News

Prosecutors seize €34.5mn of Air Moldova assets including two aircraft

bne IntelliNews October 4, 2019

Anti-corruption prosecutors say seizure is connected to a money laundering case concerning the privatisation of Air Moldova last year.

Pan-European wave of consolidation threatens to ground small Central, Southeast European airlines

Clare Nuttall in Glasgow October 4, 2019

Slovenian national carrier Adria Airways's decision to file for bankruptcy followed the demises of a series of other European airlines against the underlying trend of an air transport market in the throes of consolidation.

Turkey enjoys single-digit inflation for first time in two years

bne IntelliNews October 3, 2019

Sharp fall in CPI driven by post-currency crisis base effects offers scope for more rate cuts, but analysts worry central bank will be too aggressive as Erdogan administration pushes for a big credit-fuelled rebound from recession.

Turk Telekom bids to issue domestic paper worth up to billion lira

Akin Nazli in Belgrade October 3, 2019

Private banks lately mandated Morgan Stanley as adviser for sale of special purpose vehicle that holds 55% stake of Turkey’s largest integrated telco. Fact that privatisation deal ends in 2026 may dissuade potential buyers.

Iran ‘foiled plot to assassinate army chief behind out-of-country operations’

bne IntelliNews October 3, 2019

Official claims Israeli and Arab agents had plan to detonate explosives by grave of Major-General Qassem Soleimani’s father. Iranian armed forces, meanwhile, unveil new drones and micro-mine and micro-robot units.

ECJ rules in favour of Polish borrowers in Swiss franc mortgage case

bne IntelliNews October 3, 2019

The ruling by the EU’s top court will allow mortgage borrowers to ask Polish courts to convert their loans into the local currency, and is expected to lead to more borrowers taking legal action against banks.

Hungary fills up gas storage facilities to full capacity

bne IntelliNews October 3, 2019

Foreign Minister Peter Szijjarto says move guarantees domestic supply security and allows Hungary to store gas for other countries, after Gazprom agrees to top up Hungary's gas reserves.

Uzbekistan has decided to join EEU says Russian official

Kanat Shaku in Almaty October 3, 2019

Senate speaker states “Uzbek president has made a decision” to apply for membership of the Moscow-led trade bloc.

SCM and Raga reach settlement in Ukrtelecom dispute

bne IntelliNews October 2, 2019

A subsidiary of the System Capital Management (SCM) Holdings that belongs to Ukraine’s biggest oligarch Rinat Akhmetov and Raga Establishment “formally and finally settled the dispute” concerning the sale of Ukrtelecom back in 2013.

Turkey’s Isbank sells 350mn lira of 10-year domestic subordinated bonds

Akin Nazli in Belgrade October 2, 2019

Country’s largest private bank saw interest from around 70 qualified individual and institutional investors, including pension and investment funds.

Far-right politicians turn on each other at start of Bulgarian local election campaign

Denitsa Koseva in Sofia October 2, 2019

Ataka leader removed from TV studio by police after he launches a homophobic attack on his coalition partner’s candidate for Sofia mayor.

Poland cannot afford climate neutrality goal in 2050 minister says

Wojciech Kosc in Warsaw October 2, 2019

Poland’s energy sector would need €300bn-€400bn for transformation towards carbon-neutrality while the price tag for the entire Polish economy to meet the EU’s climate ambitions could be €700bn-€900bn, Energy Minister Krzysztof Tchorzewski said.

Romania’s opposition prepares to overthrow government, but no PM-designate in sight yet

Iulian Ernst in Bucharest October 2, 2019

While the opposition seems to have consolidated sufficient support in parliament to win the no-confidence vote, it does not have the necessary coherence to replace Viorica Dancila's cabinet with a new government.

Ukrainian president signs off on the Steinmeier formula for the Donbas conflict resolution

Ben Aris in Berlin October 1, 2019

Volodymyr Zelenskiy has agreed with the other members of the Trilateral Contact Group that oversees the negotiations to end fighting in the Donbas to adopt the so-called Steinmeier formula to bring the war in Donbas to an end.

Hungary launches new investment incentives

Levente Szilagyi in Budapest October 1, 2019

Hungary has reached the limit of new job creation so the goal will shift from creating workplaces to strengthening technological development and R&D.

Voters favour opposition parties in Kosovo’s upcoming general election

bne IntelliNews October 1, 2019

Disillusioned with official corruption, Kosovans are turning away from the ruling parties ahead of this Sunday's snap general election.

“Rumours in London”: Turkey testing waters for new eurobond

Akin Nazli in Belgrade October 1, 2019

Issue may provide opportunity for Ankara to market its new medium-term economic strategy, but analysts say it is plagued by inconsistencies.

Adria Airways files for bankruptcy after cancelling all flights

Valentina Dimitrievska in Skopje October 1, 2019

Slovenian Economy Minister Zdravko Pocivalsek warned earlier that the financial hole in the company is much larger than expected. Local media estimate Adria's debts at €90mn.

‘Fatigue-related incidents’ among Uzbek officials labouring under workaholic president surprise foreign investors

bne IntelliNews October 1, 2019

“He fell asleep twice during an afternoon meeting,” says one Western financier after meeting mid-level Uzbek official made busy by Shavkat Mirziyoyev’s reform-packed agenda.

Turkey’s banks ‘have 296bn lira of “Stage 2 loans” on books

bne IntelliNews September 30, 2019

Looking to hang on to assets long enough to extract some profit, lenders continue to explore setting up “bad bank” to house higher-quality NPLs.

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