Profi supermarket chain taken over by Mid Europa Partners

(©Profi Romania)

Poland: new flat tax in 2018

Ukraine terminates another intergovernmental military agreement with Russia

Slovakia may get EUR113m from Norwegian funds

Romania

Private equity fund Mid Europa Partners took over the Romanian supermarket chain Profi from the Polish PE - Enterprise Investors. The value of transaction is EUR0.5bn and it’s “the biggest deal ever completed by a private equity firm in Romania and the largest retail deal in the country’s history,” writes Romania Insider and reports that the transaction is now a subject of anti-trust clearance and is expected to close in the first quarter of 2017.

Profi is the retail network present in almost 250 cities, smaller towns, and villages in Romania. Profi operates two store formats in urban areas, Standard and City, and recently developed Loco, a format for rural areas of the country. It operates from almost 500 stores and will expects sales of about EUR800m in 2016. Its headcount is 11,000.

The previous owner, Enterprise Investors, bought the Profi supermarket chain in 2009 for EUR66m.

>>More

Poland

More details on the planned re-shaping of tax system in Poland are known. The Polish Radio quotes Henryk Kowalczyk,  the Chairman of the Permanent Committee of the Council of Ministers, saying a new flat tax will be part of a “comprehensive” new tax system introduced in Poland in 2018. According to Mr. Kowalczyk the new system will also raise the tax-free income threshold from PLN3,000 (EUR680) to PLN 8,000 annually.

The Polish Radio reminds that a pledge to raise the tax-free threshold was one of the promises made by Law and Justice (PiS) party during the election campaign in the fall 2015. “True to our declarations, we want to raise it to PLN8,000. But this won’t happen until 2018 (…)The government is working on a comprehensive taxation system, which will be implemented in the form of a flat tax as of 2018,” Mr. Kowalczyk informed.

>>More

Ukrainie

Another Ukrainian-Russian agreement will be terminated. The Interfax reports Ukraine's government has approved a bill on termination of the intergovernmental agreement signed with Russia on July 2003. This agreement signed described conditions of liquidation of five Russian heavy bombers Tu-95 equipped for nuclear arms at the production facilities of Bila Tserkva, It was aimed to execute the agreement on strategic offensive weapons dated 1991.

In June 2014 Ukraine imposed a ban on military and technical cooperation with Russia, including double-purpose products.

>>More

Slovakia

Slovakia may get EUR113m from Norwegian funds, the Slovak Spectator reports. It may use the funds to finance projects linked to entrepreneurship and innovations, climate changes, cultural heritage or the fight against gender-related violence.

Slovakia will sign the memorandum of understanding with Norway, Iceland and Liechtenstein on implementing the EEA Grants and Norway Grants. “It will be already the third edition of these grants in Slovakia, thanks to which the country will be able to draw some EUR113m until 2021,” the Slovak Foreign Affairs Ministry informed. The amount is to be about EUR30m higher than the previous grants.

>>More

What’s up in indexes

BUX (of Budapest) dropped by 0.28 per cent. It decreased from 30240.38 index points Tuesday, November 22nd to 30156.29 index points Wednesday, November 23rd. From year-end it’s up 26.07 per cent d/d.

BET (of Bucharest Stock Exchange) dropped by 0.16 per cent d/d and by 2.34 per cent from year-end. It decreased from 6852.19 index points Tuesday, November 22nd to 6838.27 index points Wednesday, November 23rd.

PX (of Prague) dropped by 0.40 per cent d/d and by 7.07 per cent from year-end. It decreased from 892.29 index points Tuesday, November 22nd to 888.72 index points Wednesday, November 23rd.

WIG20 (of Warsaw) was up 1.18 per cent – increasing from 1775.66 index points Tuesday, November 22nd to 1796.63 index points Wednesday, November 23rd. From year-end it dropped by 3.36 per cent.

OMXT (of Tallinn) was up 0.37 per cent d/d and up 14.92 per cent from year-end. It increased from 1029.27 index points Tuesday, November 22nd to 1033.09 index points Wednesday, November 23rd.

OMXR (of Riga) dropped by 0.16 per cent d/d – falling from 737.80 index points Tuesday, November 22nd to 736.59 index points Wednesday, November 23rd. From year-end it’s up 23.93 per cent.

OMXV (of Vilnius) dropped by 0.68 per cent – decreasing from 558.40 index points Tuesday, November 22nd to 554.59 index points Wednesday, November 23rd. From year-end it’s up 14.12 per cent.

SAX (of Bratislava) decreased from 307.32 index points Tuesday, November 22nd to 306.12 index points Wednesday, November 23rd. So it dropped by 0.39 per cent d/d. From year-end it’s up 4.71 per cent.

SOFIX (of Sofia) was up 0.15 per cent d/d and up 18.63 per cent from year-end. It increased from 545.95 index points Tuesday, November 22nd to 546.75 index points Wednesday, November 23rd.

UX (of Kyiv) was up 0.42 per cent d/d and up 17.65 per cent from year-end. It increased from 803.54 index points Tuesday, November 22nd to 806.91 index points Wednesday, November 23rd.

CROBEX (of Zagreb) was up 0.29 per cent – increasing from 1985.21 index points Tuesday, November 22nd to 1991.06 index points Wednesday, November 23rd. From year-end it’s up 17.84 per cent.

Share this post

TOP

Leave a Comment

Logged in as . Log out?


× four = 20