Volkswagen reportedly gives up on plans to build plant in Turkey

bne IntelliNews July 8, 2019

German carmaker giant Volkswagen has given up on plans to build a multi-billion production plant in Turkey, a well-informed journalist announced on Twitter on July 5.

Opposition mayors in Albania refuse to hand over mandates

bne IntelliNews July 7, 2019

The refusal by opposition mayors to leave their posts escalates the crisis sparked by President Ilir Meta’s decision to cancel the June 30 local election that was ignored by the government which went ahead with the vote.

Russia will build the tallest residential building in Europe.

bne IntelliNews July 7, 2019

The One Tower project will be constructed on the territory of Moscow City, the Russian capital’s financial district, with apartments in the very centre of the business life of the capital.

Turkish President Erdogan sacks the governor of the central bank

bne IntelliNews July 6, 2019

“Its tin hats time in USDTRY,” tweeted Paul McNamara, after Turkey's president sacked the governor of the Central Bank

EU takes measures to strengthen links with Western Balkans

Valentina Dimitriveska in Skopje July 5, 2019

€180mn of funding proposed at Poznan summit, shortly after the European Council deferred its decision on the opening of accession negotiations with Albania and North Macedonia.

General Motors completes pull out of GM Uzbekistan, company renamed UZAUTO

Kanat Shaku in Almaty July 5, 2019

Uzbek state-run car producer GM Uzbekistan has been renamed UZAUTO Motors, after the US company completed its withdrawal from the country, GM Authority reported on July 3.

Romania’s finance minister admits to €1.5bn budget hole

Iulian Ernst in Bucharest July 5, 2019

Bucharest scrambling to find ways to plug the gap and keep the budget deficit under 3% of GDP ahead of a mid-year budget revision expected on July 31.

Fireworks over US embassy as GAZ workers protest against sanctions on July 4

bne IntelliNews July 4, 2019

As Moscow diplomatic dignitaries gathered at the US ambassador’s residence for the independence day celebrations they were met by a picket line of workers from the GAZ car factory whose jobs are on the line.

VTB Capital sounds time for “taking profits” in Turkish assets

Akin Nazli in Belgrade July 4, 2019

VTB Capital believes it is not worth chasing the current rally in Turkish assets, and that in fact it is worth taking profits from a trading perspective.

Iranian oil tanker detained by Royal Marines in Gibraltar

bne IntelliNews July 4, 2019

Marines surrounded and detained the Panamanian-flagged supertanker The Grace 1 on suspicion of carrying oil to Syria’s Banyas port.

Kazakhstan’s Astana International Exchange lists first exchange-traded fund

Kanat Shaku in Almaty July 4, 2019

ITI Funds became the first provider to list an exchange-traded fund (ETF) on Kazakhstan’s Astana International Exchange (AIX) on July 3.

Workers protest as Bosnia’s troubled Aluminij faces closure

Denitsa Koseva in Sofia July 3, 2019

Socialist era industrial giant will have its power supplies cut off within days over its unpaid debts, forcing it to halt operations, and the government of the Muslim-Croat Federation has refused to step in.

Belarus decision on Eurobond placement in 2020 depends on Russian loans

bne IntelliNews July 3, 2019

Belarus may avoid placing a Eurobond in 2020 if Russia releases an inter-governmental loan of $630mn that has been snarled up in politics, the Belarusian Finance Minister Maxim Yermolovich said on July 2.

Cooperation with IMF remains a priority for Ukrainian authorities, Zelenskiy says

bne IntelliNews July 3, 2019

Cooperation with the International Monetary Fund (IMF) is a priority for the Ukrainian authorities, the nation's President Volodymyr Zelenskiy told IMF first deputy managing director David Lipton in Toronto on July 2.

Moldovan prosecutors reportedly seize properties connected to former leader Plahotniuc

Iulian Ernst in Bucharest July 3, 2019

Several properties registered with Finpar Invest Ltd have been seized in a money-laundering case, Rise Moldova investigative NGO reported, but the legal grounds for the seizures are unclear.

Plane war: Czechia and Russia ban each others flights only to reinstate them the same day

Nelly Tomcikova in Prague July 3, 2019

The Russian Ministry of Transport unilaterally banned Czech airlines Ceske Aerolinie (CSA) from flying over Siberia on the Prague-Seoul route prompting Czechia to ban Russian flights to Prague

Turkey collecting bids for 5-year eurobonds at initial price guidance of around 6.65%

Akin Nazli in Belgrade July 2, 2019

Ministry of Treasury and Finance has mandated BNP Paribas, Citigroup and HSBC in order to issue US dollar-denominated eurobonds due 2024.

The biggest banks in the Czech Republic to support investments instead of paying sector taxes

Nelly Tomcikova in Prague July 2, 2019

The biggest banks in the Czech Republic, Ceská Sporitelna, CSOB bank, Komercni Banka and UniCredit bank confirmed that they are ready to invest up to CZK7bn (€274.9mn) in the National Development Fund

Russia's government prepares new KPI for SEO managers

bne IntelliNews July 2, 2019

Russian government has prepared new Key Productivity Indicators (KPI) for top managers of State Owned Enterprises (SEOs) for the next three years, Vedomosti daily reported on July 2 citing the decree signed by the Prime Minister Dmitry Medvedev.

Russian debt and equity placements in 6M19 up 25% from 2018

bne IntelliNews July 2, 2019

Debt and equity deals by Russian corporate issuers in January-June 2019 have already exceeded all placement volume for the entire last year by 25%, RBC business daily reports on July 2 citing the estimates of Dealogic platform.