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International Ice Hockey Federation (IIHF) has stripped Belarus of the right to hold the World Championship this year
Alexei Navalny arrested on arrival as he returns home
LONG READ: The oligarch problem
MOSCOW BLOG: Has Navalny started a revolution?
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Opposition activist Navalny's call for mass protests a success as thousands take to the streets across Russia
Russia's National Welfare Fund accounts for almost 12% of GDP
NBU keeps key policy rate at 6%, worsens CPI outlook
Western Balkans and Ukraine urged to scrutinise coal subsidies
Oligarchs trying to derail Ukraine’s privatisation programme, warns the head of Ukraine’s State Property Fund
VISEGRAD BLOG: Central Europe's populists need a new strategy for Biden
OUTLOOK 2021 Lithuania
EBRD says loan to Estonia’s controversial Porto Franco project was never disbursed
Czech MPs pass protectionist food law in violation of EU rules
M&A in Central and Eastern Europe fell 16% in value in 2020, says CMS report
Hungarian vehicle makers hit by supply chain shortage
COVID-19 and Trump’s indifference helped human rights abusers in 2020
OUTLOOK 2021 Poland
OUTLOOK 2021 Slovakia
BRICKS & MORTAR: Rosier future beckons for CEE retailers after year of change and disruption
FDI inflows to CEE down 58% in 1H20 but rebound expected
BALKAN BLOG: Superstition and resentment surround vaccination plans
Albania needs reforms for e-commerce to thrive, says World Bank
BALKAN BLOG: US approach to switch from quick-fix dealmaking to experience and cooperation
Bosnia's exports in 2020 amounted to BAM10.5bn, trade deficit to BAM6.3bn
Retailers and restaurant owners threaten protests in Bulgaria if reopening is delayed
Bulgaria's Biodit first company to IPO on new BEAM market
Bulgaria’s government considers gradual easing of COVID-related restrictions
Spring lockdown caused spike in online transactions in Croatia
ING: Growth in the Balkans: from zero to hero again?
Labour demand down 28% y/y in Croatia in 2020
OUTLOOK 2021 Moldova
Storming parliaments: New Europe's greatest hits
World Bank revises projection for Moldova’s 2020 GDP decline to 7.2%
North Macedonia plans to cut personal income tax in IT sector to zero in 2023
Romania government to pursue “ambitious” timetable for justice reforms
Private finance mobilised by development banks up 9% to $175bn in 2019
OUTLOOK 2021 Romania
OUTLOOK 2021 Slovenia
Slovenia’s opposition files no-confidence motion against Jansa cabinet
Slovenia’s government to release funds to news agency STA after EU pressure
UK Moneyhub picks Slovenia for post-Brexit European base
D’S Damat franchise deals ‘show Turkey’s hard-pressed mall operators becoming their own tenants’
Turkey’s benchmark rate held as concerns over faltering recovery come to fore
Turkish lira breaches HSBC’s stop-loss, Turkey ETF signalling outflows
CAUCASUS BLOG : What can Biden offer the Caucasus and Stans, all but forgotten about by Trump?
Armenia ‘to extend life of its 1970s Metsamor nuclear power plant after 2026’
OUTLOOK 2021 Armenia
COMMENT: Record high debt levels will slow post-coronavirus recovery, threaten some countries' financial stability, says IIF
OUTLOOK 2021 Georgia
Iran’s Khamenei menaces private citizen Trump with image of aircraft shadowing blond golfer
Iran’s technology minister indicted for failing to properly implement internet censorship
No US move to rejoin Iran nuclear deal imminent, say Biden national security nominees
TEHRAN BLOG: Will Biden bet on a quick return to the Iran nuclear deal?
Central Asia vaccination plans underwhelm, but governments look unruffled
Fears of authoritarianism as Kyrgyz populist wins landslide and backing for ‘Khanstitution’
Mongolia's PM quits amid protests over treatment of mother with coronavirus and newborn baby
Mongolia's winter dzud set to be one of most extreme on record says Red Cross
Mongolian coal exports to China paralysed as Beijing demands virus testing of truck drivers
Mongolia fears economic damage as country faces up to its first local transmissions of coronavirus
OUTLOOK 2021 Tajikistan
OUTLOOK 2021 Turkmenistan
Turkmenistan: How the Grinch stole New Year
COMMENT: Uzbekistan is being transformed, but where are the democratic reforms?
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Wizz Air sold €500mn worth of three-year bonds at an interest rate of just 1.35% on January 13 after receiving more than €2bn of orders from investors, business news site Portfolio reported. The Budapest-based low-cost airline announced plans to launch a €3bn bond program in August, but the issue was delayed by the pandemic.
The deal underscores robust demand in credit markets even in deeply-troubled sectors such as the airline industry.
Fitch Ratings affirmed Wizz Air’s rating at a junk rating of 'BBB-' with a negative outlook in November. The slower-than-expected recovery of the airline industry is offset by Wizz Air’s fleet growth plans, flexibility and strong liquidity, it said.
Wizz Air’s cash reserve of €1.6bn would allow it to survive for the next two years even if its planes were grounded, CEO Jozsef Varadi said earlier. Varadi has spoken out against governments providing lifeline to companies in the industry.
Wizz Air has pursued an aggressive expansion strategy during the pandemic, capitalizing on its strong liquidity. It opened a number of new bases in Europe.
Analysts expect Wizz Air's recovery to be faster than that of the sector, due to the company's low-cost position, short-haul flights, flexibility in route management and favourable customer base. Wizz Air operates with one of the best cost ratios in the industry and has followed Ryanair’s model of keeping both costs and ticket prices low.
Wizz Air passenger numbers slumped by 80% y/y in December to 665,722, against more than 3.3 million in the base period. The load factor fell by 33.3pp to 56.1% as capacity was cut by 68% to 1.18mn seats, according to recent data from the company.
CEE's leading airline did not give guidance for its fiscal year 2021 due to the uncertainty of the current situation. The airline closed 2019-2020 with a profit of €281mn on €2.76bn revenue.
Ukrainian PM Denys Shmyhal has directed the finance, energy and economy ministries to raise funds for the repayment of green energy suppliers through the issue of state bonds, which to be ... more
Local conglomerate Turkerler and Italy’s Astaldi, the consortium building the Ankara Etlik City Hospital, has restructured an €833mn loan with a consortium of 15 banks, including the European ... more
The success of a Tajik woman agri-entrepreneur—Shamsihol Sultonova, who owns a farm in the Shahritus region of Tajikistan—has been highlighted to demonstrate the value of the ... more
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