Bulgaria’s export is increasing
Hungarian MOL quits Iraq
The decision whether Ukraine will get the third tranche of aid from the International Monetary Fund (IMF) will be made late January till mid-February 2016. The IMF has just approved the 2016 budget. As Interfax reports, the institution “praised the law on the national budget of Ukraine for 2016 and a package of laws adopted with it”.
Ukraine’s Finance Minister Natalie Jaresko said in an interview for the Ekonomichna Pravda that now Ukraine will wait for an official decision on the third tranche of money under the EFF program (the Extended Fund Facility). The agreement with the IMF states that Ukraine has to fulfill many obligations in the field of anti-corruption and other structural reforms. “When making the decision on providing Ukraine with the next tranche, the IMF management will assess the fulfillment of all preconditions and structural beacons which should have been implemented by the end of December 2015, but not just the matter of passing the national budget for 2016,” Interfax quotes Jaresko. In March 2015 Ukraine got the first tranche of USD5bn. The second tranche was approved July 2015 and amounted USD1.7bn.
Bulgarian exports to the EU in the period of January to October 2015 was up 9 per cent y/y. Its value was BGN24.4bn (approx. EUR12.2bn) according to the data from the National Statistical Institute (NSI). “The main trading partners of Bulgaria within the EU are Germany, Italy, Romania, Greece, France and Belgium,” writes Novinito.com. This accounted for 69.2 per cent of all exports to EU member states.
Imports in the same period reached BGN27.3bn (EUR13.9bn) which means growth by 5.7 per cent y/y. Bulgaria mostly imported from Germany, Italy, Romania, Spain and Greece. In the first ten months of 2015 Bulgaria’s balance of trade with the EU was negative and amounted to nearly BGN2.9bn (EUR1.48bn). “The largest increase in Bulgarian exports to the EU was registered in the exports of chemical substances and products, as well as mineral fuels, oils and similar products, while there was a drop in the exports of soft and alcoholic drinks and tobacco,” writes Novinite.com.
“Hungarian Oil and Gas Company MOL reached an agreement with Gulf Keystone Petroleum and the Kurdistan Regional Government’s Ministry of Natural Resources to relinquish its share in the Akri-Bijeel Block in the Kurdistan region of Iraq, the company announced today,” reports Budapest Business Journal. The decision was made based on a “comprehensive assessment of the block’s potential”. The termination agreement of the production sharing was signed by MOL and Gulf Keystone Petroleum on December 31st, 2015. MOL says it remains committed to maximizing the value of its investments in the Kurdistan Region of Iraq, among others in the Shaikan Block. In mid-September 2015 MOL announced its withdrawal from few of its investments and suspending many of its projects.
What’s up in indexes?
Only Baltics and the index of Bratislava Stock Exchange grew on Monday, January 11th. Warsaw’s WIG falls. And so does UX (of Kyiv).
BUX (of Budapest) lost 0.23 per cent on Monday, January 11th. It closed at 23900.68 index points. The previous close was at 23956.19 index points. From year-end it dropped by 0.08 per cent.
BET (of Bucharest Stock Exchange) dropped by 1.49 per cent on Monday, January 11th. It closed at 6608.41 index points. On Friday it closed at 6708.54 index points. From year-end it dropped by 5.65 per cent.
PX (of Prague) lost 0.58 per cent, decreasing from 924.04 index points Friday to 918.64 index points Monday, January 11th. From year-end it lost 3.94 per cent.
WIG20 (of Warsaw) dropped by 1.24 per cent (after dropping 1.16 per cent Friday). It decreased from 725.14 index points to 1703.78 points Friday to Monday, January 11th. From year-end it lost 8.36 per cent.
OMXT (of Tallinn) was up 0.16 per cent on Monday, January 11th, climbing to 888.31 index points (Friday’s close was at 886.90 index points). Fut from year-end it dropped by 1.19 per cent.
OMXR (of Riga) grew by 0.18 per cent d/d and by 0.29 per cent from year-end. On Monday it closed at 596.09 index points. On Friday it closed at 595.01 index points.
OMXV (of Vilnius) closed at 0 per cent change – at 486.97 index points (on Friday it was actually 486.99 index points). From year-end the index grew by 0.20 per cent.
SAX (of Bratislava) was up 0.15 per cent – climbing from 294.99 index points (Friday) to 295.42 index points Monday, January 11th. From year-end it grew by 1.05 per cent.
SOFIX (of Sofia) lost 0.60 per cent d/d and 1.44 per cent from year-end. On Monday, January 11th it closed at 454.27 index points. The previous close was at 457.00 index points.
UX (of Kyiv) dropped by 2.35 per cent – falling from 678.03 index points to 662.13 index points (Monday). From year-end it lost 3.46 per cent.
CROBEX (of Zagreb Stock Exchange) dropped by 0.18 per cent on Monday, January 11th 2016, closing at 1633.01 index points. The previous close was at 1635.94 index points. From year-end it dropped by 3.35 per cent.