Latest Updates

TURKEY INSIGHT: Base effect delivers industrial growth after year of decline but official data continues to bewilder

Import compression is over. Officials are turbo-charging GDP. Lira is held in ‘dirty float’. Turks insist inflation is still high. Authorities are telling them they're wrong. Economics anoraks shouldn't miss an episode of the Erdogan experiment.

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From Russia to Ireland: Uralchem’s long fight for its investments

Leading Russian fertiliser producer Uralchem is in a nasty corporate conflict involving one of Russia’s largest chemical plants, Togliattiazot, and its former management that has been running years

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ISTANBUL BLOG: Imamoglu, redeemer of hope for Turks, to debut on global finance stage in London

New phase of the ‘fairytale’ for opposition politician elected mayor of Istanbul with the strategy “Ignore Erdogan and love those who love Erdogan”.

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ESG is a must have in Russia, but adds no alpha

If a Russian company doesn't pay attention to its environmental, social and governance score it will lose investors, but if it does switch to a more sustainable model it won’t earn any real reward.

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Russia's consumer credit driven retail running out of steam, while Ukraine has a boom ahead

The consumer debt profiles of Russia and Ukraine are very different. Russia’s household debt rose to 15.5% of GDP as of the end of 2018 and is just shy of its all time high of 15.6% set in 2014. Ukraine’s household debt has been falling steadily.

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30 YEARS OF TRANSITION: Ground zero and the fall of the wall in Berlin

I’d just arrived in Germany when the Berlin Wall came down. It was hard to appreciate the enormity of the change that had just happened at the time but the reunification of the two Germanys changed everything.

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30 YEARS OF TRANSITION: CEE makes enormous progress but held back by governance issues

If half of the governance gap between Central Europe and the G7 countries was closed, income convergence would be brought forward by almost a generation, says EBRD chief economist Beata Javorcik in an interview with bne IntelliNews.

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30 YEARS OF TRANSITION: The East-West convergence in numbers

30 years after the fall of the Berlin Wall the new EU members haven’t yet caught up with Western Europe — but they are drawing level with the Southern European states that were battered by the international economic crisis.

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LONG READ: How Iran’s “Shadow Commander” Qasem Soleimani left home at 13 and took a stranglehold on the Middle East

217-page think tank report looks at why US and allies are on back foot in so many of region’s conflict zones.

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Halkbank shares head south in Istanbul after Erdogan’s White House meeting produces little

Hungary delays pension bond issue due to success of MAP+

Ukraine on course to smash its 2019 grain harvest record, remain world’s biggest grain exporter

Halkbank shares head south in Istanbul after Erdogan’s White House meeting produces little

State bank embroiled in Iran sanctions-busting case. Mention of Turkish strongman in indictment and Trump Tower Istanbul under renewed scrutiny. No progress on ‘S-400’ row. Senators not thrilled at Oval Office showing of anti-Kurdish propaganda film.

Hungary delays pension bond issue due to success of MAP+

The finance ministry and the state debt manager, AKK, did not want to launch a new bond issue against a successful bond programme already in place.

Ukraine on course to smash its 2019 grain harvest record, remain world’s biggest grain exporter

With the winter grain harvest still underway Ukraine’s farmers have already brought in more grain this season than in all of last year and are on course to smash the previous record.

News

MOEX and Institutional Investor name Russia’s top IR teams and people

In a much sought-after title within the investment banking world, the US magazine Institutional Investor, together with Moscow Exchange, have presented their best investor relations professionals in Russia awards.

Moldovan PM Sandu loses confidence vote

Shaky coalition between Sandu's pro-EU ACUM bloc and President Dodon's pro-Russian Socialists fractures after just five months.

Czech CEZ’s Turkey-listed JV restructures $854mn loan with Yapi Kredi Bank

Markets, meanwhile, draw breath as Erdogan prepares for November 13 White House meeting with Trump. Betting is that the two strongmen will reach an accommodation.

Ukraine main anti-graft agency detains former central bank governor's deputy

The National Anti-Corruption Bureau (NABU), the country's main anti-graft agency, has detained former deputy governor of the National Bank of Ukraine (NBU) Oleksandr Pysaruk among seven people who have been accused of embezzling UAH1.2bn ($49mn)

Moscow has the second highest road rage score in the world

Mister Auto released a survey of which cities in the world are the best and worst to drive in that found Moscow has the second highest road rage index in the world, after only Ulaanbaatar.

MOEX and Institutional Investor name Russia’s top IR teams and people

4 hours ago

Moldovan PM Sandu loses confidence vote

1 day ago

Czech CEZ’s Turkey-listed JV restructures $854mn loan with Yapi Kredi Bank

2 days ago

Ukraine main anti-graft agency detains former central bank governor's deputy

2 days ago

Moscow has the second highest road rage score in the world

2 days ago

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Tech

Growth of popular unrest in Kazakhstan ‘met by throttling of internet freedom’

Watchdog Freedom House says country has in past year experienced one of world’s worst deteriorations in online liberties.

Sberbank to create AI alliance, launches supercomputer

Russia’s largest bank and digital innovation frontrunner Sberbank announced creating an Artificial Intelligence alliance including the state-controlled bank, Yandex and Mail.ru internet majors, MTC mobile operator, Gazprom Neft oil company, and RDIF

Russian Yandex sells out its smartphone, unveils delivery robot

Russian internet major Yandex has sold out of its pilot smartphone model Yandex.Phone, which has proven to be a rare dud for the company, Kommersant daily reported on November 7, citing distributors and electronics retailers.

Draft law limiting foreign ownership of Russian tech companies softened to set 49% cap

The draft law on limiting foreign investors share of “strategically important” tech companies has been considerably softened with the cap on foreign ownership increased from 20% to 49%.

Huawei building Hungary's 5G network

Budapest defies pressure from the US to exclude the Chinese tech giant, sending a clear message to global political and economic actors.

8 days ago

Sberbank to create AI alliance, launches supercomputer

6 days ago

Russian Yandex sells out its smartphone, unveils delivery robot

7 days ago

Draft law limiting foreign ownership of Russian tech companies softened to set 49% cap

7 days ago

Huawei building Hungary's 5G network

8 days ago

More Tech

Opinion

IIF: 2020 the climate super-year

The growing importance of environmental, social and governance (ESG) performance to investors (and ultimately to voters) is one of the most important forces shaping the new global economy. CO2 emissions must peak next year or we are in trouble.

IMF ups the ante, demands government try and recover $15bn stolen from banks

During the bank sector reform more than $15bn was stolen by the owners, including $7.6bn stolen by oligarch Ihor Kolomoisky from Privatbank. The IMF has demanded the government tries to recover some of this before granting a new deal.

TURKEY AT A CROSSROADS: Erdogan administration facing possibly decisive economic and political horizons

Notes from BlueBay Asset Management economist Timothy Ash on his latest visits to Istanbul and Ankara.

TURKEY INSIGHT: Erdogan’s upcoming White House photocall whetting appetite of equity hit-and-runners

Beware, says analyst, “When a country's ruler resembles King Lear out on a moor in the storm, any calm is temporary and deceptive”.

EBRD: Pace of emerging Europe economic growth slows as global outlook weakens

The pace of growth in the EBRD’s emerging economies is slowing on the back of a weaker global economic outlook, and pressure from slower growth in the Eurozone and China, US/Chinese trade tensions and a contraction in world automobile production, acc

IIF: 2020 the climate super-year

3 days ago

IMF ups the ante, demands government try and recover $15bn stolen from banks

7 days ago

TURKEY AT A CROSSROADS: Erdogan administration facing possibly decisive economic and political horizons

7 days ago

TURKEY INSIGHT: Erdogan’s upcoming White House photocall whetting appetite of equity hit-and-runners

8 days ago

EBRD: Pace of emerging Europe economic growth slows as global outlook weakens

8 days ago

More Opinion

Data

Russia’s economic growth accelerated to 1.7% in 3Q19 after a very slow first half of the year

Russia’s State Statistics Service published preliminary GDP estimates for 3Q19 that posted a 1.7% y/y growth in the quarter, up from 0.9% y/y in 2Q19 and only 0.5% in the first quarter.

Romania’s industrial production sees sharpest correction in past decade

Industrial output contracted by 3.6% y/y in Q3, which was the sharpest decline seen since the 2008-2009 recession.

Belarus reports 0.5% m/m inflation in October

Consumer prices in Belarus grew by 0.5% month-on-month and 3.9% y/y in October, according to the nation's statistics service Belstat.

Romania’s sluggish Q3 exports raise questions about still buoyant import-driven consumption

Romania’s exports of goods increased by only 0.5% y/y to €17.0bn in Q3, which was the weakest performance in the past seven years.

EC: Slovakia ́s real GDP at 2.7% in 2019

Slovakia's real GDP growth will significantly slow from 4.0% in 2018 to 2.7% in 2019, according to the European Commission (EC) autumn economic prognosis published on November 7.

Russia’s economic growth accelerated to 1.7% in 3Q19 after a very slow first half of the year

9 hours ago

Romania’s industrial production sees sharpest correction in past decade

17 hours ago

Belarus reports 0.5% m/m inflation in October

2 days ago

Romania’s sluggish Q3 exports raise questions about still buoyant import-driven consumption

2 days ago

EC: Slovakia ́s real GDP at 2.7% in 2019

3 days ago

More Data

Features

CEE monthly bond wrap: Bond issues in Eastern Europe pick up strongly in October, but activity subdued in Central Europe

Bond issuers from Eastern Europe were active in October with 18 bonds issued worth a total of $4.5bn of which two-thirds of the value and 14 out of the 18 were Russian bonds, according to data provided by CBonds.

30 YEARS OF TRANSITION: Gabor Szeles, a self-made Hungarian success story

Szeles, now Hungary’s seventh richest man, started out importing PC parts in the 1980s. He made his name after the transition by reviving Videoton, now the largest electronic manufacturing services company in the CEE region.

30 YEARS OF TRANSITION: A profound crisis of trust in democracy

Report from the Open Society Foundations reveals a “robust spirit of dissent, and a readiness to challenge those in power” as shown by mass anti-corruption protests in the Czech Republic, Romania and Slovakia.

Uzbek banks are making hay while the sun of reform is shining

Uzbekistan is opening up to the world and the banking sector has been both in the forefront of the reform drive and also one of the main vehicles the government is using to dispense cash and manage the transformation.

30 YEARS OF TRANSITION: Central European automakers prepare for an electric future

Since the first years of the transition period, Central Europe started to emerge as a major manufacturing destination for Europe’s automotive industry. Now the industry is adapting to a new generation of technologies.

CEE monthly bond wrap: Bond issues in Eastern Europe pick up strongly in October, but activity subdued in Central Europe

6 days ago

30 YEARS OF TRANSITION: Gabor Szeles, a self-made Hungarian success story

7 days ago

30 YEARS OF TRANSITION: A profound crisis of trust in democracy

7 days ago

Uzbek banks are making hay while the sun of reform is shining

8 days ago

30 YEARS OF TRANSITION: Central European automakers prepare for an electric future

8 days ago

More Features

Blogs

ISTANBUL BLOG: Turkey’s divergence from economic realities continues apace as state banks cut corporate rates right on cue

National lender lowers its inflation expectations to match those of Erdogan administration. Governor warns against creating perception that unexplained things are occurring in country’s monetary operations.

BALKAN BLOG: EU rejection creates space for Russian return to the Western Balkans

Belgrade plays up Russia links in economy and defence as EU accession setback for Albania and North Macedonia raises fresh questions about Brussels’ commitment to absorbing the Western Balkans.

KYIV BLOG: Ukrainian President Volodymyr Zelenskiy is stuck between a rock and a hard place

The entire Zelenskiy administration gathered in the Black Sea port town of Mariupol on October 29 for a summit to sell international investors on their plans to transform the country. It was a hard sell.

BALKAN BLOG: EU knockback for Albania and North Macedonia has deep negative repercussions at home

North Macedonia has called a snap election and the opposition are piling pressure on Albanian PM Edi Rama after France blocked the launch of accession talks at the latest EU Council.

ISTANBUL BLOG: How far could some Kurd killing go to saving Erdogan’s skin?

Turkey’s president and Donald Trump have put on a real pals’ act in recent months. The US president came through on Syria for the Turkish strongman in a big way, but with the tanks massing and Republicans fuming, threw in some complications.

ISTANBUL BLOG: Turkey’s divergence from economic realities continues apace as state banks cut corporate rates right on cue

14 days ago

BALKAN BLOG: EU rejection creates space for Russian return to the Western Balkans

15 days ago

KYIV BLOG: Ukrainian President Volodymyr Zelenskiy is stuck between a rock and a hard place

16 days ago

BALKAN BLOG: EU knockback for Albania and North Macedonia has deep negative repercussions at home

22 days ago

ISTANBUL BLOG: How far could some Kurd killing go to saving Erdogan’s skin?

1 month ago

More Blogs

Latest Updates

News

In a much sought-after title within the investment banking world, the US magazine Institutional Investor, together with Moscow Exchange, have presented their best investor relations professionals in Russia awards.

Shaky coalition between Sandu's pro-EU ACUM bloc and President Dodon's pro-Russian Socialists fractures after just five months.

Markets, meanwhile, draw breath as Erdogan prepares for November 13 White House meeting with Trump. Betting is that the two strongmen will reach an accommodation.

The National Anti-Corruption Bureau (NABU), the country's main anti-graft agency, has detained former deputy governor of the National Bank of Ukraine (NBU) Oleksandr Pysaruk among seven people who have been accused of embezzling UAH1.2bn ($49mn)

Mister Auto released a survey of which cities in the world are the best and worst to drive in that found Moscow has the second highest road rage index in the world, after only Ulaanbaatar.

Tech

Watchdog Freedom House says country has in past year experienced one of world’s worst deteriorations in online liberties.

Russia’s largest bank and digital innovation frontrunner Sberbank announced creating an Artificial Intelligence alliance including the state-controlled bank, Yandex and Mail.ru internet majors, MTC mobile operator, Gazprom Neft oil company, and RDIF

Russian internet major Yandex has sold out of its pilot smartphone model Yandex.Phone, which has proven to be a rare dud for the company, Kommersant daily reported on November 7, citing distributors and electronics retailers.

The draft law on limiting foreign investors share of “strategically important” tech companies has been considerably softened with the cap on foreign ownership increased from 20% to 49%.

Budapest defies pressure from the US to exclude the Chinese tech giant, sending a clear message to global political and economic actors.

Opinion

The growing importance of environmental, social and governance (ESG) performance to investors (and ultimately to voters) is one of the most important forces shaping the new global economy. CO2 emissions must peak next year or we are in trouble.

During the bank sector reform more than $15bn was stolen by the owners, including $7.6bn stolen by oligarch Ihor Kolomoisky from Privatbank. The IMF has demanded the government tries to recover some of this before granting a new deal.

Notes from BlueBay Asset Management economist Timothy Ash on his latest visits to Istanbul and Ankara.

Beware, says analyst, “When a country's ruler resembles King Lear out on a moor in the storm, any calm is temporary and deceptive”.

The pace of growth in the EBRD’s emerging economies is slowing on the back of a weaker global economic outlook, and pressure from slower growth in the Eurozone and China, US/Chinese trade tensions and a contraction in world automobile production, acc

Data

Russia’s State Statistics Service published preliminary GDP estimates for 3Q19 that posted a 1.7% y/y growth in the quarter, up from 0.9% y/y in 2Q19 and only 0.5% in the first quarter.

Industrial output contracted by 3.6% y/y in Q3, which was the sharpest decline seen since the 2008-2009 recession.

Consumer prices in Belarus grew by 0.5% month-on-month and 3.9% y/y in October, according to the nation's statistics service Belstat.

Romania’s exports of goods increased by only 0.5% y/y to €17.0bn in Q3, which was the weakest performance in the past seven years.

Slovakia's real GDP growth will significantly slow from 4.0% in 2018 to 2.7% in 2019, according to the European Commission (EC) autumn economic prognosis published on November 7.

Features

Bond issuers from Eastern Europe were active in October with 18 bonds issued worth a total of $4.5bn of which two-thirds of the value and 14 out of the 18 were Russian bonds, according to data provided by CBonds.

Szeles, now Hungary’s seventh richest man, started out importing PC parts in the 1980s. He made his name after the transition by reviving Videoton, now the largest electronic manufacturing services company in the CEE region.

Report from the Open Society Foundations reveals a “robust spirit of dissent, and a readiness to challenge those in power” as shown by mass anti-corruption protests in the Czech Republic, Romania and Slovakia.

Uzbekistan is opening up to the world and the banking sector has been both in the forefront of the reform drive and also one of the main vehicles the government is using to dispense cash and manage the transformation.

Since the first years of the transition period, Central Europe started to emerge as a major manufacturing destination for Europe’s automotive industry. Now the industry is adapting to a new generation of technologies.

Blogs

National lender lowers its inflation expectations to match those of Erdogan administration. Governor warns against creating perception that unexplained things are occurring in country’s monetary operations.

Belgrade plays up Russia links in economy and defence as EU accession setback for Albania and North Macedonia raises fresh questions about Brussels’ commitment to absorbing the Western Balkans.

The entire Zelenskiy administration gathered in the Black Sea port town of Mariupol on October 29 for a summit to sell international investors on their plans to transform the country. It was a hard sell.

North Macedonia has called a snap election and the opposition are piling pressure on Albanian PM Edi Rama after France blocked the launch of accession talks at the latest EU Council.

Turkey’s president and Donald Trump have put on a real pals’ act in recent months. The US president came through on Syria for the Turkish strongman in a big way, but with the tanks massing and Republicans fuming, threw in some complications.

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The initial excitement about the changes taking place in Uzbekistan since Uzbek president Shavkat Mirziyoyev took over two years a....

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