Moldova: Cyprus-based company took over 95 per cent of Chișinău Airport
Romania: foreigners own 30 per cent of the farmland
Latvia and Switzerland on their way to avoid double taxation
Hungarians want Budapest to be the headquarter of the European Banking Authority (EBA). The Daily News Hungary reports the Victor Orbán’s government submitted an application at the end of October. “The government would like to attract several important EU institutions and western companies to move from London to Budapest in the wake of Brexit. Hungary could increase its influence if international organisations relocating from the United Kingdom would find a home in Budapest (…). Several organisations and authorities, having their headquarters in London, are bound to relocate to other countries following Brexit,” the portal writes.
It is also said the government is considering inviting the European Medicines Agency (EMA) to set up its headquarters in Hungary.
Moldova.org informs a Cyprus-based company took over 95 per cent of Chișinău Airport concessionaire. The company bought 95 per cent of Avia-Invest. In September 2016 the main shareholder Komaksavia OOO from Moscow sold its shares in to Komaksavia Airport Invest Ltd from Cyprus. The other 5 per cent are still held by Habarovski Aeroport.
The Cypriot Komaksavia was founded by a Russian businessman, Modris Karklinsh. It is managed by Tenev Marin Mihov, a Bulgarian close to the Moldovan businessman Vladimir Russu. The portal informs that the administration council of Avia-Invest changed, after Ilona Shor, stepmother of Orhei mayor and businessman Ilan Shor, replaced Mikhail Fedorov.
The Chișinău Airport is located 13 km southeast of the Moldovan capital. The annual capacity of it is 5.4 m passengers.
Romanian President Klaus Iohannis said on November 2nd, that he is “concerned” about the 30 per cent of the country’s farmland owned by foreigners. He also announced re-shaping Romanian law in order to preserve the interests of the Romania’s citizens.
Romania Insider quotes Mr. Iohannis: “we’ll find ourselves looking down at the land and wonder whose is it, because it’s not ours anymore. No one stops us from making a law that allows Romanians to determine what is happening in Romania. The minimum is a right of first refusal for those who represent the state or the community, and if neither the state nor the community is interested in a particular parcel that is being sold, then we can think about what we can do next.” Romanian authorities have been working on a new legislation on land purchases that would restrict land purchases by foreigners.
According to the proposed rules the individuals would be able to purchase up to 150 hectares of farmland and companies would be allowed to buy no more than 1,500 hectars. “The draft bill also includes a series of requirements that would limit the acquisitions of farmland in Romania, and that would not raise issues at European level,” the portal writes.
Latvia and Switzerland have just agreed on the tax caps on dividends, interest payments and royalties, the Latvian Finance Ministry said LETA. The Baltic Course informs that Markus Niklaus Paul Dutly signed a protocol amending the Latvian-Swiss convention on the double taxation avoidance, with respect to taxes on income and capital that was signed on 2002. The amendments will stimulate business activity in Latvia and Switzerland, and facilitate foreign investments.
The portal quotes Dana Reizniece-Ozola, the finance minister of Latvia: “this is the first protocol to a convention for the double taxation avoidance signed by Latvia after it became a full-fledged member of the Organization for Economic Cooperation and Development (OECD). The signing of this protocol will not only strengthen the existing tax system but will also provide an impetus for broader bilateral economic cooperation, including in regard of foreign investments and business development”.
What’s up in indexes
BUX (of Budapest) dropped by 1.02 per cent – decreasing from 29802.79 index points Friday, October 28th to 29498.95 index points Wednesday, November 2nd. From year-end it’s up 23.32 per cent.
BET (of Bucharest Stock Exchange) dropped by 0.68 per cent falling from 6811.06 index points Monday, October 31st to 6794.86 index points Wednesday, November 2nd. From year-end it dropped by 2.96 per cent.
PX (of Prague) decreased from 908.80 index points Tuesday, November 1st to 902.89 index points Wednesday, November 2nd. So it dropped by 0.65 per cent d/d and by 5.59 per cent from year-end.
WIG20 (of Warsaw) dropped by 2.70 per cent decreasing from 1814.66 index points Monday, October 31st to 1765.62 index points Wednesday, November 2nd. From year-end it dropped by 5.03 per cent.
OMXT (of Tallinn) decreased from 1029.58 index points Tuesday, November 1st to 1026.74 index points Wednesday, November 2nd. So it dropped by 0.28 per cent d/d. From year-end it’s up 14.21 per cent.
OMXR (of Riga) was up 0.05 per cent d/d and by 20.09 per cent from year-end. It increased from 713.39 index points November 1st to 713.75 index points Wednesday, November 2nd.
OMXV (of Vilnius) was up 0.16 per cent – increasing from 555.58 index points Monday, October 31st to 556.46 index points Wednesday, November 2nd. From year-end it’s up 14.50 per cent.
SAX (of Bratislava) dropped by 0.17 per cent - decreasing from 317.59 index points Monday, October 31st to 317.06 index points Wednesday, November 2nd. From year-end its’ up 8.45 per cent.
SOFIX (of Sofia) dropped by 0.66 per cent – falling from 573.03 index points Tuesday, November 1st to 533.51 index points Wednesday, November 2nd. From year-end it’s up 15.75 per cent.
UX (of Kyiv) decreased from 843.65 index points Tuesday, November 1st to 829.79 index points Wednesday, November 2nd. So it dropped by 1.64 per cent d/d. From year-end it’s up 20.99 per cent.
CROBEX (of Zagreb) decreased from 1958.94 index points Monday, October 31st to 1940.08 index points Wednesday, November 2nd. So it dropped by 0.96 per cent. From year-end it’s up 14.82 per cent.