Russians lose money in Bosnia

Oil refinery in Brod, BiH (Rafinerija nafte Brod, Public domain)

Luxury goods sector grows in Poland

Hungary: the number of home loans up 23 per cent in 2017

Bosnia and Herzegovina

Russian investors are running up serious losses in BiH, especially in the energy sector. “Over the last two years, Russian investors have recorded losses of EUR52m,” the Balkan Insight reports. The portal gives an example of the refinery in Brod, in northern Bosnia. According to the last auditor’s report it accumulated total losses of EUR300m, and only in 2017 it lost EUR7.5m. Also Optima Group (oil refinery at Modrica) is in trouble.

Bosnian experts are alarmed. The Balkan Insight quotes Mr. Aleksandar Stojanovic, a professor of economy from East Sarajevo, who said: “This is serious situation, and with the losses that are recorded so far there is a question what will happen next, and whether this will affect Russia’s total investments here”.

Russia is the fifth largest investor in Bosnia. The Balkan Insight quotes Peter Ivanov, Russian ambassador to Bosnia, who said in an interview that Russian companies “had pumped at least EUR250m into various budgets of Bosnia”.

>>More

Poland

The Polish Radio informs, after Rzeczpospolita daily, about the luxury goods development in Poland. In recent years dynamic growth has been observed in cosmetics and alcohol (particularly wine, champagne, cognac and brandy), spa and luxury hotels.

It occurs that high-end jewelry with diamonds and other gems is one of the most dynamically expanding part of the market of luxury goods. As reported, Poles expenditures on high-end jewelry grew by 10.6 per cent y/y in 2017.

Also the number of business partners interested in this market grows. According to Poland’s Central Statistical Office (GUS) the value of goods exported by Italian jewelry brands to Poland was EUR44m (up 15 per cent in 2016).

>>More

Hungary

Hunagry’s Central Statistical Office (KSH) published data on the local housing market. In 2017 the number of loans increased by 23 per cent and the outlays rose by 33 per cent y/y. The Budapest Business Journal points out that home loan outlays in 105,000 loan contracts reached HUF650bn (EUR2.09bn).

Only in 2017, 96,000 contracts were approved reaching the value of HUF642bn (EUR2.07bn). By the end of the year the home loan portfolio of financial institutions stood at HUF3,015bn, which was up 3.5 per cent y/y. Banks held 57 per cent share of the portfolio, mortgage institutions – 28 per cent, and home savings banks 12 per cent.

>>More

What’s up in indexes

BET (of Bucharest) increased from 8,882.15 index points Monday, April 16th to 8,926.65 index points Tuesday, April 17th. It’s up 0.30 per cent d/d and up 8.43 per cent y/y.

BUX (of Budapest) decreased from 38,296.00 index points Monday, April 16th to 38,154.20 index points Tuesday, April 17th.  It’s down 0.37 per cent d/d and up 17.32 per cent y/y.

CROBEX (of Zagreb) increased from 1,772.09 index points Monday, April 16th to 1,773.75 index points Tuesday, April 17th. It’s up 0.09 per cent d/d and down 6.28 per cent y/y.

OMXR (of Riga) increased from 1,036.38 index points Monday, April 16th to 1,041.68 index points Tuesday, April 17th. It’s up 0.51 per cent d/d and up 31.22 per cent y/y.

OMXT (of Tallinn) decreased from 1,258.44 index points Monday, April 16th to 1,257.11 index points Tuesday, April 17th. It’s down 0.11 per cent d/d and up 12.56 per cent y/y.

OMXV (of Vilnius) decreased from 705.25 index points Monday, April 16th  to 702.59 index points Tuesday, April 17th. It’s down 0.38 per cent d/d and up 22.36 per cent y/y.

PX (of Prague) decreased from 1,136.60 index points Monday, April 16th to 1,130.34 index points Tuesday, April 17th. It’s down 0.55 per cent d/d and up 16.76 per cent y/y.

SAX (of Bratislava) increased from 342.99 index points Monday, April 16th to 343.95 index points Tuesday, April 17th. It’s up 0.28 per cent d/d and up 12.46 per cent y/y.

SOFIX (of Sofia) decreased from 662.999 index points Monday, April 16th to 661.25 index points Tuesday, April 17th. It’s down 0.26 per cent d/d and up 1.28 per cent y/y.

UX (of Kyiv) decreased from 1,808.20 index points Monday, April 16th to 1,792.93 index points Tuesday, April 17th. It’s down 0.84 per cent d/d and up 72.88 per cent y/y.

WIG20 (of Warsaw) increased from 2,300.20 index points Monday, April 16th to 2,307.95 index points Tuesday, April 17th. It’s up 0.34 per cent d/d and up 3.33 per cent y/y.

Share this post

TOP