Whirlpool to move production to Poland

(Mario Spann, CC BY-SA)

Slovenia privatizes its biggest bank NBL

Infrastructure Minister wants to regain control over Ukrainian Railways

Transparency International: corruption in Macedonia has worsened

Poland

According to the Polish Radio American manufacturer Whirlpool will move some of its production from France to Łódź in Poland. The company announced that the reason in doing so is the need to restructure its operations in EMEA.

Media reports suggest the decision is not surprising because a director, who had been for years opposing the move, left the company at the end of 2016. Meanwhile, in the last 15 years, the number of workers at the plant in Amiens, in northern France, fell from 1,300 to under 300.

Whirlpool already has a production facility in Łódź.

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Slovenia

Finance Minister Mateja Vraničar Erman did not ask for an extension of the deadline by which Slovenia should privatize its largest bank NLB during her meeting with Competition Commissioner Margrethe Vestager in Brussels.

Slovenia committed to sell NLB by the end of 2017 as a part of the restructuring plan based on which  the European Commission approved a state aid to the bank in the 2013 bailout. Slovenian media, according to the Slovenia Times, has been speculating for months that the country would ask for an extension.

The goal of selling the NLB and then Abanka, Slovenia’s third largest bank, was to maximize the return of funds that the state invested in the restructuring of both banks.

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Ukraine

Minister of Infrastructure Volodymyr Omelyan has insisted on a review of the Cabinet’s decision on the withdrawal of PJSC Ukrzaliznytsia (Ukrainian Railways) from under subordination of the Ministry and its transfer under control of the Ministry of Economic Development and Trade.

The minister told UNIAN agency that the move was approved at a Cabinet’s emergency meeting in violation of all formal requirements. “In fact, the masterminds behind this transfer pursued a single goal – to conceal from the public the answers to questions about the real state of affairs in Ukrzaliznytsia,” said Omelyan.

Meanwhile Wojciech Balczun, CEO of Ukraine’s railways giant Ukrzaliznytsia, welcomed this decision, saying that the Ministry of infrastructure sabotaged and blocked the decisions of the company’s board, while all the success in the industry has been made possible thanks to the support of Prime Minister Volodymyr Groysman.

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CE Financial Observer’s interview with Wojciech Balczun

Balkans

Watchdog organization, Transparency International published its annual global report on corruption, indicating that governments in Balkan states have a lot of work to do. Macedonia was singled out as one of the countries in which the situation has significantly worsened over the year.

Balkan Insight reports that Kosovo’s score is the worst at 36, closely followed by Macedonia with 37 and both Bosnia and Herzegovina and Albania at 39. Bulgaria scored 41 and Serbia 42. The Balkan states with the lowest perceived level of corruption are Montenegro with 45 and two other EU member states, Romania with 48 and Croatia with 49.

According to the Transparency International Kosovo and Albania improved the most from the previous year’s index, by three points each.

The Corruption Perceptions Index 2016 ranks a total of 176 countries from 0 (perceived to be highly corrupt) to 100 (perceived to be the least corrupt). Globally, the states with the least perceived corruption are Denmark and New Zealand with 90 points, followed by Finland with 89. Somalia with ten points, South Sudan with 11 and North Korea with 12 points are the states with the highest perceived level of corruption in the world.

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What’s up in indexes

BUX (of Budapest) decreased from 32,906.00 index points Monday, January 23rd to 32,690.00 index points Tuesday, January 24th. It was down 0.66 per cent d/d and up 40.70 per cent y/y.

The bourse of Bucharest was closed on Tuesday, January 24th. BET closed at 7,271.21 index points Monday, January 23rd.

PX (of Prague) increased from 926.79 index points Monday, January 23rd to 930.13 index points Tuesday, January 24th. It was up 0.36 per cent d/d and up 5.24 per cent y/y.

WIG20 (of Warsaw) increased from 1991.36 index points Monday, January 23rd to 2,013.17 index points Tuesday, January 24th. It was up 1.10 per cent d/d and up 16.39 per cent y/y.

OMXT (of Tallinn) decreased from 1,095.25 index points Monday, January 23rd to 1,094.44 index points Tuesday, January 24th. It was down 0.07 per cent d/d and up 24.68 per cent y/y.

OMXR (of Riga) decreased from 743.20 index points Monday, January 23rd to 742.98 index points Tuesday, January 24th. It was down 0.03 per cent d/d and up 25.96 per cent y/y.

OMXV (of Vilnius) decreased from 565.82 index points Monday, January 23rd to 564.70 index points Tuesday, January 24th. It was down 0.29 per cent d/d and up 17.38 per cent y/y.

SAX (of Bratislava) has not changed and remained at the level of 308.59 index points Tuesday, January 24th. It was up 1.61 per cent y/y.

SOFIX (of Sofia) increased from 605.22 index points Monday, January 23rd to 605.32 index points Tuesday, January 24th. It was up 0.02 per cent d/d and 36.36 per cent y/y.

UX (of Kiev) decreased from 861.53 index points Monday, January 23rd to 856.24 index points Tuesday, January 24th. It was down 0.61 per cent d/d and up 29.93 per cent y/y/.

CROBEX (of Zagreb) increased from 2,092.50 index points Monday, January 23rd to 2,092.84 index points Tuesday, January 24th. It was up 0.02 per cent d/d and up 30.46 per cent y/y.

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