Romanian insurers fined for price fixing

Allianz headquarters, Bucharest, Romania (Allianz-Tiriac Asigurari, Public domain)

Kairos approaches Lithuania

Hungary’s GDP growth in Q3’18 was 4.9 per cent

Romania

The Competition Council, Romania’s anti-trust body, has fined 9 local insurers and the National Union of Insurance and Reinsurance Companies (UNSAR) a total of RON246.7m (EUR53m) for price fixing — the SEE Corporate Wire reports. „This concerted practice, facilitated by UNSAR, has led to a restriction of competition on the RCA insurance market between October 2012 and November 2016, as insurance companies have not set their tariffs independently but have acted concertedly on the market, taking into account the discussions to increase the tariffs within the association,” the anti-trust body informed in its statement.

The decision applies to: Allianz-Ţiriac Asigurari, Asirom Vienna Insurance Group, Astra Asigurari, Carpatica Asig, Euroins Romania, Generali Asigurare Reasigurare, Groupama Asigurari, Omniasig Vienna Insurance Group and Uniqa Asigurari. As explained, in the period 2012-2016 the entities “had participated in the exchange of commercially sensitive information regarding their intentions to increase tariffs for motor third party liability insurance (RCA) with UNSAR’s cooperation”.

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Lithuania

The world’s largest LNG bunker supply vessel, Kairos, reached Europe on its way from a South Korean shipyard — the Baltic Course reports. She was constructed in 2016 and has left South Korea in October 2018. She is expected to arrive to the Lithuanian port of Klaipeda in the following days, where the handover to Klaipedos Nafta will take place. The capacity of Kairos is 7,500 cubic meters.

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Hungary

Hungary’s gross domestic product in the third quarter grew by an annual 4.9 per cent, the Central Statistical Office (KSH) said and raised the figure from 4.8 per cent. The major reason to do so was better than expected performance of market-based services and strong growth in higher value added branches of industry. In the first three quarters, GDP grew by an annual 4.9 per cent.

The deputy Minister of National Economy, László Balogh, said that “KSH’s data showed that branches within the service sector linked to strong wage growth, such as tourism, arts and entertainment, and commercial services performed well.” He added the data suggested that Visegrad Group states are the engines of European growth, as Hungarian GDP growth was two and a half times higher than the EU average of 1.9 per cent.

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What’s up in indexes

BET (of Bucharest) decreased from 8,744.48 index points Tuesday, December 4th to 8,749.59 index points Wednesday, December 5th. It’s down 0.42 per cent d/d and up 13.33 per cent y/y.

BUX (of Budapest) decreased from 40,945.00 index points Tuesday, December 4th to 40,670.44 index points Wednesday, December 5th. It’s down 0.67 per cent d/d and up 8.28 per cent y/y.

CROBEX (of Zagreb) increased from 1,736.83 index points Tuesday, December 4th to 1,741.04 index points Wednesday, December 5th. It’s up 0.24 per cent d/d and down 3.76 per cent y/y.

OMXR (of Riga) decreased from 961.25 index points Tuesday, December 4th to 951.50 index points Wednesday, December 5th. It’s down 1.01 per cent d/d and down 7.99 per cent y/y.

OMXT (of Tallinn) decreased from 1,210.20 index points Tuesday, December 4th to 1,207.45 index points Wednesday, December 5th. It’s down 0.23 per cent d/d and down 1.57 per cent y/y.

OMXV (of Vilnius) decreased from 640.43 index points Tuesday, December 4th to 638.53 index points Wednesday, December 5th. It’s down 0.30 per cent d/d and down 3.33 per cent y/y.

PX (of Prague) decreased from 1,066.01 index points Tuesday, December 4th to 1,051.00 index points Wednesday, December 5th. It’s down 1.41 per cent d/d down 0.93 per cent y/y.

SAX (of Bratislava) increased from 330.96 index points Tuesday, December 4th to 331.90 index points Wednesday, December 5th. It’s up 0.28 per cent d/d and up 3.53 per cent y/y.

SOFIX (of Sofia) decreased from 601.30 index points Tuesday, December 4th to 597.25 index points Wednesday, December 5th. It’s down 0.68 per cent d/d and down 10.62 per cent y/y.

UX (of Kyiv) increased from 1,786.58 index points Tuesday, December 4th to 1,793.69 index points Wednesday, December 5th. It’s up 0.40 per cent d/d and up 40.91 per cent y/y.

WIG20 (of Warsaw) increased from 2,344.91 index points Tuesday, December 4th to 2,354.54 index points Wednesday, December 5th. It’s up 0.41 per cent d/d and down 2.21 per cent y/y.

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