Ukrainian Fortuna Bank declared insolvent

Fortuna-Bank, Kiev, Ukraine

Bulgaria and Serbia construct a new gas interconnector

Estonia improves its tax-gap

Ukraine

The National Bank of Ukraine (NBU) placed another financial institution on the list of insolvent units. This time it’s Fortuna-Bank, a public joint-stock company. During 2016 the NBU listed many banks as insolvent, for e.g.: Petrocommerce-Ukraine, Ukrinbank PJSC, Bank Sofiyskiy PJSC, Avant-Bank PJSC or Unicombank. TK Credit bank was removed from the market due to non-transparent ownership structure.

The NBU informed that “Measures taken by top managers of Fortuna-Bank and the holder of a large stake in it to additionally capitalize the bank were not enough to provide for positive regulatory capital as of January 1, 2017.”

in October we have reported http://financialobserver.eu/cse-and-cis/ukraine/bank-failures-in-ukraine-ruin-citizens-and-hit-the-economy/ that “between 2014-2016, as a result of recognition of 77 Ukrainian banks as insolvent, the banking system lost UAH435bn in assets. This is the equivalent of 22 per cent of Ukraine’s GDP.”

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Bulgaria and Serbia

 

Some European analysts express their concern that European political and financial turmoil, along with the shift on the political scene in the US, may boost Russia’s influence in Balkans. That’s why Balkan countries like Bulgaria and Serbia intensify activities leading to gas diversification and to improve the security of deliveries.

The Balkan Insight reports on Serbian and Bulgarian works on constructing a gas interconnector that will help them reduce their dependency on Russian resources. As agreed, the construction will start in May 2019 and will be completed by 2020.

Bulgarian outgoing Energy Minister Temenuzhka Petkova said: “Whatever government comes to power [in Bulgaria] should unite in the gas diversification plans. This means security of deliveries and competitive prices.” She and her Serbian counterpart, Aleksandar Antic signed in Sofia a memorandum of understanding.

The Balkan Insight points out the interconnector will allow for the transfer of between 1 and 1.8 billion cubic meters (bcm) of natural gas annually from Bulgaria to Serbia and 0.15 bcm from Serbia to Bulgaria.

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Estonia

The Baltic Course reports, in 2015 the so called “tax gap” was 7.1 per cent. Estonian tax officials claim that the results for 2016 will be similar. Estonia is among the European countries that become more and more successful in tax collection.

When it comes to VAT, between 2013 and 2014 Estonia noted the largest change in the EU-wide rank – shifting from 14th to 7th place. In 2014 the smallest gaps were observed in Sweden (1.24 per cent), Luxembourg (3.80 per cent), and Finland (6.92 per cent). The largest gaps were noted in Romania (37.89 per cent), Lithuania (36.84 per cent), and Malta (35.32 per cent).

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and more

What’s up in indexes

BUX (of Budapest) increased from 32,481.29 index points Tuesday, January 31st to 32,584.18 index points Wednesday, February 1st. It was up 0.32 per cent d/d and up 35.05 per cent y/y.

BET (of Bucharest) increased from 7,517.85 index points Tuesday, January 31st to 7,527.94 index points Wednesday, February 1st. It was up 0.08 per cent d/d and up 19.12 per cent y/y.

CROBEX (of Zagreb) increased from 2,142.69 index points Tuesday, January 31st to 2,151.72 index points Wednesday, February 1st. It was up 0.42 per cent d/d and up 37.42 per cent y/y.

OMXR (of Riga) decreased from 756.98 Tuesday, January 31st to 752.77 index points Wednesday, February 1st. It was down 0.56 per cent d/d and up 21.79 per cent y/y.

OMXT (of Tallinn) decreased from 1,102.01 index points Tuesday, January 31st to 1,100.48 index points Wednesday, February 1st. It was down 0.14 per cent d/d and up 24.49 per cent y/y.

OMXV (of Vilnius) increased from 561.91 index points Tuesday, January 31st to 562.03 index points Wednesday, February 1st. It was up 0.02 per cent d/d and up 15.83 per cent y/y.

PX (of Prague) increased from 932.46 index points Tuesday, January 31st to 938.23 index points Wednesday, February 1st. it was up 0.62 per cent d/d and up 2.57 per cent from year-end.

SAX (of Bratislava) decreased from 307.18 index points Tuesday, January 31st to 306.36 index points Wednesday, February 1st. It was down 0.27 per cent d/d and by 0.27 per cent y/y.

SOFIX (of Sofia) decreased from 602.28 index points Tuesday, January 31st to 593.80 index points Wednesday, February 1st. It was down 1.41 per cent d/d. Y/y it’s up 1.26 per cent.

UX (of Kyiv) decreased from 869.11 Tuesday, January 31st to 865.93 index points Wednesday, February 1st. It was down 0.37 per cent d/d and up 35.42 per cent y/y.

WIG20 (of Warsaw) increased from 2,056.83 index points Tuesday, January 31st to 2,079.10 index points Wednesday, February 1st. It was up 1.08 per cent d/d and up 6.73 per cent y/y.

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