Ukraine: Assets of the beneficiary of Financial Initiative arrested

National Bank of Ukraine (CC BY-SA Musia-97)

The first smart city by 2018.

IKEA to sell much of its real estate in Europe.

Ukraine

„Kyiv’s Pechersky district court on May 12th arrested all movable and immovable assets of Oleh Bakhmatiuk, the beneficiary of insolvent bank Financial Initiative,” Interfax reports. It is the aftermath of the decision taken by the National Bank of Ukraine (NBU) to put the Financial Initiative on the list of insolvent banks in June 2015.  

The NBU asked „to collect a debt on the stabilization loan of UAH4bn provided to the bank.” Loans of this amount were provided in 2014. “The loans were collateralized against property and property rights of legal entities. Bakhmatiuk acted as a financial surety in the loans,” Interfaax writes. According to the NBU, the financial surety of Bakhmatiuk for VAB Bank is UAH4.55bn and for bank Financial Initiative – UAH 4bn.

Oleh Bakhmatiuk is an Ukrainian businessmen, and the owner of the largest agricultural holding in the country.

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Romania

Romanian cities will be smart and function on basis of new technologies and data processing. As Romania Insider reports, Romania’s communications minister Marius Bostan encourages Romanian regional civil servants and local business to invest in the development of the city Alba Iulia.

This city will undergo a transition into smart city by 2018 – with smart parking, free Wi-Fi, and smart street lighting. As Romania Insider writes, Alba Iulia was chosen because „it is one of the first cities to have a long-term development strategy, launched in 2002-2003, and respects it. It also has the highest absorption rate of EU funds, and started having a smart transport system”. The project starts in September 2016.

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Poland

IKEA, the Swedish furniture retailer is considering selling much of its real estate in Europe, including parks in Poland, the Polish Radio informs after Bloomberg.

The company intends to sell 27 of its retail parks in Europe worth some EUR900m. The advisory company was hired to help with the sale. The information was confirmed by Ikea’s spokeswoman Josefin Thorell.

„12 retail parks are in Germany, with the rest in Poland (7 locations), Sweden, France, Finland, Switzerland and the Czech Republic,” the Polish radio informs. After the transaction the company will keep its 25 parks in Europe. In 2015, Ikea’s revenues reached EUR32.7bn.

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What’s up in indexes?

BUX (od Budapest) lost 0.84 per cent – falling from 26247.31 index points Tuesday, May 17th to 26026.21 index points Wednesday, 18th. From year-end it’s up 8.80 per cent.

BET (of Bucharest Stock Exchange) was up 0.43 per cent d/d – increasing from 6415.50 index points Tuesday, May 17th to 6435.74 index points Wednesday, May 18th. From year-end it dropped by 8.12 per cent.

PX (of Prague) was up 0.47 per cent – falling from 869.31 index points Tuesday, May 17th to 873.38 index points Wednesday, May 18th. From year-end it lost 8.67 per cent.

WIG20 (of Warsaw) dropped by 0.25 per cent – decreasing from 1846.50 index points Tuesday, May 17th to 1841.84 index points Wednesday, May 18th. From year-end it dropped by 0.93 per cent.

OMXT (of Tallinn) dropped by 0.30 per cent – decreasing 981.21 index points Tuesday, May 17th to 978.26 index points Wednesday, May 18th. From year-end it’s up 8.82 per cent.

OMXR (of Riga) was up 0.78 per cent – increasing from 632.25 index points Tuesday, May 17th to 637.19 index points Wednesday, May 18th. From year-end it’s up 7.21 per cent.

OMXV (of Vilnius) increased from 507.27 index points Tuesday, May 17th to 508.74 index points Wednesday, May 18th. So it’s up 0.29 per cent d/d. From year-end it grew by 4.68 per cent.

SAX (of Bratislava) increased from 313.30 index points Tuesday, May 17th to 318.73 index points Wednesday, May 18th. So it’s up 1.73 per cent d/d. From year-end the index’s up 9.02 per cent.

SOFIX (of Sofia) dropped by 0.60 per cent d/d – decreasing from 440.38 index points Tuesday, May 17th to Wednesday, May 18th. From year-end it dropped by 5.03 per cent.

UX (of Kyiv) was up 1.47 per cent d/d – increasing from 635.44 index points Tuesday, May 17th to 644.75 index points Wednesday, May 18th. From year-end the index lost 5.99 per cent.

CROBEX (of Zagreb Stock Exchange) was up 0.09 per cent increasing from 1692.10 index points Tuesday, May 17th to 1693.54 index points Wednesday, May 18th. From year-end it’s up 0.23 per cent.

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