The European Central Bank has fined SEB’s Baltic operations a total of EUR 1.24 million for failing to adequately address deficiencies in credit risk assessment practices, including a EUR 490,000 penalty for the bank’s Lithuanian branch. According to the ECB, internal models used by SEB banks in Estonia, Latvia and Lithuania for calculating the Margin…
Bulgarian garment companies are struggling to find new markets due to the recent increase in tariffs on industrial goods under Donald Trump’s administration. Business owners are grappling with important questions: will Chinese imports shift towards Europe? Will local producers face a serious blow, leading to a market flooded with cheaper, lower-quality clothing? And could this…
The Prime Ministers of Ukraine and Norway Denys Shmyhal and Jonas Hahr Store discussed cooperation in the economic and defence sectors. The meeting took place on the sidelines of the Spring Meetings of the World Bank Group in Washington, DC. The parties addressed an issue of joint arms production. The Head of the Ukrainian Government…
The Prime Minister Denys Shmyhal and the World Bank’s Managing Director of Operations Anna Bjerde discussed the implementation of joint projects, launching new initiatives and attracting funding next year. The meeting took place in Washington, DC. The Head of the Ukrainian Government emphasized that the Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund (URTF), established…
The last trace of Presov’s storied liquor-making tradition is fading. Prelika, the city’s final operating distillery and mustard producer, is closing after years of decline, bringing an end to a legacy that began in 1903 with 22 local estate owners. Founded as a cooperative with a sizeable annual output for its time – 34,000 hectolitres…
The National Real Estate Association has raised concerns regarding the proposed Bill on Real Estate Brokers, submitted by MP Valeri Plamenov Lachovski and others. According to the association, the draft law fails to adequately define the responsibilities of real estate brokers during transactions. Real estate transactions involve a multifaceted process aimed at safeguarding the financial…
Minister of Finance of Ukraine Sergii Marchenko addressed the G7 Finance Track meeting during his working visit to Washington, D.C., for the IMF and World Bank Spring Meetings. The meeting brought together finance ministers and central bank governors from G7 countries, as well as leadership from the IMF, World Bank and European Commission. Discussions focused…