Ukraine loses USD15bn due to closed access to Russian market

Petro Poroshenko, President of Ukraine, owns big company producing sweets. (CC BY-NC-ND 2.0 European Council)

Polish Parliament to discuss banning Sunday shopping

Russia in talks with Turkey to extend Turkish Stream to Greece

Czech economy grows 2.6 per cent y/y

Ukraine

„Barring of Ukrainian manufacturers from the Russian market was an economic shock for Kyiv, which inflicted losses of at least USD1bn” – the Interfax quotes Ukrainian President, Petro Poroshenko.

One third of Ukrainian exports went to the Russian market at the beginings of the decade. The volume was cut by 15 per cent in 2013. In 2015 Ukrainian exports to Russia halved compared to 2014.

Mr. Poroshenko said in his annual address to the Verkhovna Rada on Tuesday, September 6th: „We lost tens or even hundreds of thousands of jobs, and this economic aggression is a primary reason for plummeting living standards”.

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Poland

Polish government plans banning retails stores from opening on Sundays. The debate over the idea is hot. Paweł Szałamacha, the Finance Minister of Poland, said on Polish Radio (on Monday, September 5th) that: „For a start it would be best to ban trading only on the first Sunday of the month and observe the effects over two years.”

The Polish Radio also reports: „The draft bill was submitted by several groups, including the Solidarity trade union. The groups managed to gather the 100.000 signatures required for parliament to consider the proposal. The bill plans to prevent shops opening on Sundays, though it allows multiple exceptions including petrol stations, bakeries, newsagents, some small shops and all shops at railway stations and airports.

The unions behind the bill claimed that the restrictions would increase overall shop turnover as people would stockpile more goods”.

It is worth remembering Hungary – which introduced the law banning trading on Sundays in March 2015 – considers withdrawing from the idea.

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Russia

Novinite.com reports Russia and Turkey, cooperating on the project of the Turkish Stream, are negotiating over a possible extension of the project to Greece. This was revealed by Alexey Miller, the CEO of Gazprom.

At the same time Turkey prepares to issue exploration permits for the pipeline. It will happen within days.

The portal quotes Miller, saying „Ankara has told Moscow the Russian energy giant will soon be given clearance to work on the pipeline’s Turkish end the country’s exclusive economic zone in the Black Sea”.

It is worth remembering the Turkish Stream is an idea announced by Russian President Vladimir Putin in 2014 – as an alternative to South Stream (the project has been abandonned after it had occured the European Union opposes to it). It is planned each of the two pipes will have the capacity of 15.75 bn cubic meters of gas per year.

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Czech Republic

The Czech Statistical Office (ČSÚ) informed that in Q2’16 the country’s gross domestic product grew 0.9 per cent q/q and 2.6 per cent y/y.

The Prague Daily Monitor comments: „The main factors for the growth of the Czech economy were strong foreign demand and stable household consumption. The positive economic development continued in the majority of local economic sectors, except for the construction sector. Gross value added was 0.9 per cent higher q/q and 2.7 per cent higher y/y”.

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What’s up in indexes

BUX (of Budapest) decreased from 28408.18 index points Monday, September 5th to 28585.00 index points Tuesday, September 6th. So it dropped by 0.04 per cent d/d. From year-end it’s up 19.50 per cent from.

BET (of Bucharest Stock Exchange) increased from 7024.25 index points Monday, September 5th to 7039.24 index points Tuesday, September 6th. So it’s up 0.19 per cent d/d and up 0.53 per cent from year-end.

PX (of Prague Stock Exchange) was up 0.18 per cent d/d – increasing from 880.84 index points Monday, Spetember 5th to 882.42 index points Tuesday, September 6th. From year-end it dropped by 7.73 per cent.

WIG20 (of Warsaw) increased from 1788.02 index points Monday, September 5th to 1790.83 index points Tuesday, September 6th. So it’s up 0.16 per cent d/d. From year-end it dropped by 3.67 per cent.

OMXT (of Tallinn) increased from 1001.85 index points Monday, September 5th to 1003.22 index points Tuesday, September 6th. So it’s up 0.14 per cent d/d. From year-end it’s up 11.59 per cent.

OMXR (of Riga) increased from 677.16 index points Monday, September 5th to 677.50 index points Tuesday, September 6th. So it’s up 0.05 per cent d/d and up 13.99 per cent from year-end.

OMXV (of Vilnius) was up 0.21 per cent d/d and up 10.29 per cent from year-end. It increased from 534.92 index points Monday, September 5th to 536.02 index points Tuesday, September 6th.

SAX (of Bratislava) was up 0.69 per cent d/d and up 10.58 per cent from year-end. It increased from 321.05 index points Monday, September 5th to 323.27 index points Tuesday, September 6th.
The bourse of Sofia was closed Monday, September 5th and Tuesday, September 6th. SOFIX (of Sofia) closed at 471.87 index points Friday, September 2nd. It’s up 2.38 per cent from year-end.

UX (of Kyiv) was up 2.29 per cent d/d and up 8.58 per cent from year-end. It increased from 728.02 index points Monday, September 5th to 744.71 index points Tuesday, September 6th.

CROBEX (of Zagreb) was up 0.43 per cent d/d – increasing from 1817.05 index points Monday, September 5th to 1824.81 index points Tuesday, September 6th. From year-end it’s up 8.00 per cent.

 

 

 

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