Poland is the top destination for short term labor migration

(Kenneth Lu, CC BY 2.0)

Blackstone closes EUR1bn acquisition of a Baltic bank

Dubrovnik to introduce cruising tax

Poland

In the latest OECD report Poland is the top temporary labor migration destination in the world. According to the OECD, in 2017, Poland admitted 1.1 million temporary labor migrants for a period shorter than 12 months. It surpassed the US (700,000) and Germany (over 400,000).

Throughout Central and Southeast Europe there was a sharp increase of migration flows (with the exception of Slovakia). The largest increase was recorded in Lithuania, which saw a 72 per cent rise in 2016.

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Estonia

The US private equity Blackstone has finalized its EUR1bn acquisition of a 60 per cent stake in the Tallinn based Baltic bank Luminor. The bank’s current owners, Nordea Bank and DNB BANK, will each retain a 20 per cent equity stake in Luminor.

Nordea and DNB will continue to support the bank with long term financing, expertise and on-going representation on the board of directors. Blackstone has agreed with Nordea to acquire their remaining 20 per cent stake over the coming years.

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Croatia

As of 2021 Dubrovnik will introduce a charge on foreign cruise ships, which will range between HRK2000 and HRK40k (EUR270 to EUR5380) per vessel, depending on the passenger capacity. This is the first time such a tax is being introduced in Croatia.

The so-called cruising tax will apply to all foreign cruise ships berthed in the port and the city’s anchorage. Revenues from the tax will be used to improve the municipal infrastructure.

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What’s up in indexes

BET (of Bucharest) decreased from 9603.38 index points Friday, September 27th to 9573.12 index points Monday, September 30th. It’s down 0.41 per cent d/d and up 13.4 per cent y/y.

BUX (of Budapest) decreased from 40890.74 index points Friday, September 27th to 40601.00 index points Monday, September 30th. It’s down 0.71 per cent d/d and up 10.1 per cent y/y.

OMXR (of Riga) increased from 1027.67 index points Friday, September 27th to 1035.22 index points Monday, September 30th. It’s up 0.08 per cent d/d and up 5.41 per cent y/y.

OMXT (of Tallinn) increased from 1234.91 index points Friday, September 27th to 1235.22 index points Monday, September 30th. It’s up 0.03 per cent d/d and up 1.37 per cent y/y.

OMXV (of Vilnius) increased from 688.67 index points Friday, September 27th to 690.62 index points Monday, September 30th. It’s up 0.28 per cent d/d and up 0.78 per cent y/y.

PX (of Prague) increased from 1038.45 index points Friday, September 27th to 1041.75 index points Monday, September 30th. It’s up 0.32 per cent d/d and down 5.14 per cent y/y.

RTS (of Moscow) decreased from 1347.72 index points Friday, September 27th to 1333.91 index points Monday, September 30th. It’s down 1.02 per cent d/d and up 12.0 per cent y/y.

SAX (of Bratislava) increased from 340.17 index points Friday, September 27th to 341.68 index points Monday, September 30th. It’s up 0.44 per cent d/d and up 3.85 per cent y/y.

SOFIX (of Sofia) decreased from 574.60 index points Friday, September 27th to 570.50 index points Monday, September 30th. It’s down 0.71 per cent d/d and down 8.83 per cent y/y.

UX (of Kyiv) closed at 1561.74 index points Monday,  September 30th. It’s the same result as Friday’s. It’s 0 per cent change d/d and down 5.80 per cent y/y.

WIG20 (of Warsaw) decreased from 2186.31 index points Friday, September 27th to 2173.29 index points Monday, September 30th. It’s down 0.60 per cent d/d and down 4.85 per cent y/y.

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