Southeast Europe / News

Western Balkans' climate to resemble US Deep South’s by 2050

Clare Nuttall in Glasgow July 19, 2019

Cities in Southeast Europe are forecast to see some of the sharpest increases in average temperatures of any major urban areas worldwide over the next 31 years.

Turkish defence industry will bounce back stronger from F-35 exclusion asserts official

bne IntelliNews July 18, 2019

Doing so will prove a tall order—the Pentagon calculates loss of work will cost fighter jet component manufacturers in Turkey some $9bn.

Ankara hits out as US cuts Turkey from F-35 fighter jet programme

bne IntelliNews July 17, 2019

Move in response to Erdogan administration buying Russian missile systems set to cost Nato member country $9bn in projected work share.

Macedonian PM dismisses 70 officials from state institutions in operation "Broom"

Valentina Dimitrievska in Skopje July 17, 2019

Cleanup operation launched after ruling coalition's disappointing performance in the first round of the recent presidential election.

Bulgaria picks French-German consortium as Sofia Airport concessionaire

Denitsa Koseva in Sofia July 17, 2019

Decision was unexpected as the transport ministry said a rival bidder — a consortium comprising France's Aeroports de Paris and Turkey's TAV — had offered the highest concession fee.

French President Macron pledges to restart Serbia-Kosovo dialogue

Denitsa Koseva in Sofia July 17, 2019

Macron says some external powers "have an interest" in making sure no deal is reached between Serbia and Kosovo, after normalisation talks stalled.

No FX liquidity crunch yet faced by Turkish banks in wake of lira crisis: Fitch

Akin Nazli in Belgrade July 16, 2019

Rating agency adds that refinancing risks remain high in face of currency volatility and political uncertainties.

Trump frustrated as US moves to cancel Turkey’s order for F-35s

bne IntelliNews July 16, 2019

With deliveries of Russian S-400 missile systems to Turks under way, Washington officials say Ankara won’t get its hands on world’s most advanced fighter jet. Commander-in-chief says situation is not “fair” and blames Obama.

Turkey meets EU Cyprus gas drilling sanctions with ‘fourth ship’ announcement

bne IntelliNews July 16, 2019

Growing sense among analysts that with economy shot Erdogan is provoking constant ‘state of emergency’ to hold on to power.

ExxonMobil reportedly plans to pull out of offshore gas project in Romania

bne IntelliNews July 15, 2019

ExxonMobil has invested some $700mn in the Neptun Deep project in the Romanian section of the Black Sea.

“Serious” interest rate cuts on the way: Erdogan

bne IntelliNews July 15, 2019

Under pressure Turkish president who fired central bank governor last week leaves no doubt he is at the monetary helm.

Moldova seeks to wipe out cigarette smuggling on eastern border

bne IntelliNews July 15, 2019

New government in Chisinau claims cigarette smuggling via the separatist republic of Transnistria was allowed to flourish under the previous administration.

Montenegro poised to join wave of Southeast European Eurobond issuers

Denitsa Koseva in Sofia July 14, 2019

Podgorica is mulling a €500mn Eurobond to refinance maturing debt, following successful issues by Croatia and Serbia in June.

Serbia’s central bank makes surprise cut to key rate

Denitsa Koseva in Sofia July 11, 2019

The National Bank of Serbia lowered the key rate to 2.75% after keeping it at 3% for thirteen consecutive months.

Bosnia’s Aluminij to file for bankruptcy

Denitsa Koseva in Sofia July 11, 2019

Troubled aluminium smelter was forced to halt operations as power supplies were cut off due to its unpaid debts, and no strategic partner has been persuaded to take it over.

EU may threaten Turkey with sanctions over Cyprus dispute

bne IntelliNews July 11, 2019

The European Union’s row with Turkey over access to potential deposits of oil and gas in the disputed waters around Cyprus has flared up again.

IMF, Moldova reach staff-level agreement that will unlock next loan tranche

bne IntelliNews July 10, 2019

IMF officials commend "sound" 2019 supplementary budget and rehabilitation of banking sector, as the Fund prepares to issue a loan tranche of around $46.5mn.

Two Russian comedians prank North Macedonia’s PM Zaev

Valentina Dimitrievska in Skopje July 10, 2019

Russian pranksters Vladimir "Vovan" Kuznetsov and Alexei "Lexus" Stolyarov called North Macedonia’s Prime Minister Zoran Zaev pretending to be ex-Ukrainian president Petro Poroshenko.

Construction of the Turkish Stream pipeline 90% finished

Ben Aris in Berlin July 9, 2019

Last week Russian state-owned gas giant Gazprom invited bank analysts on a trip to inspect the construction work of the Turkish Stream (aka TurkStream) pipeline. They report work on the pipeline is on schedule and that it is 90% complete.

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.