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Turkey is heading for a classic currency crisis. All of its reserves and then some are borrowed.
Ukraine's international reserves have achieved their highest level since August 2011, currently amounting to $37.3bn, Ukraine Business News reported on June 7.
Fintech is growing fast in Central Asia as banking sectors looking to leapfrog the traditional financial sector development go straight to high-tech solutions for local people’s lending and spending needs.
Benchmarks are painfully high as SOFR remains above the 5%-level, compared to the 0.05% seen in October 2021, while 12-month Euribor is testing the 4%-level, compared to the minus 0.5% recorded in October 2021.
Czechia, Estonia and Slovakia are planning budget cuts at a time when interest rates are still painfully high and many economies have yet to emerge from recession.
Russia’s banking sector recorded a net profit of RUB224bn in April, with an annual return on equity of 21%. While this figure represents a one-third decrease compared to March, the sector profits already top RUB1 trillion.
The sector is bracing for more losses in 2023, according to the retail association OKSZ.
Budget is based on optimistic forecast of 4% economic growth next year and includes halving of windfall taxes on banks, pharmaceutical companies and energy suppliers.
Investors may be encouraged that start could be made on fixing Turkey’s collapsing economy if former finance minister returns to the cabinet. The lira, meanwhile, is back on the slide.
Investment in clean energy technologies is significantly outpacing spending on fossil fuels as affordability and security concerns triggered by the global energy crisis strengthen the momentum behind more sustainable options, according to the IEA.
There is the possibility of a doom loop between small US banks and commercial real estate.
Flashing red lights on lira, sky-high inflation, dwindling FX reserves and soaring cost of insuring debt against default. A currency crisis could be around the corner.
As lira trades just below 20/$ in the interbank market, rate at the Istanbul Grand Bazaar hovers in the 21s.
Warsaw-listed fertiliser maker Azoty suffered a PLN555mn (€122.8mn) net loss in the first quarter
The MNB's monetary council cut the O/N rate by 100bp to 17% but left the base rate on hold at 13%
With little expectation strongman Erdogan will be toppled in May 28 run-off vote, markets guard against economic calamity.
It is high time to scrutinise the sustainability of Romania’s foreign debt, which has reached over €154bn and close to 60% of the country’s GDP.
Kenya’s sovereign bond index at the distressed 1,000 basis point spread over US treasuries enjoyed a brief reprieve from unrelenting gloom, as IMF managing director Kristalina Georgieva declared it an innocent bystander in sub-Sahara default panic.
The Uzbek government is planning to privatise several state-owned enterprises by floating their shares on the Tashkent Stock Exchange (TSE) and has turned its attention to getting them ready, but the market remains narrow and shallow.