News
Fitch cuts oil price outlook for 2020 from 62.5/bbl to $41/bbl on global recession fears
Fitch Ratings has cut its short and medium-term oil and natural gas price assumptions in expectation of very large market oversupply in 2020.
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Romania’s food retailers and online marketplaces capitalise on crisis
Malls have been shut as part of the measures to contain the coronavirus epidemic, but supermarkets are seeing robust demand as Romanians stock up on food.
Belarus considering selective default on its external state debt
Belarus is considering restructuring some part of its external state debt and in effect defaulting on debt coming due this year, First Deputy Prime Minister of Belarus Dmitry Krutoi said.
IMF in talks to increase its assistance to Ukraine to $9.5bn
The International Monetary Fund may increase its assistance to Ukraine to a total of $9.5bn by drawing on a $50bn emergency fund it established to help low-income countries cope with the stop shock of the global coronavirus (COVID-19) pandemic
Kazakhstan orders state companies to sell forex revenue
Order comes from president after tenge weakens by 17% against dollar in face of collapsed oil prices.
Poland’s coronavirus case toll races past 600 as state of epidemic kicks in
Sunday marked the end of the first full week of partial lockdown imposed by the government in an effort to keep the epidemic at levels manageable by the country’s underfunded and understaffed health care system.
Hungarian government submits bill to extend state of emergency
Despite a recent hike in coronavirus cases, the bill is not supported by opposition parties that voiced concern about granting the cabinet special powers for an indefinite length of time.
Series of earthquakes shake Zagreb
Earthquakes strike close to Zagreb as number of new coronavirus cases is starting to accelerate. Authorities urge Croatians forced out of their homes to avoid gathering to prevent spread of the virus.
Russian assets sees a all-time record $1.4bn of outflows in a week
Russian assets saw an all-time record $1.4bn outflows from investors from its combined equity and bond securities in the week ending March 18 compared with an outflow of $590mn the week before.
Crippling pandemic will cause Q2 GDP collapse of 17.2% in Turkey says JPMorgan
Investment bank concludes country can expect worst annualised growth shrinkage of any emerging market. But finance minister rejects idea that economic carnage is on horizon.
Russia reports first coronavirus death
Russia suffered its first coronavirus death on March 19 when a 79-year-old woman passed away. Officially there are only 199 cases in Russia.
Baltic states roll out fiscal measures to prop up coronavirus-stricken economies
The pandemic is expected to push Baltic GDP growth below zero this year, an effect of choked domestic demand and spillovers from abroad.
Uzbekistan's Karimova imprisoned for 13 years in new extortion and embezzlement case
Ex-president's daughter illegally purchased state shares in two cement plants and sold them to foreign business people prosecutors say.
Turkey introduces TRY100bn package to help economy hit by virus
Debt payments postponed, tax burdens cut and aviation and tourism supported. On same day, Toyota Turkey announces production suspension.
Kosovo’s new government already on the rocks
Coalition in crisis after PM Albin Kurti’s decision to sack dismisses interior minister for "spreading panic" over coronavirus sparks no-confidence motion.
UK ‘pressing US to ease Iran sanctions to help fight coronavirus’
No sign as yet of Trump administration relenting. Reports say it may veto Iranian application to IMF for $5bn of emergency funding.
Poland announces €47bn programme to support economy in wake of coronavirus outbreak
The government is reacting to the expected overwhelming impact that the outbreak is nearly certain to have on Poland’s economy in the months to come. Most analysts predict the country’s GDP growth to ease to no more than 2% in 2020 from 4% last year.
Ford, Dacia car factories in Romania suspend production amid COVID-19 pandemic
Romania's two main automakers will suspend their operations at least until April 5 as European car markets are hammered by the pandemic.
Hungarian researchers isolate coronavirus
Researchers at Hungary’s National Centre for Public Health successfully isolated the new coronavirus, a breakthrough that will allow scientists to begin developing a vaccine against the virus.
Turkey brings in surprise 100bp rate cut and additional cheaper liquidity in coronavirus fight
Analyst sees set of announced measures as “stronger than” a cut in borrowing costs. Lira, however, is at its weakest since currency crisis and strategists see it as set to come under even more pressure.