News

All-cash £3bn buyout offer announced to take LSE-listed KAZ Minerals private

Kanat Shaku in Almaty October 29, 2020

Two largest shareholders offer 12% premium. Say $7bn development of Baimskaya copper mine in Russia “would be best undertaken away from public markets”.

Uzbekistan unveils extensive privatisation programme

Alisher Kalandarov in Tashkent October 29, 2020

Includes 32 of largest state companies, such as Uzbekneftegaz, gold and uranium miner Navoi Mining, Uzbekistan Airways, Uzbekistan Railways and Uzauto Motors.

Spectre of 2001 economic crisis repeat now haunts Turkey says ex-central bank chief

bne IntelIiNews October 28, 2020

Lira limps to another record low and, adding to Ankara’s woes, Brussels mulls trade action in response to Erdogan’s weaponising of commerce in ‘Islam’ row with France.

Canadian toymaker Spin Master to acquire maker of Rubik's Cube

Tamas Szilagyi in Budapest October 28, 2020

To date, over 350mn Rubik's Cubes have been sold, making it one of the best-selling toys of all time.

#UPDATE: Michael Calvey and Baring Vostok cut a deal with Russian opponents in corporate conflict over Vostochny Bank

Ben Aris in Berlin October 28, 2020

Reports have emerged on the morning of October 28 that US fund manager Michael Calvey, who heads leading Russia-based private equity fund Baring Vostok, has cut a deal with his former partners in Vostochny Bank to end their corporate dispute.

Kazakhstan's Air Astana may never return to some pre-pandemic destinations CEO says

bne IntelIiNews October 28, 2020

Notes "people, particularly those travelling on holiday for leisure reasons, don't want to go through hub airports anymore. They don’t want to hang out in large airports or large cities with their families. They want to go to point A to point B."

Russian electronics retailer M.Video boasts 25% growth in 3Q20

bne IntelliNews October 27, 2020

Russian electronics retailer M.Video-Eldorado has posted 25% year-on-year revenue growth in 3Q20 to RUB110bn ($1.43bn), with a 2.4-fold surge in online revenues.

EBRD takes stake in Bosnia's Adriatic Metals

bne IntelliNews October 27, 2020

Investment to be used to finance the transition from exploration to silver mine development at brownfield site in Vares.

North Macedonia, Albania and Serbia to invite Kosovo to join mini-Schengen on October 30

bne IntelliNews October 27, 2020

Regional initiative set up to take concrete steps to eliminate obstacles to the free movement of people, goods, services and capital, with the final aim of securing EU membership.

First day of Belarus’ general strike off to mixed start

bne IntelliNews October 27, 2020

The first day of a general strike ordered by opposition leader Svetlana Tikhanovskaya got off to a mixed start, with some workers laying down their tools, but the majority of state-owned enterprises were functioning as normal.

"Very nice!" Kazakhstan adopts Borat's catchphrase in tourism advertising

Kanat Shaku in Almaty October 27, 2020

Idea for campaign came from American who lives in Almaty, where he gives walking tours. Expat pitched idea to country’s tourism board and “immediately” got the go-ahead.

Ukraine’s ruling Servant of the People Party's honeymoon is over after it loses ground in regional elections to local incumbents

Ben Aris in Berlin October 27, 2020

The ruling Servant of the People (SOTP) got hammered in Ukraine’s regional elections over the weekend, where the governorships and mayor’s offices in the main towns were up for grabs.

French Orano to join $8bn nuclear power plant expansion project in Romania

Iulian Ernst in Bucharest October 27, 2020

France will be involved, together with the US and Canada, in the construction of two new reactors at Cernavoda under an $8bn project.

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