Ukrainian ports of the Azov Sea are losing revenues

The port of Mariupol, Ukraine (Oleg Zima, CC BY-SA 3.0)

Insolvencies among Polish companies slightly down

IMF calls on Serbia to persevere in structural reforms

Ukraine

The Ukrainian Sea Ports Authority (USPA) informed that turnover of ports in the Azov Sea, as well as number of ship fell by half since 2014, Interfax News Agency reports. “According to our calculations, these ports [mainly Mariupol and Berdyansk] have sustained about a UAH6bn shortfall in revenues…That’s without taking into account losses and extra spending of exporters related to delays and redirecting of cargo flow,” head of the USPA Raivis Veckagans said.

“USPA’s investment in the Mariupol and Berdiansk ports will top UAH1bn (EUR34m) in 2018-2020. New facilities will allow for diversification of the range of cargo hauled through the port and providing new opportunities for business in this region,” Mr. Veckagans added.

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Poland

The number of Polish companies declaring insolvency decreased by 2 per cent y/y to 503 in the H1’19. The minor drop is a result of a surge in the number of bankruptcies in the previous months, trade credit insurer, Euler Hermes has said in its report.

In the production sector, the number of insolvencies dropped by 5 per cent from 130 enterprises in the H1’18 to 124 in the same period this year. The sector saw the highest number of companies folding, followed by the service and wholesale trade sectors.

The main reason for the insolvencies, across all sectors, is the increase of labor costs and tax burdens, Euler Hermes said and added that the industry and transport sectors are additionally burdened with an increase in energy prices and fuel.

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Serbia

“Serbian economy has remained stable and growth in 2018 picked up to 4.3 per cent, important reforms took place towards modernization of the tax administration and privatization of the largest state-owned bank, however, the country remains vulnerable to spillovers from external developments, including weaker-than-expected growth in key trading partners,” International Monetary Fund (IMF) informed.

“Reforms of state-owned financial institutions need to be implemented vigorously to improve efficiency and to strengthen confidence. Following the notable progress in addressing non-performing loans, the focus should turn to public institutions and the successful completion of the privatization of the largest state-owned bank,” Mitsuhiro Furusawa, deputy managing director and acting chair of the IMF’s executive board said.

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What’s up in indexes

BET (of Bucharest) decreased from 9087.58 index points Friday, July 19th to 9050.38 index points Monday, July 22nd. It’s down 0.56 per cent d/d and up 13.8 per cent y/y.

BUX (of Budapest) decreased from 41707.26 index points Friday, July 19th to 41338.00 index points Monday, July 22nd. It’s down 0.89 per cent d/d and up 17.6 per cent y/y.

OMXR (of Riga) decreased from 1034.91 index points Friday, July 19th to 1025.79 index points Monday, July 22nd. It’s down 0.88 per cent d/d and up 0.87 per cent y/y.

OMXT (of Tallinn) decreased from 1271.13 index points Friday, July 19th to 1267.01 index points Monday, July 22nd. It’s down 0.32 per cent d/d and up 0.48 per cent y/y.

OMXV (of Vilnius) increased from 685.79 index points Friday, July 19th to 687.21 index points Monday, July 22nd. It’s up 0.21 per cent d/d and down 3.76 per cent y/y.

PX (of Prague) increased from 1067.41 index points Friday, July 19th to 1069.58 index points Monday, July 22nd. It’s up 0.20 per cent d/d and down 1.67 per cent y/y.

RTS (of Moscow) decreased from 1350.69 index points Friday, July 19th to 1341.17 index points Monday, July 22nd. It’s down 0.70 per cent d/d and up 18.7 per cent y/y.

SAX (of Bratislava) decreased from 341.20 index points Friday, July 19th to 338.92 index points Monday, July 22nd. It’s down 0.67 per cent d/d and down 1.04 per cent y/y.

SOFIX (of Sofia) decreased from 582.56 index points Friday, July 19th to 579.40 index points Monday, July 22nd. It’s down 0.54 per cent d/d and down 8.53 per cent y/y.

UX (of Kyiv) decreased from 1593.63 index points Friday, July 19th to 1587.99 index points Monday, July 22nd. It’s down 0.35 per cent d/d and down 1.37 per cent y/y.

WIG20 (of Warsaw) decreased from 2344.03 index points Friday, July 19th to 2342.51 index points Monday, July 22nd. It’s down 0.06 per cent d/d and up 6.26 per cent y/y.

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