One in five Poles has no retirement savings

Warsaw, Poland (MFA Poland, CC BY-NC)

EUR143m invested in Serbian start-ups

Big drop in tourism reservations in Bulgaria

Poland

According to the study “Life in retirement — the imagination and attitude of Poles” released by the Chamber of Fund and Asset Management (IZFiA), more than one-fifth of Poles do not have any retirement savings. 41 per cent of Poles pay the obligatory amounts to the Social Insurance Institution or the Agricultural Social Insurance Fund. 26 per cent of respondents save money in banks and 19 per cent save in Open Pension Funds. “Only 6 per cent of Poles have set up an individual retirement saving account or are investing in real estate,” said Marcin Dyl, the Chairman of the Chamber.

60 per cent of Poles declared that they could live off a pension between PLN1,000-2,999 (EUR 230-692). No more than 2 per cent said that PLN1,000 per month would be enough.

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Serbia

Serbian start-ups attracted EUR143m in investments, according to the research by Startup Genome. Belgrade has already been recognized as “the future start-up center of Europe”, which the research confirmed. As many as 22 per cent of the surveyed start-ups have been formed in the past year, whereas 50 per cent are over two years old. As part of its strategy, Serbia is attracting foreign investors with its low-wage status, as well as subsidies of up to EUR10,000 per employee.

“Technology exports were worth EUR1bn in 2018, up from around EUR900m in 2017, putting it at the top of three export sectors, beside cars and agriculture,” Serbian Minister of Finance Sinisa Mali said.

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Bulgaria

“There is a decrease between 30 and 40 per cent of early holiday bookings by young people up to 25 years old for this year in Bulgaria, ” Bulgaria’s Tourism Minister Nikolina Angelkova informed. Bulgarian media speculate that the decline is related to the pollution laws adopted by the Bulgarian Parliament last year. At that time the Deputy Prime Minister, Valeri Simeonov called the loud night parties in Bulgaria’s summer resorts “noise anarchy and terror”.

Ms. Angelkova pointed out that there is also a decrease of 10-15 per cent of early registrations by tourists from Russia. “The Russians have shown bigger interest in visa-free visits to Turkey, Egypt and Tunisia,” Director of the Institute for Analyses and Assessment in Tourism Rumen Draganov said.

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What’s up in indexes

BET (of Bucharest) decreased from 7731.74 index points Tuesday, February 19th to 7725.84 index points Wednesday, February 20th. It’s down 0.17 per cent d/d and down 7.00 per cent y/y.

BUX (of Budapest) increased from 40560.00 index points Tuesday, February 19th to 40583.00 index points Wednesday, February 20th. It’s up 0.06 per cent d/d and up 4.95 per cent y/y.

CROBEX (of Zagreb) increased from 1,767.47 index points Tuesday, February 19th to 1,769.15 index points Wednesday, February 20th. It’s up 0.10 per cent d/d and down 2.33 per cent y/y.

OMXR (of Riga) increased from 989.23 index points Tuesday, February 19th to 992.85 index points Wednesday, February 20th. It’s up 0.37 per cent d/d and down 3.07 per cent y/y.

OMXT (of Tallinn) decreased from 1218.54 index points Tuesday, February 19th to 1214.88 index points Wednesday, February 20th. It’s down 0.30 per cent d/d and down 4.92 per cent y/y.

OMXV (of Vilnius) decreased from 645.05 index points Tuesday, February 19th to 642.66 index points Wednesday, February 20th. It’s down 0.37 per cent d/d and down 4.15 per cent y/y.

PX (of Prague) increased from 1065.63 index points Tuesday, February 19th to 1068.07 index points Wednesday, February 20th. It’s up 0.23 per cent d/d and down 3.44 per cent y/y.

SAX (of Bratislava) closed at 339.26 index points Wednesday, February 20th. It’s the same result as Tuesday’s.  It’s 0 per cent change d/d and up 3.37 per cent y/y.

SOFIX (of Sofia) decreased from 578.00 index points Tuesday, February 19th to 576.00 index points Wednesday, February 20th. It’s down 0.36 per cent d/d and down 17.05 per cent y/y.

UX (of Kyiv) increased from 1689.37 index points Tuesday, February 19th to 1699.74 index points Wednesday, February 20th. It’s up 0.61 per cent d/d and up 16.1 per cent y/y.

WIG20 (of Warsaw) increased from 2322.41 index points Tuesday, February 19th to 2369.70 index points Wednesday, February 20th. It’s up 2.04 per cent d/d and down 1.80 per cent y/y.

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