Russia and Turkey signed the agreement on Turkish Stream

President Vladimir Putin and President Recep Tayyip Erdogan, Stambul, October 2016 (© PAP)

Latvian start-ups turned over EUR13.6bn in 3 years

The National Bank of Moldova adjusted the short-term monetary policy

The number of new companies with foreign capital in Romania droppd 12 per cent

Russia

„Russia and Turkey have signed an intergovernmental agreement to build the Turkish Stream pipeline,” Novinite.com reports after Anadolu Agency. This happened during the Russian President Vladimir Putin official visit to Turkey. Also the Energy Minister Alexander Novak came to Istanbul. „Novak and his Turkish counterpart, Berat Albayrak, have signed the agreement following a meeting of Putin with Turkish President Recep Tayyip Erdogan,” the portal informs.

The CE Financial Observer reported yesterday on the possibility of closing the deal between Russia and Turkey. The Turkish Stream project was created and announced in 2014 after the South Stream project was rejected by the European Commission (South Stream was suppose to send gas to Central Europe via Bulgaria). According to the new deal between Russia and Turkey, construction of Turkish Stream is expected to be completed by 2019.

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Latvia

Latvian start-ups had a turnover of EUR13.6bn in the period 2012-2015, the Development Finance Institution Altum informs.

According to the data gathered and processed by the Altum, companies that used the opportunity of state support tdeveloped faster and staid longer in the business. An average start-up creates three jobs in a three-year period. Its turnover increases 24 per cent during the second year of operation, and another 20 per cent during the third year.

Most of those companies operate in trade, manufacturing, professional services, agriculture and forestry. The fastest-developing ones are Makveru, Valmieruizas Pils, and Edge Technologies.

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Moldova

The National Bank of Moldova adopted a decision to adjust the short-term monetary policy. On September 29th the base rate on short-term monetary policy operations was decreased by 0,5 per cent, from 10 per cent to 9,5 per cent. The interest rates for overnight loans were decreased from 13 per cent to 12,5 per cent, while the rates for the deposits were decreased from 7 per cent to 6,5 per cent.

Moldova.org explains „the decision states that the required reserves ratio from financial means attracted in freely convertible currency would be maintained at the level of 14 per cent of the base. Those attracted in MDL (Moldovan leu) and non-convertible currency would be set at the level of 35 per cent”.

The NBM informed that the CPI was 3.6 per cent in August 2016 – 3.4 per cent less than in July 2016. „The variation is still in the range of 1,5 per cent from the targeted 5 per cent, for the first time in the last 18 months”.

The annual inflation rate was 7,5 per cent in August 2016. According to the NBM, the biggest threats to Moldova’s inflation rate are: weak economic activity in the Eurozone and in Russia, high volatility of the financial markets and the evolution of oil prices associated with uncertainty regarding the price of raw materials and food products.

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Romania

The number of new companies with foreign capital in Romania decreases. The number of companies created in January – August 2016 dropped by 12 per cent compared with the same period of 2015. As the Trade Registry’s Office (ONRC) informs, in the first 8 months of 2016 the foreigners set up some 3,526 companies. The total share capital of those companies was USD29.8m. Most of them were registered in March (509).

Romania Insider also reports that in 2015 the country recorded the lowest number of newly registered firms with foreign capital in the last 18 years. Only 5,831 such companies were established.

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What’s up in indexes

BUX (of Budapest) was up 0.46 per cent d/d and up 19.44 per cent from year-end. It increased from 28438.95 index points Friday, October 7th to 28570.00 index points Monday, October 10th. From year-end it’s up 19.44 per cent.

BET (of Bucharest Stock Exchange) dropped by 0.01 per cent d/d and by 0.84 per cent from year-end. It decreased from 6946.78 index points Friday, October 7th to 6943.45 index points Monday, October 10th.

PX (of Prague) was up 0.60 per cent d/d – increasing from 885.72 index points Friday, October 7th to 891.00 index points Monday, October 10th. From year-end it dropped by 6.83 per cent.

WIG20 (of Warsaw) increased from 1751.72 index points Friday, October 7th to 1765.95 index points Monday, October 10th. So it’s up 0.81 per cent d/d. From year-end it dropped by 5.01 per cent.

OMXT (of Tallinn) was up 0.05 per cent d/d and up 11.85 per cent from year-end. It increased from 1005.00 index points Friday, October 7th to 1005.53 index points Monday, October 10th.

OMXR (of Riga) was up 0.73 per cent d/d and up 22.49 per cent from year-end. It increased from 722.72 index points Friday, October 7th to 728.02 index points Monday, October 10th.

OMXV (of Vilnius) was up 0.19 per cent d/d and up 12.25 per cent from year-end. It increased from 544.49 index points Friday, October 7th to 545.54 index points Monday, October 10th.

SAX (od Bratislava) closed at 318.08 index points Monday, October 10th. It’s the same result as Friday’s (October 7th). So it was up 0 per cent d/d. From year-end it grew by 8.80 per cent.

SOFIX (of Sofia) increased from 507.51 index points Friday, October 7th to 507.66 index points Monday, October 10th. So it’s up 0.03 per cent d/d. From year-end it’s up 10.15 per cent.

UX (of Kyiv) was up 1.82 per cent d/d and up 24.64 per cent from year-end. It increased from 839.55 index points Friday, October 7th to 854.85 index points Monday, October 10th.

CROBEX (of Zagreb) was up 0.27 per cent – increasing from 2001.11 index points Friday, October 7th to 1997.46 index points Monday, October 10th. From year-end it’s up 18.22 per cent.

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