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Another headache for Miguel Maya? Polish banks under threat of taxation if deposit rates are not raised – Banking and Finance

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Another headache for Miguel Maya?  Polish banks under threat of taxation if deposit rates are not raised - Banking and Finance

Jarosław Kaczynski, leader of the Law and Justice (PiS) party that has ruled Poland since 2015, this Saturday threatened banks operating in the country with a tax if they do not speed up the hike in interest rates on deposits. However, the party leader did not specify how this additional tax would be applied.

The reluctance of Polish banks to increase the interest paid to depositors has been criticized by the Polish government at a time when Poles are facing growing difficulty in paying back their loans in the face of inflation.

The criticism of Polish banks stems from the fact that they do not follow the increase in key interest rates of the National Bank of Poland, which began an aggressive cycle of rate hikes – the last increase of 75 basis points was applied on June 8 – upwards. to the current 6%. Interest rates in Poland were at a record low of 0.1% last September and were raised to 0.5% in October. Since then, the Polish central bank has been raising rates every month.

“Banks should come to their senses and radically raise interest rates on deposits,” Kaczynski said. “Otherwise, we will have to tax this excess profit,” he threatened.

BCP has a presence in Poland through Millennium Bank, in which it has a majority stake. Businesses in the country have effectively penalized the accounts of the financial institution headed by Miguel Maia because of reserves linked to old Swiss franc loans.

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Economy

In Russia began to dismantle aircraft for spare parts – Aviation

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In Russia began to dismantle aircraft for spare parts - Aviation

Russian airlines, including state-owned Aeroflot, are stripping planes to secure spare parts they can’t buy abroad due to Western sanctions, Reuters reported, citing four industry sources.

The companies are following Moscow’s guidance in June and are reaching out to some aircraft to get the parts they need to keep the rest of the fleet operational until at least 2025.

A source told Reuters that at least one Sukhoi Superjet 100 and one Aeroflot Airbus A350 are being dismantled, with the Airbus jet being “almost new”.

But the state-owned company has also stripped parts from some Boeing 737s and Airbus A320s to keep other planes of the same model flying.

Almost 80% of Aeroflot’s fleet is owned by the two largest aircraft manufacturers – 134 Boeing and 146 Airbus aircraft, and about 80 aircraft – Russian-made Sukhoi Superjet-100, which, according to the latest data, use many foreign-made parts, Reuters notes.

It will also be difficult for Moscow to buy parts from countries that have not imposed sanctions against Russia after the invasion of Ukraine. Asian and Middle Eastern airlines fear “secondary sanctions” from the West if they supply equipment, a source told the agency.

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After all, how much lower fuel prices? See accounts here

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After all, how much lower fuel prices?  See accounts here

Ethis week started with lower fuel prices, which was found for both diesel and gasoline. The fall averaged seven cents, slightly below forecast.

Average price for simple diesel fuel fell in price to 1746 euros per liter (€/litre) on Monday, August 8, compared to 1816 euro/litre on Sunday. it discount seven cents.

Me and simple gasoline 95 cost, on average, €1805/liter on Monday, minus 7.3 cents than the 1,878 euros per liter registered the day before, according to data released by the Directorate General for Energy and Geology (DGEG).

With proven descent on plain petrol 95the price of this component returns to pre-war levels in Ukraine. Let me remind you that on February 23, the average price of regular gasoline 95 was 1816 euros / liter. On the same day of the invasion, plain gasoline 95 also cost €1,816 per litre, compared to the current €1,805 per litre..

Dynamics of fuel prices since the beginning of the war© DGEG website reproduction

The average price at gas stations for the week from 1 to 7 August in the case of gasoline was 0.9 cents higher than the ERSE weekly average price and 0.1 cents lower for diesel.. The information is contained in the Weekly Report on Supervision of Sales Prices to the Public, posted on Monday Energy Services Regulatory Authority (ERSE).

“Regarding the previous week, it was found that the average selling price for the public, announced on the porticos and published in the Balcão Único da Energia, was 0.9 cents per litre. [cêntimos/litro] higher than this week’s effective price for plain gasoline 95 and 0.1 cents/liter lower for plain diesel.”

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Thus, according to ERSE, “in percentage terms, plain 95 gasoline was declared on taps 0.5% above the effective price, and ordinary diesel fuel was declared 0.1% below the effective price.”

Read also: Fuel is cheaper today (and could return to pre-war prices)

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Europe ends the session in green. Oil is on the rise. Interest Weakens – Minute Markets

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Europe ends the session in green.  Oil is on the rise.  Interest Weakens - Minute Markets

Europe recovers from worst day in three weeks and accelerates growth

The main markets of Western Europe opened weekly trading in positive territory, investors are closely watching the companies’ quarterly earnings and losses. It comes after the underlying Stoxx 600 recorded its worst day in three weeks on Friday under pressure from the tech sector, which fell more than 2%.

The core index of the Old Continent added 0.76% to 439.04 points, with all sectors trading in positive territory. The oil and gas sector recorded the largest growth, followed by the mining sector and utilities (water, electricity, gas). On the other hand, food, media and telecommunications traded with gains below 0.5%.

“Markets have proven resilient in recent weeks,” Esty Dweck, an analyst with Flowbank, explains to Bloomberg. “Europe continues to surprise with growth, but growth prospects remain negative, suggesting that recent good performance is unlikely to last until the end of the year.”

Among the main indexes in Western Europe, the German Dax rose 0.98%, the Spanish IBEX 35 added 0.91%, the French CAC-40 and the Dutch AEX added 0.71%. Britain’s FTSE 100 added 0.61%, while the Portuguese PSI jumped 0.74%.

Italy’s FTSEMIB added 0.81% even after rating agency Moody’s downgraded the “forecast” of the country’s economic growth.

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