounced in Member States where labor market reforms have been implemented. The unemployment rate in the euro area is expected to fall from 11 per cent in 2015 to 10.5 per cent in 2016 and 10.2 per cent in 2017. In the EU unemployment should fall from 9.5 per cent in 2015 to 9.0 per cent this year and 8.7 per cent next,” the European Commission informs .

>>More

Hungary

“The Hungarian government’s position regarding the Paks II nuclear plant upgrade is that it involves no state aid, and is a profitable investment even amid free market conditions,” the Daily News Hungary reports after the press release of the Prime Minister’s office.
It is an official response to the statement sent by Austrian government to the European Commission, in which the country complains that the Paks project had received illegal state aid for the “use of an unprofitable technology which would distort competition on the electricity market”. Austrians sent their letter to EC on February 10th.

As the website reports, Viktor Orbán’s office is not surprised by Austria’s complaint “as [the country’s] anti-nuclear position had been known for years, even in connection with the UK’s Hinkley Point nuclear project.” Hungarian PM’s office reminds that the European Commission had examined the Paks plans in detail and had not identified anything pointing to state aid in nearly two years.

>>More

Bulgaria

53 per cent of Bulgarians above 18 y.o. rely on financial help from their parents – the survey conducted by companies of Profi Credit group in Bulgaria, Slovakia, Czech Republic and Poland shows (the study was conducted by a market research agency IPSOS in July 2015 among 4,000 people aged between 18 and 65 years and living in these four countries). This is the highest rate of financial dependency of adults. “For Poland, the result is 31 per cent, for the Czech Republic 33 per cent and  for Slovakia 42 per cent,” Novinite.com reports.

In addition to that, about 20 per cent of Bulgarians older than 18 y.o. receive financial support from their grandparents. According to the survey “Bulgarians usually rely on this kind of support until they reach the age of 22 years.” At the same time 28 per cent of Bulgarians are supporting financially their aging parents. And this is the highest percentage among the four countries. The second is Poland – with 23 per cent of Poles providing financial support to parents. In Czech Republic the rate is 12 per cent ad in Slovakia 16 per cent. The average amount of this kind of support in Bulgaria is BGN152 (EUR78) (the authors of the survey didn’t inform whether it is paid over a month or a year). 13 per cent of adults in Bulgaria still live with their parents.

>>More

What’s up in indexes?

BUX (of Budapest) was up 1.40 per cent – increasing from 22571.80 index points Tuesday, February 9th to 22888.51 index points Wednesday, February 10th. From year-end it dropped by 4.31 per cent.

BET (of Bucharest Stock Exchange) dropped by 0.64 per cent Wednesday, February 10th – decreasing to 6133.17 index points (from 6172.77 index points Tuesday). From year-end it dropped by 12.44 per cent.

PX (of Prague) climbed from 852.97 index points Tuesday, February 9th to 863.74 index points Wednesday, February 10th. So it’s up 1.26 per cent d/d. From year-end the index lost 9.68 per cent.

WIG20 (of Warsaw) dropped by 0.37 per cent d/d and by 5.28 per cent from year-end. The index decreased from 1767.45 index points Tuesday to 1760.99 index points Wednesday, February 10th.

OMXT (of Tallinn) fell slightly from 882.94 index points Tuesday, February 9th to 882.50 index points Wednesday, February 10th. So it dropped by 0.05 per cent. And from year-end it lost 1.83 per cent.

OMXR (of Riga) lost 0.37 per cent – decreasing from 621.77 index points Tuesday, February 9th to 619.46 index points Wednesday, February 10th. From year-end it’s up 4.22 per cent.

OMXV (of Vilnius) was up 0.15 per cent – increasing from 484.38 index points Tuesday, February 9th to 485.13 index points Wednesday, February 10th. From year-end it dropped by 0.18 per cent.
SAX (of Bratislava) stood flat – closing at 304.51 index points Wednesday, February 10th, the same result as Tuesday’s. From year-end it’s up 4.16 per cent.

SOFIX (of Sofia) grew by 0.39 per cent – increasing from 445.96 index points Tuesday to 447.71 index points Wednesday, February 11th. From year-end it dropped by 2.86 per cent.

UX (of Kyiv) dropped by 0.80 per cent – decreasing from 625.43 index points Tuesday, February 9th to 620.41 index points Wednesday, February 10th. From year-end it dropped by 9.54 per cent.

CROBEX (of Zagreb Stock Exchange) was up 0.13 per cent Wednesday, February 10th. It closed at 1597.95 index points while Tuesday it closed at 1595.87 index points. From year-end the index dropped by 5.43 per cent.

Share this post

TOP