Former Microsoft executive to become the new Czech FinMin

Czech PM Bohuslav Sobotka (Pavel Ševela/Wikimedia Commons, CC BY-SA)

Poland may create a state-run business chamber

Romanian SME’s with better access to financing

Czech Republic

Czech government of the Social Democrat Bohuslav Sobotka will have a new Finance Minister. Ivan Pilný, the leader of the Economic Affairs Committee in the lower house of the parliament and a former executive in Microsoft (in the 90s) will replace Andrej Babis. Pilný, just like Babis, is a member of the ANO party (centrists and populists).

Mr. Sobotka wanted to dismiss his Finance Minister over the allegations of “financial impropriety”. Babis has been holding the position since 2014. President Milos Zeman agreed to replace the Finance Minister only if the PM finds a replacement.

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Poland

An entity that will mediate between businesses and public administration could be established in Poland. The Polish Radio reports, after Rzeczpospolita daily, that the Ministry of Development is working on a bill creating a compulsory state-run business chamber. Such a chamber could be a strong partner, representing a large part of economy in dealings with the government.

It is said, the funding of the institution will reach EUR60m. Funds for that project will equate 0.02 per cent of the Value Added Tax (VAT) revenues.

The membership in the chamber will be compulsory. The Polish Radio points out that currently less than 5 per cent of companies are members of Poland’s business chambers and organisations.

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Romania

Romania Insider reports 4,300 Romania’s micro, small and medium companies, including start-ups, will get a better access to financing. Three Romanian banks (Raiffeisen Bank, Banca Comerciala Romana and ProCredit Bank) signed an agreement with the European Investment Bank (EIB). According to the agreement, banks will provide financing to SME’s. Romanian companies will get access to EUR246m in total.

The SME Initiative Programme, being a part of a broader initiative of the European Commission and the EIB, was adopted in 2016 . The total budget for the SME Initiative in Romania is EUR540m.  The European Commission wants to encourage EU member states to “double their use of ESI Funds invested through financial instruments in 2014-2020”.

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What’s up in indexes

BET (of Bucharest) decreased from 8,483.54 index points Tuesday, May 16th to 8,447.22 index points Wednesday, May 17th. It’s down 0.09 per cent d/d and up 31.68 per cent y/y.

BUX (of Budapest) increased from 34,078.47 index points Tuesday, May 16th to 34,146.49 index points Wednesday, May 17th. It’s up 0.20 per cent d/d and up 30.10 per cent y/y.

CROBEX (of Zagreb) increased from 1,863.22 index points Tuesday, May 16th to 1,865.07 index points Wednesday, May 17th. It’s up 0.10 per cent d/d and up 13.44 per cent y/y.

OMXR (of Riga) increased from 837.36 index points Tuesday, May 16th to 840.64 index points Wednesday, May 17th. It’s up 0.39 per cent d/d and up 32.96 per cent y/y.

OMXT (of Tallinn) increased from 1,115.00 index points Tuesday, May 16th to 1,116.40 index points Wednesday, May 17th. It’s up 0.13 per cent d/d and up 13.78 per cent y/y.

OMXV (of Vilnius) decreased from 586.22 index points Tuesday, May 16th to 581.95 index points Wednesday, May 17th. It’s down 0.73 per cent d/d and up 14.72 per cent y/y.

PX (of Prague) decreased from 1,027.12 index points Tuesday, May 16th to 1,020.64 index points Wednesday, May 17th. It’s down 0.63 per cent d/d and up 17.41 per cent y/y.

SAX (of Bratislava) increased from 304.47 index points Tuesday, May 16th to 305.00 index points Wednesday, May 17th. It’s up 0.17 per cent d/d and down 2.65 per cent y/y.

SOFIX (of Sofia) increased from 660.87 index points Tuesday, May 16th to 661.97 index points Wednesday, May 17th. It’s up 0.17 per cent d/d and up 50.32 per cent y/y.

UX (of Kyiv) decreased from 930.90 index points Tuesday, May 16th to 929.55 index points Wednesday, May 17th. It’s down 0.15 per cent d/d and up 46.28 per cent y/y.

WIG20 (of Warsaw) decreased from 2,340.34 index points Tuesday, May 16th to 2,302.21 index points Wednesday, May 17th. It’s down 1.63 per cent d/d and up 24.68 per cent y/y.

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