Poland’s government wants to lower retirement age

(Lukasz Duleba, CC BY-NC)

Ukrainian coal stocks are 34.5 per cent down in June 2016

Hungary could join the euro area by the end of this decade

The funds from European Investment Bank for Romania may reach EUR1bn

Poland

As the party Law and Justice said during the election campaign in the fall’15, the cabinet of Prime Minister Beata Szydlo backed a proposal drafted by the President Andrzej Duda to lower the retirement age to 60 years for women and 65 years for men, from the current level of 67 for all.

“It still needs approval by the Parliament, but it seems almost certain, given the ruling party’s control of both Parliament chambers, ” CNBC informs.

As Rafal Bochenek, the spokesman of the government, explains, the new law could take effect October 1st, 2017. It is supposed to be financed from a more efficient collection of the VAT tax. The costs estimated by the Finance Ministry could reach PLN8bn (EUR1.8bn) a year.

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Ukraine

“Coal stocks in the warehouses of thermal power plants (TPP) of Ukraine in June 2016 dropped by 34.5 per cent.” The Interfax reports. As of July 1st it stood at 1.6 m tons.

Ukrainian Ministry of Energy and Coal Industry informs that gas coal and long-flame coal stocks amounted to 1.091 million tons, while anthracite coal stocks amounted to 508,200 tons.

Fuel oil stocks at TPPs in June fell by 2.2 per cent, to 112,400 tons.

The consumption of natural gas by power plants in June 2016 amounted to 93.9 million cubic meters (mcm). In May 2016 it was 98.2 mcm. In June 2015 – 119.3 mcm.

In the period of January-June 2016 TPPs and combined heat and power plants imported 504.500 tons of coal (South Africa delivered 287.000 tons and Russia 217.500 tons).

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Hungary

The Economy Minister of Hungary, Mihály Varga, has just said in an interview that the country could enter the Eurozone by the end of this decade. Portfolio.hu informs Varga said this will be possible if the economic processes remain constant and productivity improves.

Answering the question whether Hungary needs to join the Eurozone he noted that adopting the euro benefited some countries and caused serious damage to others.

He acknowledged that “a lot of foreign currency-denominated mortgage holders could have avoided their current distress if Hungary had been member of the euro area during the 2008 crisis, but in that case emerging from the crisis would have been a lot more painful, as we can see in some of the periphery economies.”

According to the latest Convergence Report by the European Central Bank (ECB), Hungary fails to meet one of the key euro adoption criteria – the exchange rate (read more about the convergence criteria: http://financialobserver.eu/poland/a-long-way-to-the-euro-even-if-we-want-it/)

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Romania

Cristian Popa, the vice-president of the European Investment Bank (EIB), said the institution could finance Romanian projects worth EUR1bn in 2016. The amount would be five times higher than in 2015. And it will be the highest “injection” since 2009. The bank focuses on projects in the private sector, especially agriculture, energy, communications, and healthcare.

Romania Insider informs that the EIB representatives and Romanian state representatives signed a loan contract for EUR360m which will be used to partially cover the state’s investments in increasing the EU funds absorption rate.

“Last year EIB lending in Romania totaled EUR 21m, down from EUR 590m in 2014. Since the beginning of this year EIB has granted loans of over EUR 720m in Romania, the highest amount since 2011,” writes Romania Insider.

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What’s up in indexes

BUX (od Budapest) was up 1.19 per cent – increasing from 27088.22 index points Monday, July 18th to 27410.14 index points Tuesday, July 19th. From year-end it’s up 14.59 per cent.

BET (of Bucharest Stock Exchange) was up 0.33 per cent – increasing from 6623.23 index points Monday, July 18th to 6645.06 index points Tuesday, July 19th. From year-end it dropped by 5.13 per cent.

PX (of Prague Stock Exchange) was up 0.68 per cent d/d – increasing from 870.26 index points Monday, July 18th to 876.21 index points Tuesday, July 19th. From year-end it lost 8.38 per cent. 

WIG20 (of Warsaw) was up 0.24 per cent d/d – increasing from 1788.12 index points Monday, July 18th to 1792.47 index points Tuesday, July 19th. From year-end it lost 3.59 per cent.

OMXT (of Tallinn) increased from 1011.32 index points Monday, July 18th to 1015.57 index points Tuesday, July 19th. So it’s up 0.42 per cent d/d and up 12.97 per cent from year-end.

OMXR (of Riga) increased from 630.63 index points Monday, July 18th to 632.74 index points Tuesday, July 19th. So it’s up 0.33 per cent d/d. From year-end it’s up 6.46 per cent.

OMXV (of Vilnius) increased from 525.28 index points Monday, July 18th to 528.35 index points Tuesday, July 19th. So it’s up 0.58 per cen d/d and up 8.72 per cent from year-end.

SAX (od Bratislava) decreased from 311.61 index points Monday, July 18th to 308.76 index points Tuesday, July 19th. So it dropped by 0.91 per cent d/d. From year-end it’s up 5.61 per cent.

SOFIX (of Sofia) was up 0.02 per cent d/d – climbing from 450.64 index points Monday, July 18th to 450.73 index points Tuesday, July 19th. From year-end it dropped by 2.21 per cent.

UX (of Kyiv) was up 0.02 per cent d/d – increasing from 713.94 index points Monday, July 18th to 714.09 index points Tuesday, July 19th. From year-end it’s up 4.12 per cent.

CROBEX (of Zagreb Stock Exchange) increased from 1723.94 index points Monday, July 18th to 1734.05 index points Tuesday, July 19th. So it’s up 0.59 per cent d/d. From year-end it’s up 2.63 per cent.

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