Southeast Europe / News

Kosovo bans import of potatoes and honey from North Macedonia

bne IntelliNews August 18, 2019

Reciprocal measure taken after North Macedonia introduced tariffs on imports of fish and roe from Kosovo in June this year.

TURKEY INSIGHT: Consumer hump, factory slump

Akin Nazli in Belgrade August 16, 2019

Turkish industrial production contracts for 10th straight month. Worst run since financial crisis. Government, meanwhile, continues to work the credit pumps. “Central bank playing with fire,” says one analyst.

ING Bank Turkey renews syndicated loan ahead of Turkish lenders’ refinancing season

Akin Nazli in Belgrade August 15, 2019

All-in cost of €190mn tranche is Euribor+2.40%, $96mn tranche fixed at Libor+2.50%. Rollover ratio stands at 49%.

Turkish Airlines passenger decline ugly symptom of consumer crunch in Turkey

bne IntelliNews August 14, 2019

Flagship carrier reports 4.8% July fall in number of people flying, with 11% drop in domestic traffic despite tourism high season.

Moldova’s fragile coalition put to the test by fiscal tightening agreed with IMF

Iulian Ernst in Bucharest August 13, 2019

The Socialists’ opposition to fiscal provisions threatens to become the first formal conflict within their fragile alliance with the pro-EU ACUM bloc.

First annual current account surplus since 2002 for Turkey but size of monthly deficit a surprise

Akin Nazli in Belgrade August 12, 2019

Fall in imports after currency crisis rather than export strength eliminated gap. Repeated credit expansions now undoing progress.

Leaked recording implicates North Macedonia’s chief special prosecutor further in extortion scandal

Valentina Dimitrievska in Skopje August 11, 2019

Revelations threaten to undermine the Special Prosecutor’s Office, tasked to probe high level crime, when North Macedonia is pursuing crucial justice reforms as it seeks the go-ahead for EU accession talks.

Turkey’s Tupras reports 15% y/y decline in Q2 profit

Akin Nazli in Belgrade August 8, 2019

Q2 profit significantly above market average expectation mainly thanks to hefty deferred tax gain recorded by oil refiner.

Kosovo bans entry of citizens with Serbian passports

bne IntelliNews August 8, 2019

Serbian Prime Minister Ana Brnabic blames "chaotic political situation" in Pristina as relations deteriorate further.

Largest Turkish retailer BIM posts 18% y/y profit growth in Q2

Akin Nazli in Belgrade August 7, 2019

Average market forecast was for TRY306mn, but company was able to record TRY347mn and meet expectations for 31% growth in revenues.

Turkey’s Teflon lira rises and rises but dollarisation rates show Turks not yet buying into recovery

bne IntelliNews August 6, 2019

Many internal and external factors help explain the currency’s recovery but jittery investors still see vulnerabilities everywhere.

Leaders of Bosnia’s main ethnic parties sign coalition deal 10 months after election

Denitsa Koseva in Sofia August 6, 2019

To reach agreement more vague commitment made to Nato membership that overcomes objections of Milorad Dodik of the Serb Alliance of Independent Social Democrats.

Turkish auto sales crash 66% in July after tax cuts expire

bne IntelliNews August 4, 2019

Automakers hooked on fiscal generosity now in for a rough second half if no more government assistance is forthcoming.

“Biggest step in Turkish censorship history” as TV watchdog gets sweeping oversight over all online content

bne IntelliNews August 1, 2019

Netflix and local streaming platforms among those affected, while critics warn all internet media producing opposition news will feel impact.

Turkish lender Garanti’s Q2 profit comes in flat at TRY1.91bn

Akin Nazli in Belgrade July 31, 2019

Spanish lender BBVA, which owns just short of half of the bank, says Turkey’s political instability and recession dented its group profitability.

Higher tax takes toll on Turkish white goods maker Arcelik but net profit up 52%

Akin Nazli in Belgrade July 30, 2019

Trade association pushing for permanent fiscal help for sector suffering amid misery wrought on consumers by Turkey’s economic woes. Exports helping to keep companies afloat.

Germany’s Union, US-based Pzena shifting investments from Turkish lenders to exporters on Borsa Istanbul

Akin Nazli in Belgrade July 29, 2019

But this is Turkey—the economic fundamentals do not explain what is before the market’s eyes.

Romania’s ruling coalition at risk ahead of presidential election

bne IntelliNews July 25, 2019

The ruling PSD and its junior partner ALDE are fielding rival candidates and things are already getting acrimonious.

Bosnian police arrest Indian businessman Pramod Mittal

bne IntelliNews July 24, 2019

Mittal, brother of steel magnate Lakshmi Mittal, was arrested along with two others on suspicion of organised crime and abuse of office.

EIB freezes new lending linked to Turkish government as part of EU’s Cyprus drilling row response

bne IntelliNews July 24, 2019

Move serves as something of a ‘shot across the bows’ of Turkey. Bank is country’s biggest single lender.