News

Busiest eurobond week for Turkey in close to three years

Akin Nazli in Belgrade March 7, 2019

Roadshows: Initial price guidance on Sisecam 7-year debt is 7.375%-7.5%, for Yapi Kredi Bank’s $500mn 5.5-year issue it’s 8.25%.

Ukraine government seeks to dismiss head of state-owned natural gas monopoly

Sergei Kuznetsov in Kyiv March 7, 2019

A fight for control of Ukraine’s national gas company Naftogaz has broken out as the government moves to oust the current CEO Andriy Kobolev, who has been running the company and representing it in its legal battles with the Russian counterpart Gazpr

Court sends daughter of late Uzbek autocrat to prison after alleged house arrest violation

bne IntelliNews March 7, 2019

Precise whereabouts of Islam Karimov’s disgraced eldest daughter Gulnara Karimova, described as a "robber baron" by US officials, now known.

Hungarian central bank governor makes case for consolidation in banking sector

bne IntelliNews March 7, 2019

Gyorgy Matolcsy suggests based on its size, the Hungarian market can support only five or six big universal banks sustainably.

ISTANBUL BLOG: What’s with the silence President Erdogan?

Editorial March 6, 2019

Strongman populist appears to have been keeping schtum, perhaps fearing another market collapse in run-up to local elections seen as referendum on his rule.

Turkey’s Koc conglomerate sells $750mn of eurobonds at 6.625%

Akin Nazli in Belgrade March 6, 2019

Turkish government’s mortgage-backed securities move rolls on with TKB wealth fund targeting qualified investors with TRY1bn worth of paper.

Turkey’s rate-setters hold benchmark as expected but lira weakens

Will Conroy in Prague March 6, 2019

Election nerves and prospect of big row with Washington over missile defence buy from Russia may have hit currency.

China’s CRBC eyes new projects in Serbia

Denitsa Koseva in Sofia March 6, 2019

Serbia has become an important destination for Chinese investment, especially in the infrastructure sector.

European People's Party leader gives ultimatum to Hungarian PM

bne IntelliNews March 6, 2019

Manfred Weber, leader of the EPP group in the European Parliament, said values of Christian Democracy are non-negotiable, as EPP prepares to debate whether to exclude Hungary's Fidesz.

Russian Troika Dialog bank investigation reveals offshore money laundering scheme

bne IntelliNews March 6, 2019

The first investment bank in Russia Troika Dialog of Ruben Vardanyan has been implicated in organising an international money laundering ring in the investigation of the Organized Crime and Corruption Reporting Project (OCCRP)

Novatek's Mikhelson tops Russian Forbes list with $24bn fortune

bne IntelliNews March 6, 2019

Russian stoligarch and owner of independent gas producer Novatek Leonid Mikhelson has topped the Forbes list of country's richest with an estimated fortune of $24bn, the rating published on March 5 shows.

State electricity firm opens Hungary's largest solar park

bne IntelliNews March 6, 2019

Solar accounts for 0.5% of Hungary's annual electricity production, but that will grow substantially as there are solar projects with total capacity of around 3,000MW in the pipeline.

Romanian businessman builds single metre of motorway to protest lack of infrastructure

Carmen Simion in Bucharest March 5, 2019

Stefan Mandachi will shut down his chain of 40 Spartan fast food outlets for 15 minutes as he ups the pressure on Bucharest to invest into better road infrastructure for Romania's isolated eastern regions.

North Macedonia government changes names of state institutors under Prespa deal

bne IntelliNews March 5, 2019

Country's name has been changed to "North Macedonia", ending a long-standing dispute with neighbouring Greece.

Turkey’s Garanti bank opts to not distribute dividend from its TRY6.64bn profit

Akin Nazli in Belgrade March 5, 2019

First such decision from lender since 2008. Embattled Turkish banks holding on to revenues as tough year looms. Banking regulator blocked Isbank’s attempt to distribute profits.

Comic Zelenskiy widens lead in Ukraine’s presidential race, but discovers his phone is bugged

bne IntelliNews March 5, 2019

The dark horse presidential candidacy of comedian Volodymyr Zelenskiy is gaining momentum, according to results released on March 5 in the latest poll conducted by the Rating Sociological Group.

Montenegrin NGO files claim against President Djukanovic over EPCG privatisation

Denitsa Koseva in Sofia March 5, 2019

MANS has accused Djukanovic and other businessmen and politicians of abusing their positions to gain illegal profit from the privatisation of power firm EPCG, resulting in shareholder losses of €170mn.

Bucharest sends mixed messages over "greed tax"

Iulian Ernst in Bucharest March 5, 2019

Romania's finance minister tells S&P the "greed tax" will be replaced, on same day as PM Viorica Dancila argues the “billions of euros” banks and companies will contribute to the budget under the tax will be spent on education and health.

Energy Community says guarantee for Tuzla coal-fired power plant breaches state aid regulations

bne IntelliNews March 5, 2019

Bosnia told to reexamine guarantee for €614mn loan from China's EximBank to expand Tuzla power plant.

Trump to end Turkey’s preferential trade treatment status

bne IntelliNews March 5, 2019

Move takes away duty free benefit enjoyed by around one-fifth of Turkish exports to US. Meanwhile, worried by EU’s tariff-reducing deal with Tokyo, Ankara is hurrying to strike its own agreement with the Japanese.

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