Page 5 - bne_newspaper_June_15_2018

The Regions This Week
June 15, 2018 www.intellinews.com I Page 5
Central Europe
The Czech steel industry is recovering from
a 15% contraction in production in 2017
and is expected to produce 5mn of tonnes of manufactured steel this year. According to steelworkers, the tariffs imposed by the US on steel are not a problem; the current risk lies in delays to shipments from Ukraine.
Shares of Hungarian logistics company BILK Logistics were listed on the Budapest Stock Exchange. BILK Logistics is indirectly owned by Gyorgy Waberer, who sold his stake in the haulage company that bears his name two years ago and is now concentrating on property investments.
Lithuania’s finance ministry issued new guidelines for initial coin offerings (ICOs). Finance Minister Vilius Šapoka stressed the country is one of the first in Europe to draw up comprehensive guidelines on the legal framework for ICO projects.
Fewer Finns are visiting Estonia to stock up
on cheap booze. According to Finnish public broadcaster Yle, statistics from the National Institute for Health and Welfare show the amount of alcohol brought into Finland from Estonia by Finns fell 23.1% y/y in April.
The European Commission will fine the Czech Republic CZK7.5bn (€292mn) for failing to observe regulations in distributing EU subsidies to the agriculture sector, in yet another example of the problematic drawing of EU funds in the country. The Czech agriculture ministry denies any shortcomings occurred and is looking to have the decision reversed.
The Hungarian government will launch an online invoicing system in July. In addition to contributing to the 'whitening of the economy', the online system will also significantly reduce administrative burdens on businesses.
French bank Societe Generale is probing the possi- bility of selling its Polish lender Eurobank, Reuters reported. The country’s persisting low interest rates – the central bank’s rate has been at a record low of 1.5% for over three years now – has led to profitabil- ity issues for smaller banks such as Eurobank.
Norway’s Orkla is building a new biscuit factory outside the Latvian capital Riga as it consolidates production. The new facility will replace existing units in Riga and Kungälv, Sweden.
Estonia agreed to buy a Mistral short-range
air defence system in a €50mn deal. The Baltic state will buy Mistral surface-to-air missiles in a deal that also includes includes training missiles, simulators, testing and maintenance equipment.
The average age of passenger cars on the streets in Czechia topped a record-breaking 15.4 years in the first quarter of 2018, surging by three-quarters of a year in the period. The main reason for the increase was the import of used vehicles, the Car Importers Association said.
Slovak industrial production increased
by 4.2% y/y in April and when seasonally adjusted, industrial output rose slightly by 0.2% m/m, data published by the Slovak Statistics Office. The annual numbers were influenced mainly by increases in industrial manufacturing and mining (both by 5.2%) and quarrying (0.8%).
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