News
TURKEY INSIGHT: Consumer hump, factory slump
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.
Russia’s LNG production soaring in 2019
Russia has kept is oil and gas production capped in keeping with the terms of the OPEC+ deal, but the production of LNG has soared in the last year, as the Kremlin hopes to turn gas into a commodity that can be sold anywhere.
ECB shuts down troubled Latvian lender PNB Banka
The ECB assessed that PNB Banka was failing or likely to fail in accordance with the Single Resolution Mechanism Regulation.
Fast fashion giant Primark prepares to expand in Poland
Eastern expansion continues after Primark opened its first CEE store in Ljubljana in June.
US partner ‘has pulled out of Georgia’s Anaklia deep water port project’
Withdrawal reportedly caused by lack of government backing for country’s flagship infrastructure development. Analysts anticipate investment mothballing or arrival of Russian or Chinese stakeholders to replace Western partners.
ING Bank Turkey renews syndicated loan ahead of Turkish lenders’ refinancing season
All-in cost of €190mn tranche is Euribor+2.40%, $96mn tranche fixed at Libor+2.50%. Rollover ratio stands at 49%.
Has the Kremlin already scuppered Russia's next generation high speed 5G mobile phone network before it has been built?
Has the Kremlin already scuppered the launch of the next generation high speed 5G mobile phone network before it has been built? Some industry participants think so after the Russian government assigned a a little used frequency band for the system t
Armenia audit finds no grounds for criminal prosecution of gold miner Lydian
Toronto-listed company’s site has been blockaded for months by protesters arguing mining will pose a threat to water resources.
More publications switch from Kiev to Kyiv and ignore the “chicken thing”
After resisting for years, two more leading publications have switched the spelling of Ukraine’s capital from Kiev to Kyiv.
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Ukraine’s economy takes off? Economic growth jumps to 4.6% in 2H19
The strong gain was driven by a bumper grain harvest and soaring grain exports that allowed Ukraine to overtake Russia as the biggest exporter of grain in the world for the first time in three years.
Turkish Airlines passenger decline ugly symptom of consumer crunch in Turkey
Flagship carrier reports 4.8% July fall in number of people flying, with 11% drop in domestic traffic despite tourism high season.
Russian watchdog proposes to privatise Aeroflot's lowcoster Pobeda
Russia's Federal Antimonopoly Service (FAS) has proposed the privatisation of the budget airline Pobeda, part of the national air carrier Aeroflot Group, and let it concentrate on domestic routes to bring prices down
Georgia’s political airwaves battle heats up with new channel announcement
Likely financier is controversial ex-defence minister turned oligarch. Meanwhile, new anti-government movement planned by TBC Bank founder.
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Estonian coalition agrees on pension reform bill
The new pension scheme would allow people to opt out of the second pillar or suspend payments from 2020, which the IMF warns will increase the burden on future generations and lead to people cashing out their savings.
Ukraine’s fruit and berry exports expected to boom this year
Ukraine’s fruit and berry production is flourishing and exports are expected to boom this year, according to Pro-Consulting, Unian reported on August 13.
Georgia’s main opposition TV station could fall into pro-government hands
Former owner of Rustavi 2 who regained control through the courts offers to sell broadcaster and calls for insolvency proceedings to be launched.
Moldova’s fragile coalition put to the test by fiscal tightening agreed with IMF
The Socialists’ opposition to fiscal provisions threatens to become the first formal conflict within their fragile alliance with the pro-EU ACUM bloc.
TV losing its power to influence as a news source in Russia
TV used to be the main source of power in Russia, but unlike China, the internet is open and younger people get the majority of their news and information online. The state has belatedly woken up to the need to control online content
Reports of Turkmen president’s death prove greatly exaggerated
Gurbanguly Berdimuhamedov, appearing in good health, gives speech at Caspian Economic Forum.
First annual current account surplus since 2002 for Turkey but size of monthly deficit a surprise
Fall in imports after currency crisis rather than export strength eliminated gap. Repeated credit expansions now undoing progress.