Crisis in Turkey: S&P, Moody’s cut sovereign further into junk

bne IntelliNews August 18, 2018

Ankara also hit by withering note from Fitch. Lira stays steady as market was already braced for the triple-whammy.

Russia's Rossiya airline runs out of Russian pilots, hires foreigners for the first time

Ben Aris in Berlin August 17, 2018

Finding pilots willing to work for Russian airlines has become so tough that state-owned Rossiya carrier is for the first time looking to recruit from overseas. Russian pilots have headed abroad since the 2014 ruble devaluation.

Ukrainian Infrastructure Minister says he is planning to cut all bus and train connections between Ukraine and Russia

bne IntelliNews August 17, 2018

Ukrainian Infrastructure Minister says he intends to cut all bus and train connections between Ukraine and Russia that would add to the suspension of plane connections between the two countries already in place.

Russia's MegaFon reports strong set of results as telecoms price war breaks out

bne IntelliNews August 17, 2018

Amid Russia's World Cup summer, MegaFon cut prices by 33-67% in 17 regions, provoking a response from rival Tele2. MTS this week entered the fray by offering unlimited mobile data, to which VEON is responding.

Russia’s Surgutneftegas Prefs to top list of dividend yields for 2018 says Sberbank

Ben Aris in Berlin August 17, 2018

Privately owned Russian oil major Surgutneftegaz remains the investment banks' top pick as they expect it to pay out a massive 19% dividend yield this season, Sberbank CIB said in a note on August 16.

Crisis in Turkey: Finance minister wields the fiscal hammer

Will Conroy in Prague August 16, 2018

No capital controls, no IMF, says Albayrak. But analysts warn he could be in for a rude awakening somewhere down the road.

Turkey: Hard landing forecast as industrial output growth slumps

Akin Nazli in Belgrade August 16, 2018

June’s weak expansion of 3.2% y/y and currency crisis portend recession and jump in banks' non-performing loans.

Russia and Turkey step up fight against dollar’s dominance in trade

Ben Aris in Berlin August 16, 2018

Like Moscow, Ankara has fallen out of the top 30 largest holders of US T-bonds. Iran and China are also on board with the idea of settling transactions in national currencies.

Redrawing borders considered as potential solution to Serbia-Kosovo conflict

bne IntelliNews August 15, 2018

Idea discussed by presidents of Serbia and Kosovo has met with international opposition and criticism from politicians at home.

Crisis in Turkey: Is Qatari capital injection merely a sticking plaster?

Will Conroy in Prague August 15, 2018

As the Turkish lira rallies to stronger than 6 to the dollar, analysts debate the significance of $15bn from Doha.

UK with top exposure to Turkish private sector foreign loans

Akin Nazli in Belgrade August 15, 2018

EBRD tops single lender list issued amid Turkey’s currency crisis.

Turkey raises stakes in “economic war” with tariff hikes on US goods

Will Conroy in Prague August 15, 2018

Vice-president speaks of "retaliation for conscious attacks on our economy ". The lira, meanwhile, continues to rebound.

Why is the Belarus president seeking to reshuffle government?

bne IntelliNews August 15, 2018

Belarusian President Alexander Lukashenko sacked a number a of ministers in public during a speech this week. He believes the incumbent government has failed to fulfil his orders due to "the devil-may-care attitude," he said on August 14.

Turkish central bank’s hidden rate hike gives lira a shot in the arm

Akin Nazli in Belgrade August 14, 2018

Markets wonder whether President Erdogan, who notoriously opposes costlier credit, is aware of what the regulator is up to. Experts warn of “side effects”.

PSD heavyweight asks party leader to resign

Carmen Simion in Bucharest August 14, 2018

Former minister says the ruling PSD has “gone too far” and calls on Liviu Dragnea to resign after avalanche of criticism from the opposition over brutal intervention by riot police at August 10 protest.

Russia’s VK announces privacy changes to protect users from arrest

bne IntelliNews August 14, 2018

The Kremlin has been cracking down on online criticism of the government. VK has been accused of being too compliant as of the 182 criminal cases launched in 2017 for social network posts, 138 were based on VK posts.

Turkish lira pulls back 5% from death spiral, Erdogan declares US electronics boycott

Will Conroy in Prague August 14, 2018

Currency experiences relief rally as situation mildly stabilises, Turks nervously await Trump’s response to president’s move against American merchandise.

Russia's ruble is sliding, pulled down by the collapse of the Turkish lira

Ben Aris in Berlin August 14, 2018

Russia’s ruble fell to RUB69.40 against the dollar on August 13, its lowest level in two years, pulled down by a combination of the threat of new US sanctions and the collapse of the Turkish lira.

Russia to increase oil production to new record highs in 2019

bne IntelliNews August 14, 2018

Russian oil producers have already returned oil production to record levels this year and will boost crude production next year further thanks to the launch of several greenfield projects, Opec said.

Kazakh tenge falls to weakest dollar rate since early 2016

Kanat Shaku in Almaty August 14, 2018

Emerging market currency likely feeling impact of souring sentiment on sanctions-hit Russia and dumping of Turkish lira.