NIEUWSNOW - PERSNIEUWS - FiBU NEWS MEDIA

Brussels, EU: “Economic sanctions against Russia on Thursday to be continued for again six months”. 

It is expected that the Council of the European Union will enact a legal decision on the extension of anti-Russian sanctions for another six months after January 31, 2018.

Restrictive measures were first introduced on July 31, 2014 for a period of one year in response to Russia’s actions, which destabilized the situation in Ukraine. The sanctions were tightened even further in September 2014.

It’s clear that US/EU anti-Russian sanctions made no effect, just the opposite!  Makes it harder to create a better relationship.   

THE FINANCIAL JOURNAL GLOBAL

SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)

Uitvoeringswet over gegevensbescherming naar Tweede Kamer

De wet van minister Dekker (voor Rechtsbescherming) die uitvoering geeft aan de Algemene verordening gegevensbescherming is vandaag bij de Tweede Kamer ingediend. Doel van de Europese verordening is verdergaande harmonisatie van de regels rond de bescherming van persoonsgegevens en de bevordering van vrij verkeer van gegevens binnen de Unie. De verordening treedt op 25 mei 2018 in werking. Op hetzelfde tijdstip zal de Uitvoeringswet in werking moeten treden. De huidige Wet bescherming persoongegevens (Wbp) zal dan worden ingetrokken.

Nieuwe regels zijn noodzakelijk, omdat de uitwisseling van persoonsgegevens overal in de Europese Unie is toegenomen. Gegevensuitwisseling houdt niet op bij de landsgrenzen. Bovendien kunnen overheid en bedrijfsleven, dankzij nieuwe technologie, bij hun activiteiten meer dan ooit gebruik maken van persoonsgegevens. Minister Dekker: ‘Mensen moeten er op kunnen vertrouwen dat bedrijven en overheden netjes met hun persoonsgegevens omgaan. Met de nieuwe regels ontstaat in de gehele Europese Unie een gelijk niveau van bescherming.’

De Uitvoeringswet is beleidsneutraal. Dat wil zeggen dat daar waar de verordening ruimte laat voor nationale keuzes, de bestaande regels die gelden op grond van de Wbp, zoveel mogelijk ongewijzigd worden overgenomen. Dat is bijvoorbeeld het geval bij de verwerking van bijzondere categorieën van persoonsgegevens zoals gegevens over geloof, over gezondheid of over etnische afkomst. Alle bestaande uitzonderingen op het verbod van verwerking van deze gegevens zijn immers om zwaarwegende maatschappelijke belangen opgenomen in de Wbp. Er is geen reden om daarvan af te wijken. Ook om de oude naar de nieuwe situatie zo soepel mogelijk te laten verlopen, is het aansluiten bij de huidige Wbp een voordeel. Hoe kleiner de verschillen, des te makkelijker de overgang.

Alle veranderingen in rechten en verplichtingen vloeien dus direct voort uit de verordening. Zo worden de rechten van burgers op het gebied van privacy versterkt door bijvoorbeeld het vastleggen van het recht om ‘vergeten te worden’ en het recht van burgers om van de overheid of een bedrijf hun persoonsgegevens in een standaardformaat te verkrijgen (dataportabiliteit).

Daarnaast moeten organisaties die persoonsgegevens verwerken rekening houden met nieuwe, strengere verplichtingen. Er wordt meer transparantie en verantwoording gevraagd. De verwerkingsverantwoordelijke moet aantonen dat hij in overeenstemming met de verordening handelt (verantwoordingsplicht) en moet een register bijhouden van de verwerkingsactiviteiten die onder zijn verantwoordelijkheid plaatsvinden. Ook verplicht de verordening in meer gevallen een functionaris voor gegevensbescherming aan te wijzen. Het toezicht op de naleving van de verordening en de Uitvoeringswet is belegd bij de Autoriteit persoonsgegevens. In de uitoefening van het toezicht is de Autoriteit strikt onafhankelijk.

Niet alleen de Autoriteit Persoonsgegevens, de Europese commissie en het ministerie van Justitie en Veiligheid, maar ook organisaties als VNO-NCW en de VNG zijn allerlei voorlichtingsactiviteiten gestart om verantwoordelijken wegwijs te maken in de nieuwe regels. Zo publiceert het ministerie binnenkort ook een uitgebreide ‘Handleiding AVG’ voor bedrijven, overheden en organisaties die persoonsgegevens verwerken.

THE FINANCIAL JOURNAL GLOBAL

SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)

Eurostat estimates that, in the third quarter of 2017, 236.3 million men and women were employed in the EU28, of which 156.3 million were in the euro area. 

THE FINANCIAL JOURNAL GLOBAL

SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)

THE FINANCIAL JOURNAL GLOBAL

SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)

During the third quarter of 2017, 164 300 first time asylum seekers applied for international protection in the Member States of the European Union (EU). 

THE FINANCIAL JOURNAL GLOBAL

SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)

EuroFlash: Brent: $63,90 (+0,13%), AEX: 551,89 (-0.17%), EUR>(+0,06%)>US-Dollar: $1.1735, EUR>(-0,28%) Pound>£0,8790, Pound>(+0,23%) US-Dollar $1,3348

THE FINANCIAL JOURNAL GLOBAL

SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)

Euro currently neutral at $1.1739  pending rate decision. 

US Fed fund futures are currently pricing in a nearly 100% chance of a rate hike on this Wednesday

The US Fed is expected to raise rates to 1.5% from 1.25%.

Announcement expected at 20:00 hrs.

THE FINANCIAL JOURNAL GLOBAL

SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)

Scania files appeal against decision of the European Commission regarding EU antitrust rules

Scania has filed an appeal against the Commission’s decision regarding EU antitrust rules with the General Court of the European Union. In the appeal, Scania contests the findings and allegations made in the Commission’s decision.

Scania has not entered into any pan-European agreement with other manufacturers with regard to pricing. Also, the company has not delayed the introduction of new engines compliant with EU-legislation for exhaust emissions.

THE FINANCIAL JOURNAL GLOBAL

SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)

EU Brexit negotiator Michel Barnier: “agreement, presented in a joint report last Friday, have since been undermined by Brexit minister David Davis”

THE FINANCIAL JOURNAL GLOBAL

SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)

Swiss, Lugano: Darwin Airline announces bankruptcy to staff by fierce competition

The regional carrier is based in Lugano in southern Switzerland.

Swiss regional carrier Darwin Airline has been forced to concede bankruptcy after a period of serious financial problems. Its plight will cause further headaches for the airport of Lugano in southern Switzerland, where it is based.

A fortnight after seeing its fleet grounded by the Federal Office of Civil Aviation, the company informed its 250 staff on Tuesday that bankruptcy was imminent.

It is the outcome of several months of speculation and efforts to turn around the fortunes of the small airline, which was attached in July to Adria Airways, themselves belonging to Luxembourg fund 4K Invest.

However, the decline of Alitalia earlier this year, as well as the more recent dissolution of Air Berlin, had negative knock-on effects on Darwin, notably by increasing competition in a crowded market and discouraging further investment.

Staff have not been paid since October, according to trade union OCST.

Darwin Airline served passengers travelling south to Rome and west to Geneva. The airport is currently looking into alternative options to maintain this latter route.

THE FINANCIAL JOURNAL GLOBAL

SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)

EasyJet is pleased to confirm that it has received European Commission approval for its recent agreement to acquire part of Air Berlin’s operations at Berlin Tegel Airport. 

Now officially easyJet is pleased to confirm that it has received European Commission approval for its recent agreement to acquire part of Air Berlin’s operations at Berlin Tegel Airport. 

The acquisition will result in easyJet operating 25 aircraft from Berlin Tegel Airport. The agreement includes easyJet leasing former Air Berlin aircraft, taking over other assets including slots, and offering employment to Air Berlin flying crews.

The Commission has confirmed that there are no competition concerns relating to this agreement and easyJet now expects to complete the transaction in the near future. 

THE FINANCIAL JOURNAL GLOBAL

SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)

Lilian Marijnissen nieuwe leider SP; Roemer haakt af! 

Lilian Marijnissen volgt Emile Roemer op als fractievoorzitter van de SP. Zij is de dochter van oud SP-leider Jan Marijnissen. Emile Roemer maakte zojuist bekend dat hij het leiderschap van de SP neerlegt.

THE FINANCIAL JOURNAL GLOBAL

SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)

THE FINANCIAL JOURNAL GLOBAL

SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)

Zotefoams today announces that it has entered into a strategic partnership with Nike

Zotefoams today announces that it has entered into a strategic partnership with Nike to develop footwear technology and supply materials for the global footwear, apparel and equipment company.

Zotefoams, a leader in cellular material technology, will supply high-performance foam materials exclusively to Nike, within the footwear industry. The foams, which are designed for footwear, can be formulated to specific customer needs and are superior in performance, consistency, quality and purity to foams produced by other methods.

Through the partnership, Zotefoams will work exclusively with Nike to develop and manufacture foam innovations to bring to market high-performance athletic product.

THE FINANCIAL JOURNAL GLOBAL

SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)

US Tax Reform: US Congress is fast approaching a consensus on a comprehensive tax reform.

US Congress is fast approaching a consensus on a comprehensive tax reform. Though certain details still remain to be decided, it looks like US companies can expect to see their tax bills go down considerably. The reform will also lead to radical changes in how corporations are taxed in the United States. From now on, the US tax authorities will no longer tax the worldwide income of US companies; instead, following the concept of territoriality, only profits generated in the United States will be subject to tax.

The Centre for European Economic Research (ZEW) in Mannheim together with the University of Mannheim have conducted a comprehensive study analysing the effects of this reform on international tax competition. According to the findings, the reform will lead to a significant decrease in the effective tax burden (including US state taxes) on companies operating in the US from 36.5 per cent

currently to 22.7 per cent. This is caused not only by the considerable cut in the federal statutory tax rate from 35 per cent to just 20 per cent, but also by the planned immediate write-offs for certain capital assets. Following the reform, the effective tax burden on firms in the US will be lower than in Germany (28.2 per cent) and close to the EU average (20.9 per cent).

This tax cut along with the decision to stop taxing worldwide income and move towards territoriality instead will also alter the incentives for international investment, with the US becoming an even more attractive investment location for European companies after the reform is implemented. However, US companies investing in Europe will also face a lower tax burden since, according to territoriality, there is no longer an obligation to pay US taxes on top of the taxes paid to host countries on profits generated in Europe. EU countries with low tax rates such as Ireland will particularly benefit, while countries like Germany with a comparatively high tax rate will become less attractive to investors.

“This tax reform in the US isn’t just going to stoke tax competition between the United States and Europe; competition between EU Member States for US investment is also going to intensify and Germany is going to lose out,” says ZEW Research Associate and leader of the study Professor Christoph Spengel, describing the findings of the study. The consequences of the reform for direct investment flows between Europe and the US could be considerable. According to the findings of the study,

we can expect to see German companies increase their investment in the US by around a quarter after the reform.

In terms of current EU efforts to combat tax avoidance, the results of the study are somewhat sobering. “EU anti-avoidance legislation cannot protect against loss of revenue due to this tax reform in the US. On the contrary, the legislation could further reduce investment in Europe because the risk of double taxation is increasing,” says Spengel. According to Spengel and the conclusion of the study, the new German government would be well advised to develop a strategy for increasing Germany’s competitiveness when it comes to taxation.

THE FINANCIAL JOURNAL GLOBAL

SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)

Dixons Plc  Carphone first half profits fall

THE FINANCIAL JOURNAL GLOBAL

SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)

TUI Group posted a large rise full-year profit as bookings for its travel offerings improved across Europe. The company posted a pre-tax profit of €1.08b, up 77% from €618m in the previous year.

Adjusted Ebita rose by 12% to €1.10b, comparing positively to the company's guidance of at least 10% growth.

The company said it expected to deliver at least 10% growth in underlying EBITA in in the current financial year, too. "Demand for our holidays, hotels and cruises remains strong," it said.

Customer winter booking volumes, however, had fallen by 3% in the UK, though this was offset by stronger volumes in Germany, the Nordics and Benelux.

THE FINANCIAL JOURNAL GLOBAL

SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)

TUI Group: Continued strong earnings growth of 12 per cent1 in 2017/ Own hotels and TUI cruise subsidiaries are growth drivers

CEO Fritz Joussen: “Third consecutive year of double-digit earnings growth. We are extending our position as the leading international tourism company".

Full year 2017: Underlying EBITA up 12.0 per cent1

Turnover up 11.7 per cent1 in the period under review

56 per cent of TUI’s earnings are now delivered from own hotel and cruise subsidiaries

Supervisory Board and Executive Board will propose a dividend of 0.65 euros per share (previous year 0.63 euros)

Guidance for underlying EBITA CAGR of at least 10%1 extended to financial year 2020

Winter 2017/18: Very good trading performance fully matches expectations

2017 was another very good year for TUI Group. In the period under review, TUI increased its underlying EBITA by 12.0 per cent1, with turnover up 11.7 per cent1. Despite a challenging market environment, TUI again outperformed its guidance of delivering at least ten per cent growth in underlying EBITA. “For the third consecutive year, we have delivered double-digit growth in our operating result. More than half of our earnings are delivered by TUI’s hotel and cruise companies. Our successful strategic realignment is also clearly reflected in our set of results. Thanks to the strong growth of our hotel and cruise brands, TUI now delivers stronger margins and is less seasonal. Our business profile is now much more evenly structured across the entire year. The clear focus on investments in high-margin hotels and ships was the core of the strategy for the new TUI following the merger in 2014,” said TUI CEO Fritz Joussen at the presentation of the results for financial year 2017 (1 October 2016 to 30 September 2017) in London. Customers, shareholders and employees benefit from TUI’s new strategic positioning and financial strength. “We are investing in new hotels and modern cruise ships. And we pay an attractive dividend to our shareholders. We are seeking to continue this path,” said Joussen.

Overview of full year 2017

In the period under review (1 October 2016 to 30 September 2017), TUI Group delivered turnover growth of 11.7 per cent to 19.2 billion euros (previous year: 17.2 billion euros) at constant currency. Including foreign exchange effects, turnover also rose substantially by 8.1 per cent to 18.5 billion euros. Underlying EBITA at constant currency climbed by 12.0 per cent to 1.121 billion euros (previous year 1.001 billion euros). Including foreign exchange effects, it grew by 10.2 per cent to 1.102 billion euros.

Dividend: Executive Board and Supervisory Board propose 0.65 euros per share

The development of TUI Group’s dividend is linked to the group’s underlying EBITA development at constant currency. The strong earnings growth of 12.0 per cent1 in the completed financial year on the base dividend (0.58 euros) results in a dividend of 0.65 euros per share. The Executive Board and Supervisory Board will submit a corresponding proposal to the Annual General Meeting on 13 February 2018.

Further growth and better efficiency thanks to digitalisation

TUI has consistently transformed itself and has become a completely different organisation over the past five years. “TUI 2017 is not comparable with TUI 2012,” said Joussen. “While the Group in essence was a tour operator, TUI is now a developer, investor and operator of hotel and cruise businesses. We will continue to invest in our own hotel and cruise companies to generate further growth.” TUI’s own European tour operators today are strong sales and marketing units providing direct access to the Group’s 20 million customers. The Group uses modern CRM systems to gain a single view of the customer. In order to enhance efficiency and optimise income from managing bed capacity, TUI operates its own yield management system and uses blockchain technology. “At TUI, blockchain is not just a vision, but has been a live reality with an application called ‘bed swap’ since summer 2017,” said Joussen. The Group aims to tap new customer groups in growth regions such as China and South East Asia, based on a fully digital approach and cooperation with local partners. These countries are characterised by the emergence of middle classes that are only starting to discover travel.

Overview of the segments

Hotels & Resorts with strong performance, increase in average revenue per bed

Hotels & Resorts significantly improved its operating result in the full financial year 2017. As before, the growth of TUI’s hotel companies was in particular driven by RIU:

Underlying EBITA: +17.3 per cent to 356.5 million euros (previous year 303.8 million euros)

Underlying EBITA at constant currency: +19.2 per cent to 362.0 million euros

Average revenue per bed: 63 euros (previous year: 60 euros)

Average occupancy: 79 per cent (previous year: 78 per cent)

In 2017, a total of ten new hotels opened under the core brands of TUI Hotels & Resorts, including one RIU in Jamaica, six Blue Diamond hotels in Jamaica and St Lucia as well as three TUI Blue, one each in Croatia, Italy and Tenerife.

Cruises: Growth path successfully continued

Since the first half of financial year 2017, the Cruises segment has comprised the results of all three cruise companies: TUI Cruises, Marella Cruises (formerly Thomson Cruises) and Hapag-Lloyd Cruises. In the period under review, it delivered substantial earnings growth and a significant increase in average rates:

Underlying EBITA: +33.9 per cent to 255.6 million euros (previous year 190.9 million euros)

Underlying EBITA at constant currency: +38.0 per cent to 263.4 million euros

Average rate per passenger per day (previous year figures shown in brackets):

TUI Cruises 173 euros (previous year 171 euros)

Marella Cruises 131 GBP (previous year 121 GBP)

Hapag-Lloyd Cruises 594 euros (previous year 579 euros)

Average occupancy:

TUI Cruises 101.9 per cent (previous year 102.6 per cent)

Marella Cruises 101.7 per cent (previous year 100.6 per cent)

Hapag-Lloyd Cruises 76.7 per cent (previous year 76.8 per cent)

In June 2017, “Mein Schiff 6” joined TUI Cruises’ fleet. In 2018, the new “Mein Schiff 1” will be launched by TUI Cruises. The Marella Cruises’ fleet has continued with its modernisation: In the period under review, it launched “Marella Discovery 2”. The fleet operated by TUI’s subsidiary Hapag-Lloyd Cruises will also be expanded and modernised in the medium term: In calendar year 2019, the new builds “Hanseatic nature” and “Hanseatic inspiration” will join the fleet as luxury expedition cruise ships.

Sales & Marketing in all regions report growth in customer numbers, strong performance in Germany, the Nordics and Benelux, Northern Region customer numbers up 3.5 per cent

Sales & Marketing in the three source market regions recorded a positive operating performance in 2017, in particular in the Nordics, Germany and Benelux. Customer numbers were up 6.3 per cent to 20.2 million across all regions.

Underlying EBITA at constant currency and excluding one-off effects: +3.0 per cent to 571 million euros (previous year 554 million euros).

Underlying EBITA including the one-off effects: -5.0 per cent to 526.5 million euros

Northern Region (UK & Ireland, Nordics, Canada, Russia) has no longer included Blue Diamond hotels and Marella Cruises (formerly Thomson Cruises) since H1 2017. The UK continued to report strong demand for travel and a strong trading performance. Customer volumes were up 3.5 per cent in the region. The Nordics delivered a very strong performance in the period under review. A positive effect was driven by changes in the product mix, with an expansion in offerings to Spain, Cyprus, Bulgaria and Croatia.

Underlying EBITA Northern Region: -9.7 per cent to 345.8 million euros (previous year: 383.1 million euros)

In Central Region (Germany, Austria, Switzerland, Poland), Germany reported a very strong operating performance. Customer numbers in the region were up 4.7 per cent year-on-year. In aviation, as previously indicated, the sickness incident in TUI fly at the start of the financial year resulted in one-off costs of 24 million euros. The insolvency of Air Berlin and the resulting need to change the wet-lease agreement for aircraft and crews caused further one-off costs of 15 million euros. Excluding the one-offs underlying EBITA of Central Region would have been 26 million euros above the previous year.

Underlying EBITA Central Region: -16 per cent to 71.5 million euros (previous year: 85.1 million euros)

The result generated by Western Region (Belgium, Netherlands, France) was driven by a strong performance in Belgium and the Netherlands. Benelux recorded a strong trading performance, in particular in the second half of the year. Belgium and the Netherlands also benefited from the brand migration to the TUI brand. Only France could not contribute to the overall positive development of the region.

Underlying EBITA Western Region: +26.8 per cent to 109.2 million euros (previous year: 86.1 million euros)

Sound trading performance – current Winter trading continues to match our expectations

Current trading for Winter 2018 (as per 3 December 2017) is good, in line with our expectations, with particularly strong growth in bookings for Thailand, Cape Verde, North Africa and Cyprus and also Turkey picking up again.

Booked source market turnover: +6 per cent1

Customers: +3 per cent

THE FINANCIAL JOURNAL GLOBAL

SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)

THE FINANCIAL JOURNAL GLOBAL

SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)

ALABAMA Democrat Doug Jones defeats Republican Roy Moore to win Alabama Senate election

THE FINANCIAL JOURNAL GLOBAL

SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)

Roy Moore's campaign manager has said the candidate is not yet conceding the US Senate race to winner Democrat Doug Jones.

THE FINANCIAL JOURNAL GLOBAL

SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)

GERMAN: CONSUMER PRICES IN NOVEMBER 2017: +1.8% ON NOVEMBER 2016

Consumer prices in Germany were 1.8% higher in November 2017 than in November 2016. This means that the inflation rate as measured by the consumer price index was again slightly up, after standing at +1.6% in October 2017 (September and August 2017: +1.8% each). Compared with October 2017, the consumer price index increased by 0.3% in November 2017. The Federal Statistical Office (Destatis) thus confirms its provisional overall results of 29 November 2017.

Energy prices as a whole, which were markedly up in November 2017 compared with a year earlier (+3.7%), had an upward effect on the overall inflation rate. In October 2017, the rate of energy price increase had been +1.2%. Between November 2016 and November 2017, the prices of mineral oil products increased especially (+7.7%, of which heating oil: +15.1%; motor fuels: +5.9%). Year-on-year price increases were also recorded for electricity (+2.0), charges for central and district heating (+1.0%) and solid fuels (+0.9%). Only gas prices declined on a year earlier (–1.4%). Excluding energy prices, the inflation rate in November 2017 would have been slightly lower (+1.7%).

Food prices (total) also increased markedly at +3.2% in November 2017 compared with a year earlier. However, the increase in food prices slowed down (October 2017: +4.3%). A year-on-year increase in prices was recorded especially for edible fats and oils (+17.8%) and for dairy products (+11.1%) in November 2017. Consumers paid considerably more also for fruit (+4.1%), fish and fish products (+4.0%) and meat and meat products (+3.0%). However, the prices of vegetables declined year on year (–3.2%). Excluding energy and food prices, the inflation rate would have been +1.5% in November 2017.

Compared with the overall inflation rate, the prices of goods as a whole rose above average (+2.1%) between November 2016 and November 2017. Apart from energy products and food prices, the prices, for instance, of newspapers and periodicals (+4.9%), tobacco products (+4.6%) and pharmaceutical products (+2.6%) rose significantly too. However, price decreases were also recorded for some goods like, for instance, information processing equipment (–1.9%) and consumer electronics (–1.5%).

Prices of services (total) rose by 1.5% in November 2017 on a year earlier, that is, the price increase was smaller than for goods. A major factor contributing to the increase in service prices was the development of net rents exclusive of heating expenses (+1.7% on November 2016), as households spent a large part of their consumption expenditure on this item. Even larger price increases were observed, for example, for package holidays (+4.9%), maintenance and repair of vehicles (+3.7%) and in-patient health services (+3.5%). However, a marked year-on-year decline in prices was recorded for insurance services for transportation (–8.9%) and services of social facilities (–7.4%). The price development was consumer-friendly for telecommunications services too (–0.6%).

Change in November 2017 on October 2017

Compared with October 2017, the consumer price index increased by 0.3% in November 2017. Prices of energy (total) were considerably up 1.3% month on month. Consumers paid more especially for heating oil (+5.2%) and motor fuels (+2.6%, including supergrade petrol: +2.8%; diesel fuel: +1.9%).

Food prices (total) increased less markedly (+0.3%) than energy prices in November 2017 on the previous month. A month-on-month increase in prices was especially recorded for dairy products (+3.4%, including cream: +20.5%; fresh milk: +6.2%). However, the prices of edible fats and oils declined considerably (–6.0%); especially butter prices were down 9.7% in November 2017. Consumers paid less for vegetables too (–1.6%). A price decline was also recorded for clothing and footwear (–0.7%) and alcoholic beverages and tobacco (–0.2%).

THE FINANCIAL JOURNAL GLOBAL

SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)

THE FINANCIAL JOURNAL GLOBAL

SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)

CBS: In 2016, the Netherlands received 185 billion kg of goods which were destined for transit. Nearly 85 percent of these goods arrived by seagoing vessel. Upon entry, two-thirds of the goods were carried out to Belgium, Germany, France or the UK

THE FINANCIAL JOURNAL GLOBAL

SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)

THE FINANCIAL JOURNAL GLOBAL

SPECIAL OFFER Subscription Mailbox Member - Price Drop: 12 months €69 (Automatic Expiration)