News

Russian Safmar brings German MediaMarkt into mega-merger of M.Video and Eldorado retailers

bne IntelliNews June 20, 2018

Safmar group of billionaire Mikhail Gutseriev confirms earlier reports and will acquire MediaMarktSaturn electronics retailer owned by the German Ceconomy, Vedomosti daily said on June 20 citing both companies.

Azerbaijan makes territorial gains in Nakhchivan as fighting with Armenia flares

bne IntelliNews June 20, 2018

The Azerbaijani army has made substantial territorial gains in the enclave of Nakhchivan, taking 11,000 hectares of land from Armenia, the defence ministry in Baku announced in a video posted on its website on June 20.

France's finance minister concedes many French firms “won’t be able to stay" in sanctions-hit Iran

bne IntelliNews June 20, 2018

Commitment of EU’s major powers to salvaging nuclear deal starting to look rather feeble.

IIB prepares to set up European unit in Budapest

bne IntelliNews June 20, 2018

A delegation from Moscow-based multilateral lender the International Investment Bank (IIB) visited Budapest on June 18 as it prepares to set up its new European unit in the Hungarian capital, the bank said in a statement.

Creditors of Croatia’s Agrokor approve debt settlement deal

Carmen Simion in Bucharest June 20, 2018

Unanimous approval paves the way for restructuring of Croatian food and retail giant that was plunged into crisis in early 2017.

US bill blocks F-35 sales to Turkey if Russian S-400 deal goes ahead

bne IntelliNews June 19, 2018

If Donald Trump signs a reconciled version of the bill, 100 stealth jets earmarked for Ankara may be held back.

Erdogan’s at it again: Turkish president renews unorthodox call for lower rates

bne IntelliNews June 19, 2018

"They are telling me I shouldn’t talk about this before the election... I have to speak the truth, so we can reach the truth,” he says on campaign trail.

Russia's VTB Bank eyes JV with China's Alibaba

bne IntelliNews June 19, 2018

Afraid of falling behind its erstwhile rival, Russia's second-largest bank VTB Bank is negotiating a joint venture with Chinese e-commerce major Alibaba, Vedomosti daily said on June 19 citing unnamed sources close to the deal.

Russia’s World Cup lumbers some regions with stadia they can’t afford

bne IntelliNews June 19, 2018

Some Russian regions will not be financially capable of maintaining their 2018 FIFA World Cup facilities in the long run after the tournament is over, Fitch said in a report.

Kyrgyzstan detains another ex-PM on corruption charges

Kanat Shaku in Almaty June 19, 2018

Observers see move as another development in President Jeenbekov’s struggle to purge the influence of his predecessor Atambayev.

Latvia’s anti-corruption bureau seeks charges against central bank governor Rimsevics

bne IntelliNews June 19, 2018

Rimsevics has been suspended since February when the investigation, concerning a bribe of over €100,000, was launched.

Russian Rosneftegaz to pay biannual divs, but only part to trickle down

bne IntelliNews June 18, 2018

Russia's state holding Rosneftegaz, that holds the government shares in oil major Rosneft, will switch to paying dividends twice a year, and will pay out at least 50% of its net profit in keeping with the Ministry of Finance’s orders.

Sharp slowdown in Turkey is materialising says Capital Economics

bne IntelliNews June 18, 2018

Economy likely to suffer quarter or two of negative growth this year says forecast that lies well below the consensus.

Iranian bourses on record bull run as investors strive to anchor assets amid economic slide

bne IntelliNews June 18, 2018

As the nuclear deal threatens to entirely unravel, stable assets are in short supply forcing many investors to take a punt on shares.

Bread sellers demand passports as Turkmenistan’s economic crisis goes from bad to worse

Kanat Shaku in Almaty June 18, 2018

Remote nation’s economy has long been known as a basket case but with observers now placing it on “hyperinflation watch” the situation is beyond dire.

Czech Social Dems say "yes" to coalition government with Ano, but hurdles remain

Jaroslav Hroch in Prague June 18, 2018

President Milos Zeman has already said he will refuse to appoint Miroslav Poche, who the CSSD put forward as foreign minister, raising questions of how much influence Zeman will have on the government.

Economic stress in Iran sparks fast-growing “I won’t buy” social media campaign

bne IntelliNews June 17, 2018

Government price-fixing measures fail to stop big hikes in the cost of living as US sanctions on horizon start to take an inflationary toll.

Macedonia and Greece sign heroic name deal amid fierce opposition

Valentina Dimitrievska in Skopje June 17, 2018

Ex-Yugloslavian country to be renamed Republic of North Macedonia under historic agreement signed with neighbouring Greece that unlocks Skopje's EU and Nato prospects.

Hundreds demonstrated in Russia's Novosibirsk against government decision to raise retirement ages

bne IntelliNews June 16, 2018

Dmitry Medvedev’s government pushed through the long discussed but sensitive decision as part of the Kremlin’s drive to raise fresh revenues to meet President Vladimir Putin’s proposed RUB8 trillion spending extravaganza.

Erdogan threatens “operation” against Moody’s after Turkey’s elections

Will Conroy in Prague June 15, 2018

President’s latest attack on ratings agencies amid country’s economic turmoil may further complicate task of meeting large external financing requirements.

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