Russian court rules against Baring Vostok fund in OEB case

bne IntelliNews May 20, 2019

The Russian regional Amur arbitration court has ruled against Baring Vostok Capital Partners (BVCP) in the controversial case for the control of 9.99% in the Oriental Express Bank (OEB or Vostochniy), ordering the fund to sell its stake in the bank

Economic and democratic failings dog Erdogan as he hits out at criticism from Turkey’s top business association

bne IntelliNews May 19, 2019

President targets tycoon who heads group’s advisory council. Tuncay Ozilhan raised concerns over Turkish industry’s debt woes and said country must abide by universal principles of democracy or “it becomes something else”.

Mirror, mirror, on the wall, who is the biggest grain exporter of them all?

bne IntelliNews May 18, 2019

The race is on between Ukraine and Russia for the title of “world’s biggest grain exporter” and the two rivals are running neck and neck.

Garanti latest Turkish bank to renew syndicated loan at higher costs, lower roll-over ratio

Akin Nazli in Belgrade May 17, 2019

Despite Turkey’s economic strife, local lenders’ spring loan refinancing season is progressing undeterred. But Libor and Euribor rates have almost doubled compared to a year ago.

Ukraine's parliamentary coalition collapses, making snap elections impossible

bne IntelliNews May 17, 2019

President-elect Volodymyr Zelenskiy was mulling calling a snap election after he is sworn in on May 20, but this was thwarted by the People's Front faction's decision to quit the ruling coalition.

Russian consumer loans ballooning despite CBR measures to cool the market

bne IntelliNews May 17, 2019

Unsecured consumer loans in Russia keep on growing, increasing by 25% year-on-year in January-March 2018, Vedomosti daily said on May 17 citing the data by Frank RG. Unsecured loans accounted for RUB1.05tn of the total retail loans volume of RUB1.9tn

Ukraine parliament schedules Zelenskiy's inauguration ceremony for May 20

bne IntelliNews May 17, 2019

The inauguration of Ukrainian President-elect Volodymyr Zelenskiy will take place on May 20, according to a special draft resolution greenlighted by the nation's parliament on May 16, which in theory allows the new president to dissolve parliament

Albania to establish energy bourse to liberalise electricity market

Valentina Dimitrievska in Skopje May 16, 2019

The energy stock exchange is intended to increase security of the electricity supply and encourage investments in the sector.

Moldova’s president to dissolve parliament unless deadlock settled by mid-June

Iulian Ernst in Bucharest May 16, 2019

Since the February general election, none of the three main forces in the new parliament have been able to find sufficient common ground to form a majority.

PM Skvernelis' defeat in presidential election causes turmoil in Lithuanian politics

Wojciech Kosc in Warsaw May 16, 2019

After coming in a humiliating third place in the presidential poll, Saulius Skvernelis says he will stand down if his party also performs poorly in the European Parliament election next week.

Iran ‘scales down nuclear pact commitment by dropping uranium, heavy water limits’

bne IntelliNews May 15, 2019

Moves are minor but indicate that in several weeks' time accord could start to unravel if Europe does not do more to protect Iranian economy from punishing US sanctions attack.

Iran’s central bank chief urges Europe to kickstart trade vehicle

bne IntelliNews May 14, 2019

Hemmati, who accused European officials of "threadbare" remarks, wants to see EU companies buying Iranian oil and exporters in the bloc trading with the Islamic Republic. But move would be a defiance of US sanctions.

Turkish industrial production contracts for 7th straight month

Akin Nazli in Belgrade May 14, 2019

Calendar-adjusted index in positive territory. Fresh pre-election stimulus on the cards. Economy may have grown in Q1 but double-dip recession not ruled out. Istanbul revote impact may hinge on battle for Kurdish vote.

Donald Trump praises Hungary's efforts to curb migration at meeting with Vikor Orban

bne IntelliNews May 14, 2019

"You're respected all over Europe ... a little bit controversial, but that's okay,” US president tells Hungary’s illiberal prime minister.

Ukraine central bank loses appeal in PrivatBank nationalisation court battle

bne IntelliNews May 14, 2019

The National Bank of Ukraine has lost its appeal to the courts to overturn a decision to de-nationalise Privatbank.

Ukraine's president-elect insists on May 19 inauguration

bne IntelliNews May 14, 2019

Volodymyr Zelenskiy accuses outgoing President Petro Poroshenko of deliberately delaying handover of power while he attempts to install his people in the army, Supreme Court and National Television and Radio Broadcasting Council.

Slovenia, Israel and Turkey benefit from Kosovo’s politically motivated import tariffs

Valentina Dimitrievska in Skopje May 13, 2019

100% import tariffs on goods from Serbia and Bosnia have pushed consumer prices up in Kosovo, but politicians’ claims they would help local producers were never realised, think tank GAP finds.

Firebombs and fury on the streets of Tirana

bne IntelliNews May 13, 2019

Opposition protesters fight police with Molotov cocktails, defying international calls to refrain from violence. Political crisis threatens to derail EU integration process.

Fingers pointed at Iran in blame game over tanker “sabotage operations”

bne IntelliNews May 13, 2019

Tehran says attacks are “worrisome and dreadful”. Iranian MP says “saboteurs from a third country who seek instability in the region” could be the guilty party.

Turkey’s current account gap contracts 88% y/y in Q1 as lira crisis crushes imports

Akin Nazli in Belgrade May 13, 2019

More market jitters on report that Treasury may tap central bank reserves to borrow 40bn lira as government budget deficit is deeper than expected. OMFIF op-ed says Erdogan’s mishandling of currency crisis heightens probability of Ankara default.