The increase of inflation in Poland

(Ken Teegardin, CC BY-SA)

Russia wants to continue the South Stream Project

Hrvatski Telekom fires 100 employees

Poland

The Central Statistical Office released data on inflation in January 2017. The prices of goods and services went up 1.8 per cent y/y and up 0.4 per cent m/m. It was expected to be 1.7 per cent y/y and 0.3 per cent m/m. At the end of December 2016, prices were up 0.8 per cent y/y.

The Polish Radio underlines differences in experts’ projections: some of them claim prices will increase in the long run, some of them say the inflation will be growing for two or three months and then will fall. It can even exceed 2 per cent in 2017.

The 2017 budget projects the economic growth of 3.6 per cent and inflation reaching 1.5 per cent.

At the same time Eurostat projects the GDP growth at 3.2 per cent and inflation rate at about 2 per cent (in the first months of 2017).

In its Winter 2017 Economic Forecast the Eurostat informs that the inflation is “mainly driven by rising energy prices”. It adds that “price pressures are expected to edge upwards in the subsequent period but inflation is expected to remain below 2.5 per cent until the end of 2018”.

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Bulgaria

Novinite.com reports that the South Stream gas pipeline, according to Russia's commercial attaché to Bulgaria, will be carried out. South Stream was to carry 63 billion cubic meters of gas per year to Austria and Hungary via Bulgaria and Serbia, its landfall designed to be in the Black Sea city of Varna.

Ilingin has announced that there are Russian investors interested in the Port of Varna, as it has been recently operating at a profit, "due to the fact it has business contacts and projects with Russia. This does not only concern the type of cargo, but also the South Stream pipes stored at the port," he said.

Some of the South Stream pipes were taken away from the country, but others remained at the port after Russia ditched the project in December 2014, citing EU opposition to the project. Russian President Vladimir Putin then accused Bulgaria of blocking the issuance of construction permits for the area of the pipeline within its exclusive economic zone due to the pressure from Brussels. During his latest visit to Hungary Putin blamed Bulgaria again.

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Croatia

Just after Croatia's biggest telecoms operator, Hrvatski Telekom, informed it acquires Hungary's Crnogorski Telekom for EUR123.5m (from Magyar Telekom), it has announced it will reduce its headcount. SEE News Corporate Wire informs the telecom will dismiss 100 employees.

Hrvatski Telekom calls it a part of “the process of business transformation”. After the reductions the headcount will be about 3.600.  

The new company in the structure, Crnogorski Telekom, is the largest telecommunications company in Montenegro. Its headcount is 588 employees.

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What’s up in indexes

BET (of Bucharest) decreased from 7,640.89 index points Friday, February 13th to 7,600.68 index points Tuesday, February 14th. It was down 0.55 per cent d/d and up 23.87 per cent y/y.

BUX (of Budapest) increased from 33,356.19 index points Monday, February 13th to 33,725.00 index points Tuesday, February 14th. It was up 1.11 per cent d/d and up 46.21 per cent y/y.

CROBEX (of Zagreb) increased from 2,154.48 index points Monday, February 13th to 2,168.85 index points Tuesday, February 14th. It was up 0.67 per cent d/d and up 39.65 per cent y/y.

OMXR (of Riga) increased from 742.59 index points Monday, February 13th to 745.49 index points Tuesday, February 14th. It was up 0.39 per cent d/d and up 22.17 per cent y/y.

OMXT (of Tallinn) decreased from 1,112.96 index points Monday, February 13th to 1,112.34 index points Tuesday, February 14th. It was down 0.06 per cent d/d and up 25.15 per cent y/y.

OMXV (of Vilnius) increased from 558.33 index points Monday, February 13th to 559.29 index points Tuesday, February 14th. It was up 0.17 per cent d/d and up 15.74 per cent y/y.

PX (of Prague) decreased from 972.19 index points Monday, February 13th to 966.32 index points Tuesday, February 14th. It was down 0.60 per cent d/d and up 10.33 per cent y/y.

SAX (of Bratislava) increased from 307.02 index points Monday, February 13th to 307.94 index points Tuesday, February 14th. It was up 0.30 per cent d/d and up 0.81 per cent y/y.

SOFIX (of Sofia) decreased from 606.14 index points Monday, February 13th to 600.74 index points Tuesday, February 14th. It was down 0.89 per cent d/d and up 35.21 per cent y/y.

UX (of Kyiv) decreased from 942.57 index points Monday, February 13th to 932.55 index points Tuesday, February 14th. It was down 1.06 per cent d/d and up 49.06 per cent y/y.

WIG20 (of Warsaw) decreased from 2,179.66 index points Monday, February 13th to 2,173.76 index points Tuesday, February 14th. It was down 0.27 per cent d/d and up 21.58 per cent y/y.

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