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CEZ forecasts Albanian spat will cost about €400m over 3 yrs
Tim Gosling in Prague
Thu, 10th May --
CEZ is facing losses of as much as CZK10.15bn (€402m) to 2015 from its Albanian distribution arm CEZ Shperndarje as it battles the country's regulator over electricity tariffs, the Czech power giant's 2011 annual report reveals.
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Bankruptcy proceedings to begin against Latvia's Krajbanka
Ben Seeder in Riga
Wed, 9th May --
A court in Riga on May 8 ruled that bankruptcy proceedings can begin against Latvijas Krajbanka - the Snoras Bankas subsidiary that collapsed last winter under a cloud of fraud charges and LVL109m in missing money.
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CEE boycotts postpone Ukraine summit
Tim Gosling in Prague
Wed, 9th May --
On May 8, Ukraine postponed a summit of CEE leaders after the majority pulled out in protest against the treatment of former prime minister, Yulia Tymoshenko. Kyiv's failure to pitch its case to the European states on the country's western border is yet another high profile blow to the already struggling administration of President Yanukovych.
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Turkish industrial production growth offers (short term) optimism
Justin Vela in Istanbul
Tue, 8th May --
Turkish industrial production registered a slightly better than expected 2.4% year-on-year growth in March, according to figures released by TurkStat. Analysts suggest the result is a signal that the economy could be rebalancing and the current account deficit narrowing, but many questions remain.
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Czechs press pause on shale gas
Tim Gosling in Prague
Tue, 8th May --
The Czech environment ministry announced it is planning a two-year moratorium on shale gas exploration licenses until new legislation to oversee the process is put in place. The Czech Republic is the latest CEE country to press pause on such exploration in the face of large protests against the alleged environmental pollution from industry practices.
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Ponta's programme approved by Romanian parliament
bne
Tue, 8th May --
Victor Ponta's new government was approved by the Romanian parliament on May 7. Showing no little ambition, the incoming cabinet has promised to stick to the conditions of Romania's IMF deal while also seeking to correct social imbalances. It has six months to carry out the project.
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Sarksyan's party ahead in Armenian parliamentary elections
bne
Mon, 7th May --
President Serzh Sarksyan's Republican Party of Armenia is on the verge of taking a narrow majority in the parliament in the May 6 elections. This could allow the party to dispense with former coalition partner the Prosperous Armenia Party and rule alone.
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Progressives narrowly win Serbia parliament elections
Clare Nuttall in Belgrade
Mon, 7th May --
The Serbian Progressive Party had a narrow victory over the ruling Democratic Party on May 6, while its candidate Tomislav Nikolic was narrowly beaten by former president Boris Tadic in the presidential election. The presidential vote is now set to go to a second round, while coalition talks are starting.
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Polish regulator leads Talanx to market
Tim Gosling in Prague
Mon, 7th May --
Poland's financial sector regulator KNF announced on May 4 that Talanx is to list on the Warsaw Stock Exchange. Although the German insurance group declined to confirm that claim, KNF is clearly making approval of the company's acquisition of Warta to become Poland's second largest insurer dependent on the listing.
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Lack of momentum leads Russian protestors to violence
bne
Mon, 7th May --
An anti-government protest in Moscow on May 6, the day before Russian president-elect Vladimir Putin's inauguration, turned violent, with more than 400 arrested after they clashed with police.
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Armenian elections a further step in democratic direction
Clare Nuttall in Belgrade
Sun, 6th May --
Armenia's parliamentary election campaign ended with a bang May 4, when gas-filled balloons exploded at the ruling Republican Party of Armenia's final rally in Yerevan, injuring 114. The incident, two days before Armenians go to vote, was a dramatic ending to what has been the country's most open and vibrant campaign to date.
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Serbian presidential election too close to call
Clare Nuttall in Belgrade
Fri, 4th May --
Ahead of Serbia's presidential and parliamentary elections May 6, the Progressive Party is ahead of President Tadic's Democratic Party, while the margin between Tadic and Progressive leader Nikolic in the presidential race is too close to call. But the elections will likely be just the precurser to a second-round presidential vote and coalition talks.
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