Poland: new progressive retail tax came into force

(Joymaster, CC)

Prague will cooperate with Beijing and Shanghai

In Romania unemployment rate reaches 6.1 per cent

Sarajevo Osiguranje completes restructuring process

Poland

Two retail tax rates came into force: of 0.8 per cent on revenues between PLN17m (EUR3.9m) and PLN170m, and of 1.4 per cent on revenues exceeding PLN170m a month. The tax was introduced by bill signed end of July by President Andrzej Duda. The government expects it to increase budget revenues by PLN1.6bn.

The Polis Radio informs that the tax proposed last fall by PiS (Law and Justice) during the election campaign (PiS), „was originally meant to apply to supermarkets with a retail area of over 250 square meters before being amended”. The rules were changed in order to „even out the chances of small businesses competing with large retail chains”.

„Revenues from the tax is expected to help fund several of PiS’s electoral pledges, including its flagship “500+” child benefits program,” the Polish Radio writes. We have wrote about it in June,

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Czech Republic

Adriana Krnacova, the Mayour of Prague, paid an official visit to China and announced that her city will sign a special agreement with Shanghai on cooperation in „new technologies and transport”. Prague has already sign such agreement with Beijing.

The Prague Monitor quotes Mrs. Krnacova: „We agreed to sign a partnership treaty with Shanghai, which is the biggest business center of China. I highly respect this because we can now cooperate in computerization of the public administration or in IT. I hope that relations between the two Chinese cities and Prague will be further promoted.”
The portal also informs Krnacova plans to cooperate with these cities in the fields of culture, cooperation of zoological gardens and tourism. „The Prague zoo has for some time been striving for the loan of the protected giant pandas from China. It will now gain a rare golden snub-nosed monkey from Beijing.”

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Romania

Romania’s unemployment rises slightly. At the end of July 2016 it reached 6.1 per cent. It’s up 0.1 per cent m/m. The National Statistics Institute (INS) informs the number of unemployed people in Romania, aged 15-74, totaled 546000 at the end of July. Last year the number was 624000. Among men the unemployment rate was 6.9 per cent, while among women it reached 5 per cent.

The share of the unemployed aged 25-74 totaled 78.7 per cent of the total number of people without jobs – the Romania Insider informs.

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Bosnia & Herzegovina

„Bosnian insurer Sarajevo Osiguranje said it has completed a three month restructuring process, ordered by the insurance agency of the Muslim-Croat Federation, under which it reduced the number of branch offices and employees, and cut costs,” SEE News Corporate Wire informs.

The government of Bosnia’s Muslim-Croat Federation owns a 45.5 per cent of stake in Sarajevo Osiguranje. The rest is in the hands of private shareholders.

The insurer has stabilized its financial results and achieved BAM32.25m (EUR16.5m) in premium income through July. The company also reported a net profit BAM50,300 for the first half of 2016, down from BAM105,000 in the same period last year.

„In 2015 Federation failed to sell its stake in the insurer in two separate auctions on the Sarajevo bourse,” SEE News Corporate Wire writes.

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What’s up in indexes

BUX (of Budapest) was up 0.27 per cent d/d and up 17.24 per cent from year-end. The index increased from 27969.24 index points Wednesday, August 31st to 28045.22 index points Thursday, September 1st.

BET (of Bucharest Stock Exchange) dropped by 0.08 per cent d/d – falling from 7034.23 index points Wednesday, August 31st to 7028.44 index points Thursday, September 1st. From year-end the index grew by 0.38 per cent.

PX (of Prague Stock Exchange) was up 0.84 per cent d/d – increasing from 859.14 index points Wednesday, August 31st to 866.37 index points Thursday, September 1st. From year-end it dropped by 9.41 per cent.

WIG20 (of Warsaw) dropped by 1.78 per cent d/d and by 5.24 per cent from year-end. The index decreased from 1793.56 index points Wednesday, August 31st to 1761.68 index points Thursday, September 1st.

OMXT (of Tallinn) was up 0.22 per cent d/d and up 11.26 per cent from year-end. It increased from 997.99 index points Wednesday, August 31st to 1000.18 index points Thursday, September 1st.  

OMXR (of Riga) dropped by 0.62 per cent d/d – falling from 639.93 index points Wednesday, August 31st to 635.97 index points Thursday, September 1st. From year-end it’s up 7.00 per cent.

OMXV (of Vilnius) increased from 534.13 index points Wednesday, August 31st to 535.06 index points Thursday, September 1st. So it’s up 0.17 per cent d/d. From year-end it’s up 10.10 per cent.

SAX (of Bratislava) was closed Thursday, September 1st. The day before it closed at 315.23 index points. From year-end it’s up 7.83 per cent.

SOFIX (of Sofia) increased from 464.66 index points Wednesday, August 31st to 469.49 index points Thursday, September 1st. So it’s up 1.04 per cent d/d and up 1.86 per cent from year-end.

UX (of Kyiv) was up 0.53 per cent d/d and up 4.21 per cent from year-end. It increased from 710.95 index points Wednesday, August 31st to 714.74 index points Thursday, September 1st.

CROBEX (of Zagreb) was up 0.34 per cent – increasing from 1818.39 index points Wednesday, August 31st to 1824.23 index points Thursday, September 1st. From year-end it’s up 7.97 per cent.

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