Poland's President proposes new bill onmortgage relief, Fitch claims it won’t threaten banks’ ratings
Latvian ports: cargo turnover up 4.3 per cent January-July 2017
In the first half of 2017 foreign direct investments (FDI) in Romania dropped by 13 per cent y/y. As See News Corporate Wire informs, after Romania’s central bank, it reached the level of EUR1.84bn. In the same period of 2016 it was EUR2.12bn.
In 2016 FDI into Romania grew by 18 per cent to EUR4.08bn. It was the highest value since 2008. Just before the financial crisis the FDI totaled EUR9.5bn. In 2009 it dropped to EUR3.49bn.
Foreign investors are interested in the industrial sector (more than one-third of the total investment). Other sectors are: banking and insurance, wholesale and retail, energy, construction and telecommunications. Geographically – the leader is Bucharest (more than 60 per cent of the total FDI goes there).
Most important investors come from France, Austria, the Netherlands and Germany.
The Polish Radio informs that international ratings agency Fitch Rating has assessed the presidential draft bill that is supposed to help homeowners who are struggling to pay their mortgages. As reported, the agency claims it will have little impact on ratings of most of banks operating in Poland “as the process will be spread over time and slowed if necessary to safeguard banking sector stability”.
As reported, Polish President Andrzej Duda has proposed a draft bill providing an aid for people with home loans denominated in CHF. They could apply for the aid from the special fund created under the bill and financed by banks with portfolios of foreign currency mortgages. The banks will also be encouraged to convert loans to the PLN. It is estimated that the new laws will cost up to PLN3bn (EUR700m) annually. At the same time Fitch agency claims it will affect banks’ profitability.
The financial regulator KNF and the National Bank of Poland have already backed the proposal. The draft bill has been sent to the lower house of Polish parliament.
More than 500,000 Poles have their mortgages denominated in CHF.
The Baltic Course reports Latvian ports have reloaded some 38 million tons of cargo in the period January – July 2017. It’s up 4.3 per cent y/y. In the same period of 2016 the ports reloaded 36 million tons of cargo.
The leading port was Riga with cargo turnover of 19.99 million tons (but in this case a fall was observed – the turnover dropped by 5.8 per cent y/y). The other top two were Ventspils (with 13,579 million tons of cargo – up 18.4 per cent) and Liepaja (with 3.674 million tons of cargo – up 21.5 per cent).
In general – bulk cargo (coal, chemicals, woodchip and so on) grew by 15.8 per cent y/y to 20.362 million tons. Reloading of liquid cargo (oil products) dropped by 13.8 per cent – to 11.198 million tons. The turnover of general cargo grew by 9.6 per cent y/y.
What’s up in indexes
BET (of Bucharest) increased from 8,317.31 index points Friday, August 11th to 8,328.13 index points Monday, August 14th. It’s up 0.13 per cent d/d and up 21.31 per cent y/y.
BUX (of Budapest) decreased 36,803.02 index points Monday, August 14th to 36,775.94 index points Tuesday, August 15th. It’s down 0.07 per cent d/d and up 31.96 per cent y/y.
CROBEX (of Zagreb) increased from 1,891.75 index points Friday, August 11th to 1,897.51 index points Monday, August 14th. It’s up 0.30 per cent and up 6.23 per cent y/y.
OMXR (of Riga) increased from 998.02 index points Monday, August 14th to 1,001.58 index points Tuesday, August 15th. It’s up 0.36 per cent d/d and up 57.74 per cent y/y.
OMXT (of Tallinn) decreased from 1,254.71 index points Monday, August 14th to 1,242.81 index points Tuesday, August 15th. It’s down 0.95 per cent d/d and up 23.73 per cent y/y.
OMXV (of Vilnius) increased from 645.20 index points Friday, August 11th to 646.38 index points Monday, August 14th. It’s up 0.18 per cent d/d and up 21.33 per cent y/y.
PX (of Prague) increased from 1,030.74 index points Monday, August 14th to 1,032.50 index points Tuesday, August 15th. It’s up 0.17 per cent d/d and up 19.88 per cent y/y.
SAX (of Bratislava) increased from 327.00 index points Monday, August 14th to 333.69 index points Tuesday, August 15th. It’s up 2.05 per cent d/d and up 4.18 per cent y/y.
SOFIX (of Sofia) increased from 727.61 index points Monday, August 14th to 729.28 index points Tuesday, August 15th. It’s up 0.23 per cent d/d and up 57.92 per cent y/y.
UX (of Kyiv) decreased from 1,131.71 index points Monday, August 14th to 1,128.73 index points Tuesday, August 15th. It’s down 0.26 per cent d/d and up 64.10 per cent y/y.
WIG20 (of Warsaw) increased from 2,371.72 index points Friday, August 11th to 2,376.66 index points Monday, August 14th. It’s up 0.21 per cent d/d and up 27.94 per cent y/y.