News

South Korean e-car battery maker to set up new plant in Hungary

Levente Szilagyi in Budapest July 1, 2019

Hungary wins yet another investment amidst stiff competition, bringing it one step closer to an annual HUF10 trillion in automotive industry production, he added.

Hundreds of Kazakh oil workers protest at Tengiz oilfield, brawl with foreign workers

bne IntelliNews July 1, 2019

Kazakh oil workers rallied to protest unequal labour and pay conditions among local and foreign workers.

Russian-born UK banker sells stake in Latvian boutique bank linked to regulatory controversies

bne IntelliNews July 1, 2019

PNB, earlier named Norvik, was at the centre of the controversy that embroiled Latvia’s central bank governor Ilmars Rimsevics in early 2018 and which has continued to haunt Latvia since.

Trump-Erdogan meeting brings no logic to S-400 row but temporary relief for Turkish assets

Akin Nazli in Belgrade July 1, 2019

Markets have focused on the meeting since the Turkish side has been saying for a while that Erdogan would solve the sanctions issue with Trump in Osaka.

Iranian Guardian Council clears EEU temporary free trade agreement

bne IntelliNews June 30, 2019

Iran’s top legal vetting committee, the Guardian Council, has confirmed the bill of temporary agreement for launching a free trade agreement between Iran and the Eurasian Economic Union (EEU), according to Mehr News Agency on June 27.

Russia and Saudi Arabia agree to prolong Opec+ deal for at least six months

bne IntelliNews June 30, 2019

Russia and Saudi Arabia agreed to prolong the Opec+ global oil output cut deal for at least six months, under which 25 oil producing countries cut the extraction by 1.2mn barrels as compared to October 2018

First Gay Pride march held in North Macedonia

bne IntelliNews June 30, 2019

North Macedonia held its first Gay Pride march on June 29 with several hundred gay men, lesbians and human rights activists participating in the event.

Ukraine's top taxpayer Naftogaz earned UAH11.6bn in profits in 2018

bne IntelliNews June 28, 2019

Ukraine’s national gas company Naftogaz reported $443mn in profits for 2018, while its tax and dividend payments accounted for 19% of Ukraine’s government income.

Top German companies plan to invest €395mn into Russia in the next 12 months

Ben Aris in Berlin June 27, 2019

Two-fifths of the Russian-German Chamber of Commerce's members plan to invest into Russia over the next 12 months.

Kosovo threatens new measures against CEFTA members if trade barriers are not removed

bne IntelliNews June 27, 2019

Threat of wider Balkan trade war as trade minister says reciprocal measure will be taken against CEFTA states that impose barriers against Kosovan imports.

Seven New Europe members of PACE walk out in protest against Russia’s readmission

Ben Aris in Berlin June 27, 2019

The decision has split the Council down the middle. Almost all of the western European members voted overwhelming to allow Russia back in. However, countries close to the Russian border voted against readmission.

Russian billionaire Prokhorov sells 16% in shoe retailer Obuv Rossii

bne IntelliNews June 27, 2019

Karyo Holdings, controlled by billionaire Mikhail Prokhorov, sold its entire 15.625% stake in Russian shoe producer and retailer Obuv Rossii (OR), the company said on June 26.

State to resume support for Russian car market

bne IntelliNews June 27, 2019

The Russian government will resume the support for Russian car market as of July 1 given declining demand and sales

President Tokayev showers debt relief on restive Kazakh population

bne IntelliNews June 27, 2019

Two weeks after the election period tumult he steps forward with order to help half million low-income borrowers repay bank sums. Says state assistance just short of billion dollars will eventually help more than 3mn people.

Turkish state's Vakifbank sells $150mn of 5-year eurobonds

Akin Nazli in Belgrade June 26, 2019

In other market news: Foreign press question story behind Moody’s surprise Turkey downgrade, BlackRock filing indicates stake increase in gold miner and fund considers selling shares in Domino’s Pizza operator.

Ukrainian delegation suspends its participation in PACE

bne IntelliNews June 26, 2019

Kyiv suspends participation in the European human rights organisation following the decision to readmit the Russian delegation.

Czechia's CTP takes €1.9bn loan to close CEE's largest ever real estate transaction

bne IntelliNews June 26, 2019

New loan significantly simplifies the company’s previous financing arrangements, securing funding of its industrial portfolio over the mid-term.

Labour shortages and costs halved the FDI in the Czech Republic in 2018

bne IntelliNews June 26, 2019

Foreign investors find it "extremely difficult" to find an available and qualified labour force in the Czech Republic, which discourages them from investing, says EY M&A specialist.

E.ON offers its assets in Czechia, Hungary and Germany for sale to overcome EC concerns over Innogy

bne IntelliNews June 26, 2019

German energy company E.ON offered to sell several assets to overcome the concerns of the European Commission over its bid for competitor Innogy’s network and retail assets.

Iranian president says White House “afflicted by mental retardation”

bne IntelliNews June 25, 2019

Hits out at Trump administration’s “outrageous and idiotic” decision to impose sanctions on supreme leader and foreign minister. US president bristles, tweets threats of "obliteration".

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