Energy companies booked the majority of Southeast Europe’s heftiest corporate losses in 2012 as 13 oil, gas and electricity firms made the TOP 20 money losers ranking of predominantly heavy-industry entries.
Companies that turned 2011 bottom lines into SEE’s biggest losses took the top four spots in the 2012 standings.
The nature of the modern knowledge economy has changed the way we perceive physical spaces. Contemporary cities are increasingly viewed not only as geographic and economic entities, but also as brands, shaped and popularized by the experience they offer to both locals and visitors.
The global economic slowdown of 2012 was far sharper than expected and its impact on the economies of Southeast Europe turned the spotlight on the region’s structural weaknesses whilst also exacerbating the effects of the eurozone debt crisis. For these economies, 2013 is a year of readjustment and renewing commitments to creating robust and sustainable economic growth, an approach which is forecast to result in more promising rates of real output in 2014.
Croatia celebrated its accession to the EU on July 1, 2013, to the sounds of Beethoven’s Ode to Joy and fireworks in the presence of the country’s leaders and EU officials. The latest EU enlargement, however, raises a number of questions not only about the future of Croatia but also about the EU in general.
The economic recession determined an eventful political year in the SEE region in 2012 and the first half of 2013. Parliamentary, presidential and local elections, impeachment process, no-confidence votes and a new EU member in the face of Croatia were the features of the political picture in the region.
Oil and gas firms increased their number on the list of the 20 SEE companies with the heftiest losses in 2011 to nine from seven in 2010. Analysts attribute the increase to the rise in global oil prices that continued to depress the bottom line of the oil companies in the region, which are involved mostly in refining. Four firms on the list are units of Russian oil major Lukoil.
The economies of Southeast Europe set out on a hard and long road to recovery last year, trying to beat the challenge of sluggish demand for their exports in the eurozone, their main trading partner.
Unsurprisingly, the EU member states in the region fared worse than their non-EU neighbours due to their stronger integration with the western European markets. In contrast, non-EU member states capitalised on their looser links with the EU to post bigger growth in their gross domestic product (GDP).
It’s 2004 and Ireland has swung a legislative wrecking ball, initiating a demolition process that would leave smokers in many European countries out in the cold (literally as well). The Irish government has enforced the first-ever law that prohibits smokers from lighting up in all enclosed public and work places, bars and restaurants included. Partial bans and assorted restrictions had been around before that in many countries but none had until then brought watering holes and eateries within the scope of anti-smoking legislation.