Problems with the restitution law in Albania.
Croatian food producer resumes dividend payments.
Government surplus at 0.4 per cent in Estonia.
The Polish Radio informs that Russian authorities have destroyed 700 tons of Polish apples. Russia has imposed embargo on European fruits and vegetables in August 2014, after the introduction of sanctions against Moscow by the EU, in connection with the Ukrainian crisis. So, the Polish apples have been smuggled into the country. The Polish Radio writes that in 2016 the exports of Polish fruit dropped by 10 per cent and of vegetables by 19 per cent, compared with 2014. Poland tries to find new markets for its fruits and vegetables.
In February we reported on introducing the new property law in Albania (more). According to the new rules the Albanian state has to compensate legal owners (the legacy of whom had been stolen by the communist ruler) in the total value of LEK200bn (EUR1.4bn). The government established the Agency of Property Treatment – the body in charge of the 26,000 cases that await compensation.
The former landowners are protesting in front of Albanian parliament against the new law. Also the opposition Centre-right Democratic Party and the Republican Party object to the new law as insufficient.
“Seven separate lawsuits have been filed with Albania’s Constitutional court against a new law that aims to compensate former owners of land confiscated in the communist era, including motions filed by the country’s President and Ombusman,” Balkan Insight writes and adds: “Opponents believe the law contravenes the Albanian constitution, the European convention on human rights and European human rights court decisions on the issue.
Former landowners complain that it does not provide for an exact sum that the state owes former landowners, and say they suspect it will further prolong the process of financial compensation and reduce the amount of money that landowners get.”
Podravka, the famous Croatian food, beverage and drug producer, informed on March 23rd it plans to resume dividend payments after 10 years and will distribute EUR0.93 per share from its 2015 net profit. “The company intends to direct HRK56.8m (EUR7.4m) from its 2015 non-consolidated net profit of HRK156.97m to cover previous losses, and HRK55m towards legal reserves, while a portion of the remaining unallocated funds is planned to be distributed as dividend,” Podravka informed. SEENews Corporate Wire informs, the dividend payment must be approved by the company’s general shareholders’ meeting. The Croatian government owns a 25.4 per cent stake in Podravka. The other 42 per cent are in the hands of local pension funds.
Before publishing the data on the preliminary debt and deficit levels of the Member States of European Union by the Eurostat (scheduled for April 21st), the Statistic Estonia reveals its own data on the country’s indicators.
According to the office, in 2015 the Estonian general government surplus was 0.4 per cent. The gross debt level was 9.7 per cent of the GDP.
“At the end of 2015, the total revenues of the general government exceeded the expenditures by EUR86.1m, accounted as the Maastricht deficit criteria. By the end of 2015, the surplus of revenues of the central government sub-sector was EUR12.7m. The consolidated budget of the local government sector was EUR47.6m in surplus,” Statistics Estonia writes in its press release. And some other data:
- The budget surplus of social security funds: EUR23.9m,
- The consolidated debt of the general government (Maastricht debt): EUR2bn,
- The debt of the central government sub-sector: EUR1.4bn,
- Local governments’ debt: EUR0.7bn.
What’s up in indexes?
BUX (of Budapest) decreased from 25697.58 index points Wednesday, March 23rd to 25446.10 index points Thursday, March 24th. So it dropped by 0.98 per cent. From year-end it’s up 6.38 per cent.
BET (of Bucharest Stock Exchange) increased from 6773.03 index points Wednesday, March 23rd to 6746.74 index points Thursday, March 24th. So it’s up 0.09 per cent d/d. From year-end it lost 3.68 per cent.
PX (of Prague) dropped by 0.17 per cent, decreasing from 890.47 index points Wednesday, March 23rd to 888.93 index points Thursday, March 24th. From year-end it dropped by 7.05 per cent.
WIG20 (of Warsaw) was up 0.03 per cent d/d and up 4.14 per cent from year-end. It increased from 1936.66 index points Wednesday, March 23rd to 1936.19 index points Thursday, March 24th.
OMXT (of Tallinn) was up 0.42 per cent, increasing from 968.65 index points Wednesday, March 23rd to 972.68 index points Thursday, March 24th. From year-end it’s up 8.20 per cent.
OMXR (of Riga) was up 0.34 per cent d/d – increasing from 612.23 index points Wednesday, March 23rd to 614.30 index points Thursday, March 24th. From year-end it’s up 3.36 per cent.
OMXV (of Vilnius) was up 0.68 per cent d/d and up 4.34 per cent from year-end. It increased from 505.55 index points Wednesday, March 23rd to 507.08 index points Thursday, March 24th.
SAX (of Bratislava) decreased from 327.22 index points Wednesday, March 23rd to 324.01 index points Thursday, March 24th. So it dropped by 0.98 per cent d/d. From year-end it’s up 10.83 per cent.
SOFIX (of Sofia) decreased from 445.82 index points Wednesday, March 23rd to 444.30 index points Thursday, March 24th. So it dropped by 0.34 per cent d/d. From year-end it lost 3.60 per cent.
UX (of Kyiv) dropped by 7.99 per cent d/d and by 22.41 per cent from year-end, falling from 578.37 index points Wednesday, March 23rd to 532.13 index points Thursday, March 24th.
CROBEX (of Zagreb Stock Exchange) increased from 1658.00 index points Wednesday, March 23rd to 1661.51 index points Thursday, March 24th. So it’s up 0.21 per cent d/d. From year-end the index lost 1.66 per cent.