bne IntelliNews

bne IntelliNews bne IntelliNews publishes business news and data on emerging markets. Original business information and intelligence since 1999.
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An independent, multi-platform publisher that is voice of business in the Emerging Markets west of the Danube and east of the Ganges.

  IntelliNews monthly magazineThe AUGUST issue of bne monthly Magazine is out!COVER SECTIONUkraine’s government mulls ra...
05/08/2024

IntelliNews monthly magazine
The AUGUST issue of bne monthly Magazine is out!

COVER SECTION
Ukraine’s government mulls raising taxes to plug a $12bn hole in the budget

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COVER SECTION
Ukraine’s government mulls raising taxes to plug a $12bn hole in the budget

COMPANIES & MARKETS
Ukraine’s biggest private power producer races to recover as winter looms
Increasingly isolated by sanctions, Russia’s metal producers are being pushed into China’s arms
Russian exports of diamonds to Hong Kong up 18-fold in 5M24
Uzbekistan's AGMK announces $15bn expansion to drive up copper cathode output
Eurasian Development Bank moves into Central Asia’s Islamic finance sector
Local, international and regional chains vie for Balkans’ expanding food retail market
Chinese electric vehicle maker BYD signs agreement to build $1bn production plant in Turkey
IPO boom gathers momentum in Russia
Bulgaria is not ready for eurozone, say European Commission and ECB
Who consumes the most power to mine bitcoins?
Croatia struggles with surge in cyber attacks
Russia's war-driven brain drain reverses as up to 45% of emigres return home
Plants absorbing less carbon dioxide in 2023, accelerating global warming
Earth records hottest year since records began
Investment into green energy to top $2 trillion in 2024 for first time – IEA

CENTRAL EUROPE
Orban’s new right-wing alliance meets legal threshold to set up faction in EP
Slovak PM’s Smer party isolated in European Parliament after split from S&D group
Slovakia's populist government tames the broadcasters
Hungary vows to use its EU presidency to "Make Europe Great Again"
Estonian Prime Minister Kaja Kallas resigns

SOUTHEAST EUROPE
Egypt and Serbia add their voices to the growing number of calls to end the fighting in Ukraine
Parade of Serbian army troops in Bosnia sparks outrage among Muslims
Economic shock therapy makes 2024 most trying in a generation for Turks

EASTERN EUROPE
Modi spends a busy day doing deals with Russia
Nato directly accuses China of supplying Russia with arms for the first time
EU expands sanctions regime on Belarus
US to develop cheap "ERAM" glide bombs for Ukraine

EURASIA
China’s Xi uses SCO summit trip to further build Central Asia ties
Uzbekistan parliament remains unreformed ahead of the October general election
Georgia’s president to challenge government’s “Russian” law in constitutional court

OPINION
Can Europe stand firm in its support for Ukraine as it struggles to contain Russian aggression?
Israel emerging as source of tension in Azerbaijan’s special relationship with Turkey
Georgia’s dreams dying as EU accession suspended
Armenia needs a green light from Brussels to fulfil its European dream

NEW EUROPE IN NUMBERS
wiiw sees brighter growth prospects for ‘resilient’ Emerging Europe

  IntelliNews monthly magazineThe JULY issue of bne monthly Magazine is out!COVER SECTIONThe war in Ukraine is inching t...
09/07/2024

IntelliNews monthly magazine
The JULY issue of bne monthly Magazine is out!

COVER SECTION
The war in Ukraine is inching towards a ceasefire as pressures mount

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COVER SECTION
The war in Ukraine is inching towards a ceasefire as pressures mount

COMPANIES & MARKETS
Poland, Hungary and Slovakia set to enter EU's Excessive Deficit Procedure
Czech minister says two investors are interested in taking over Liberty Steel’s insolvent local unit
Rail Baltica could require an extra €19bn in funding, say audit offices
Forget oil, forget gas. Kyrgyzstan has plans to power Central Asia with water
Hungary’s MVM Group acquires 5% stake in Shah Deniz gasfield in Azerbaijan
Telegram founder Pavel Durov’s appearance in Kyrgyzstan sparks hopes of ski resort investment
Russia overtakes Japan to become the fourth largest economy in the world in PPP terms
EU to target LNG and helium in 14th sanctions package against Russia
EBRD to invest €1.5bn into Ukraine until the war ends
Turkey hits Chinese cars with additional 40% tariff
Serbia set to approve Rio Tinto’s lithium project with new environmental guarantees
Russian engineers to switch on Turkey’s first nuclear plant within a year
Rising internal political tensions put Bosnia’s economic growth at risk, IMF warns
Russian bond investors increasingly unwilling to buy OFZ treasury bills as macroeconomic concerns rise
Business as usual? US sanctions against Russia's financial market fail to incite panic
Hungarian state buys back Budapest Airport in deal worth €4.3bn
Energean cashes in €883mn from Croatia, Egypt and Italy asset sale
Russian e-commerce major Wildberries to buy billboard company Russ Group
Who consumes the most power to mine bitcoins?
Azerbaijan’s first generation of startups paves the way for technological lift-off
Central Asia’s first 3D-printed house built in Almaty
Uzbekistan “will suffer” as Taliban canal diverts fifth of Amu Darya river, warns expert
The Caspian Sea to shrink by a third due to global warming
Extreme wildfires have doubled in two decades, due to climate crisis

CENTRAL EUROPE
Far-right gains in Europe pose challenge for EU enlargement
Hungary wants to 'Make Europe Great Again' during its EU presidency
Eurosceptics sweep Czech EP elections
Pellegrini pledges to unite deeply divided Slovakia
Slovak parliament approves dismantling of public broadcaster

SOUTHEAST EUROPE
Turkish intelligence reportedly foiled terrorist plot to attack Moscow mall after Crocus City massacre
Bulgaria’s Gerb wins snap general election amid record-low turnout
EU to officially begin accession negotiations with Moldova on June 25
North Macedonia elects new prime minister after flooding temporarily halts proceedings
New Croatian MEP arrives in Ferrari to “represent the little man” in Brussels

EASTERN EUROPE
Dagestan rocked by a series of terrorist attacks
78 countries sign limited communique at Ukraine summit in Switzerland
Putin visits North Korea to boost military ties
Russian warships dock in Cuba for Caribbean drills amid Ukraine tensions

EURASIA
Uzbekistan, Korea prepare to take “special” relations to next level as presidents meet
Armenia is poised to exit Russian-led CSTO, says Pashinyan
Kyrgyzstan, Uzbekistan & China: When is a done deal really done?
“Recruiting ground” for jihadist terrorists Tajikistan bans hijab

OPINION
A downbeat Berlin Recovery Conference highlights that Ukraine is increasingly in survival mode
Azerbaijan’s new strategy is to become a green energy hub
Moscow is playing a long gas game
Russia is pushing Turkmenistan out of the natural gas market

NEW EUROPE IN NUMBERS
Serbia’s grey economy turns over nearly €15bn annually

COMPANIES & MARKETS
Poland, Hungary and Slovakia set to enter EU's Excessive Deficit Procedure
Czech minister says two investors are interested in taking over Liberty Steel’s insolvent local unit
Rail Baltica could require an extra €19bn in funding, say audit offices
Forget oil, forget gas. Kyrgyzstan has plans to power Central Asia with water
Hungary’s MVM Group acquires 5% stake in Shah Deniz gasfield in Azerbaijan
Telegram founder Pavel Durov’s appearance in Kyrgyzstan sparks hopes of ski resort investment
Russia overtakes Japan to become the fourth largest economy in the world in PPP terms
EU to target LNG and helium in 14th sanctions package against Russia
EBRD to invest €1.5bn into Ukraine until the war ends
Turkey hits Chinese cars with additional 40% tariff
Serbia set to approve Rio Tinto’s lithium project with new environmental guarantees
Russian engineers to switch on Turkey’s first nuclear plant within a year
Rising internal political tensions put Bosnia’s economic growth at risk, IMF warns
Russian bond investors increasingly unwilling to buy OFZ treasury bills as macroeconomic concerns rise
Business as usual? US sanctions against Russia's financial market fail to incite panic
Hungarian state buys back Budapest Airport in deal worth €4.3bn
Energean cashes in €883mn from Croatia, Egypt and Italy asset sale
Russian e-commerce major Wildberries to buy billboard company Russ Group
Who consumes the most power to mine bitcoins?
Azerbaijan’s first generation of startups paves the way for technological lift-off
Central Asia’s first 3D-printed house built in Almaty
Uzbekistan “will suffer” as Taliban canal diverts fifth of Amu Darya river, warns expert
The Caspian Sea to shrink by a third due to global warming
Extreme wildfires have doubled in two decades, due to climate crisis

CENTRAL EUROPE
Far-right gains in Europe pose challenge for EU enlargement
Hungary wants to 'Make Europe Great Again' during its EU presidency
Eurosceptics sweep Czech EP elections
Pellegrini pledges to unite deeply divided Slovakia
Slovak parliament approves dismantling of public broadcaster

SOUTHEAST EUROPE
Turkish intelligence reportedly foiled terrorist plot to attack Moscow mall after Crocus City massacre
Bulgaria’s Gerb wins snap general election amid record-low turnout
EU to officially begin accession negotiations with Moldova on June 25
North Macedonia elects new prime minister after flooding temporarily halts proceedings
New Croatian MEP arrives in Ferrari to “represent the little man” in Brussels

EASTERN EUROPE
Dagestan rocked by a series of terrorist attacks
78 countries sign limited communique at Ukraine summit in Switzerland
Putin visits North Korea to boost military ties
Russian warships dock in Cuba for Caribbean drills amid Ukraine tensions

EURASIA
Uzbekistan, Korea prepare to take “special” relations to next level as presidents meet
Armenia is poised to exit Russian-led CSTO, says Pashinyan
Kyrgyzstan, Uzbekistan & China: When is a done deal really done?
“Recruiting ground” for jihadist terrorists Tajikistan bans hijab

OPINION
A downbeat Berlin Recovery Conference highlights that Ukraine is increasingly in survival mode
Azerbaijan’s new strategy is to become a green energy hub
Moscow is playing a long gas game
Russia is pushing Turkmenistan out of the natural gas market

NEW EUROPE IN NUMBERS
Serbia’s grey economy turns over nearly €15bn annually

  IntelliNews monthly magazineThe JUNE issue of bne monthly Magazine is out!COVER SECTIONRussia’s despair index result i...
06/06/2024

IntelliNews monthly magazine
The JUNE issue of bne monthly Magazine is out!

COVER SECTION
Russia’s despair index result is the best ever, while Ukraine’s crashes
“Guns and butter” are both important, Putin tells military commanders
Ukraine’s strategy of hitting Russian oil refineries is working
Russia hits Ukrainian power facilities in six regions with intense missile attack, imports from EU won't cover winter demand

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COVER SECTION
Russia’s despair index result is the best ever, while Ukraine’s crashes
“Guns and butter” are both important, Putin tells military commanders
Ukraine’s strategy of hitting Russian oil refineries is working
Russia hits Ukrainian power facilities in six regions with intense missile attack, imports from EU won't cover winter demand

COMPANIES & MARKETS
China and Hungary sign 18 agreements during last leg of Xi's European tour
Czech government slams Liberty Steel for missed social payments and unrealistic promises
Hungary’s OTP makes reported record bid for EU bank
Azerbaijan, Kazakhstan and Uzbekistan join forces to power Europe
IIF analysis shows Kazakhstan’s economy faces bumps in the road – but no major obstacles as things stand
Russia's nuclear diplomacy binding emerging markets to the Kremlin
European banks still in Russia see profits quadruple, pay over €800mn in taxes
Turkey signs LNG deal with US supermajor ExxonMobil placing question mark over Russian gas supplies
Fitch believes Bulgaria unlikely to enter eurozone in January 2025
Top Russian mobile operator MTS announces $86.5mn share buyback
Premier Energy seeks to raise over €135mn with Bucharest IPO
Dollar remains dominant in global trade, but global tensions are fragmenting the world, says IMF
BRICS currency is coming soon
Latvia’s start-up scene: a second fiddle no more
Russia prepares a crackdown on crypto
Caspian Sea water levels dropping cause alarm in Iran's north
European election results could spell further backtracking on climate policy
Trees are “coughing not breathing” due to climate crisis stress, study finds

SPECIAL FOCUS
President Raisi's death and its implications for Iran and the region
What happens when an Iranian president dies in office?
Turkey says helicopter carrying Iran’s Raisi did not emit transponder signal, adds Turkish drone used to find wreckage
Who will be the next Iranian president following Raisi’s death?

CENTRAL EUROPE
Von der Leyen says EU will close rule-of-law dispute with Poland
Polish judge shows up in Minsk asking for political asylum
Assassination attempt on Fico shows radicalisation of Slovak society
Central Europe nudges Ukrainian refugees to return home
University of Ljubljana students occupy faculty in protest against military operations in Gaza

SOUTHEAST EUROPE
Turkey simply relabels Russian oil products and exports them to Europe, research indicates
China to intensify relations with Serbia after President Xi's landmark visit to Belgrade
North Macedonia’s opposition VMRO-DPMNE celebrates twin electoral victory
Kosovo to become first Muslim-majority country to legalise same-sex marriage
German chancellor says 4-year timeline for Montenegro's EU membership is realistic

EASTERN EUROPE
Putin, Xi hold in-depth wide-ranging talks in Beijing in symbolic meeting
Ukraine – running through the numbers
A private company is building Belarus President Lukashenko a luxurious bolthole in Russia's Sochi – investigation
Former Nexta editor Protasevich says he owes Belarus authorities $7.6mn in damages
Ukrainian oligarch Kolomoisky faces life imprisonment for murder

EURASIA
Kazakh ex-minister convicted of savage torture and murder of wife in trial that gripped nation
Georgian oligarch Ivanishvili advocates repression, blames Western “Party of War” for country’s ills
New India-Europe transit corridor set to challenge IMEC, Suez routes

OPINION
The bilateral relations between China and the European Union are important but challenging
Putin visits China; US sanctions also make trade between China and Russia more difficult
Aliyev continues to block the chance of peace in the South Caucasus
Exhausting Russia, strategies and fantasies Russia and Iran have some people in Moscow asking questions

NEW EUROPE IN NUMBERS
Global warming acceleration at its peak but the La Nina effect this year will reduce temperatures less than expected

Join the inaugural Berlin Energy Forum on May 21, 2024, in the vibrant city of Berlin. This exclusive event, limited to ...
20/05/2024

Join the inaugural Berlin Energy Forum on May 21, 2024, in the vibrant city of Berlin. This exclusive event, limited to just 50 participants, promises to be a groundbreaking gathering for energy professionals.

🔹 Why Attend?

Engage in in-depth discussions with leading experts like Christopher (Chris) Weafer , Christof Rühl , and Benjamin Hilgenstock, Ben Aris and Tom O´Donnell.

Network with top industry leaders and policymakers.

Gain insights into the latest developments and future trends in the energy sector.

📍 Details:

Date: May 21, 2024

Location: Berlin, Germany

Registration: Free, exclusive access limited to 50 seats

Don’t miss this unique opportunity to connect, discuss, and contribute to shaping the global energy landscape.

Secure your spot now at https://www.berlinenergyforum.de/register

Media Partner: Kyiv School of Economics




BERLIN ENERGY FORUM – TOMORROW“Europe’s energy crisis: oil sanctions, drones & the shadow fleet”Veteran speakers, in ass...
20/05/2024

BERLIN ENERGY FORUM – TOMORROW

“Europe’s energy crisis: oil sanctions, drones & the shadow fleet”

Veteran speakers, in association with Kyiv School of Economics

Join us online on Tuesday, May 21 at 4pm CET (3pmGMT)

More info and registration at:
berlinenergyforum.de

Join the inaugural Berlin Energy Forum on May 21, 2024, in the vibrant city of Berlin. This exclusive event, limited to ...
17/05/2024

Join the inaugural Berlin Energy Forum on May 21, 2024, in the vibrant city of Berlin. This exclusive event, limited to just 50 participants, promises to be a groundbreaking gathering for energy professionals.

🔹 Why Attend?

Engage in in-depth discussions with leading experts like Christopher (Chris) Weafer , Christof Rühl , and Benjamin Hilgenstock, Ben Aris and Tom O´Donnell.

Network with top industry leaders and policymakers.

Gain insights into the latest developments and future trends in the energy sector.

📍 Details:

Date: May 21, 2024

Location: Berlin, Germany

Registration: Free, exclusive access limited to 50 seats
Don’t miss this unique opportunity to connect, discuss, and contribute to shaping the global energy landscape.

Secure your spot now at https://www.berlinenergyforum.de/register

Media Partner: Kyiv School of Economics







Join the inaugural Berlin Energy Forum on May 21, 2024, in the vibrant city of Berlin. This exclusive event, limited to ...
07/05/2024

Join the inaugural Berlin Energy Forum on May 21, 2024, in the vibrant city of Berlin. This exclusive event, limited to just 50 participants, promises to be a groundbreaking gathering for energy professionals.

🔹 Why Attend?

Engage in in-depth discussions with leading experts like Christopher (Chris) Weafer , Christof Rühl , and Benjamin Hilgenstock, Ben Aris and Tom O´Donnell.

Network with top industry leaders and policymakers.

Gain insights into the latest developments and future trends in the energy sector.

📍 Details:

Date: May 21, 2024

Location: Berlin, Germany

Registration: Free, exclusive access limited to 50 seats

Don’t miss this unique opportunity to connect, discuss, and contribute to shaping the global energy landscape.

Secure your spot now at https://www.berlinenergyforum.de/register

Media Partner: Kyiv School of Economics


Join the inaugural Berlin Energy Forum on May 21, 2024, in the vibrant city of Berlin.This exclusive event, limited to j...
03/05/2024

Join the inaugural Berlin Energy Forum on May 21, 2024, in the vibrant city of Berlin.
This exclusive event, limited to just 50 participants, promises to be a groundbreaking gathering for energy professionals.

🔹 Why Attend?

Engage in in-depth discussions with leading experts like Chris Weafer, Christof Ruehl, and Benjamin Hilgenstock, Ben Aris and Tom O´Donnell.

Network with top industry leaders and policymakers.
Gain insights into the latest developments and future trends in the energy sector.
📍 Details:
Date: May 21, 2024
Location: Berlin, Germany
Registration: Free, exclusive access limited to 50 seats
Don’t miss this unique opportunity to connect, discuss, and contribute to shaping the global energy landscape.
Secure your spot now at https://www.berlinenergyforum.de

Join the inaugural Berlin Energy Forum on May 21, 2024, in the vibrant city of Berlin. This exclusive event, limited to ...
29/04/2024

Join the inaugural Berlin Energy Forum on May 21, 2024, in the vibrant city of Berlin.
This exclusive event, limited to just 50 participants, promises to be a groundbreaking gathering for energy professionals.

🔹 Why Attend?

Engage in in-depth discussions with leading experts like Chris Weafer, Christof Ruehl, and Benjamin Hilgenstock, Ben Aris and Tom O´Donnell.

Network with top industry leaders and policymakers.
Gain insights into the latest developments and future trends in the energy sector.
📍 Details:
Date: May 21, 2024
Location: Berlin, Germany
Registration: Free, exclusive access limited to 50 seats
Don’t miss this unique opportunity to connect, discuss, and contribute to shaping the global energy landscape.
Secure your spot now at https://www.berlinenergyforum.de

Join the inaugural Berlin Energy Forum on May 21, 2024, in the vibrant city of Berlin. This exclusive event, limited to ...
26/04/2024

Join the inaugural Berlin Energy Forum on May 21, 2024, in the vibrant city of Berlin. This exclusive event, limited to just 50 participants, promises to be a groundbreaking gathering for energy professionals.

🔹 Why Attend?

Engage in in-depth discussions with leading experts like Chris Weafer, Christof Ruehl, and Benjamin Hilgenstock, Ben Aris and Tom O´Donnell.

Network with top industry leaders and policymakers.

Gain insights into the latest developments and future trends in the energy sector.

📍 Details:
Date: May 21, 2024
Location: Berlin, Germany
Registration: Free, exclusive access limited to 50 seats

Don’t miss this unique opportunity to connect, discuss, and contribute to shaping the global energy landscape.

Secure your spot now at https://lnkd.in/dgu327BC

  IntelliNews monthly magazineThe FEBRUARY issue of bne monthly Magazine is out!COVER SECTIONUkraine’s new long-range dr...
07/02/2024

IntelliNews monthly magazine
The FEBRUARY issue of bne monthly Magazine is out!

COVER SECTION
Ukraine’s new long-range drones threaten Russia’s northern oil and gas facilities

Read it for free
https://online.flipbuilder.com/myab/apzl/

Sign up to receive the magazine each month by email for free here

https://to989.infusionsoft.com/app/form/bne_digital_magazine_signup



COVER SECTION
Ukraine’s new long-range drones threaten Russia’s northern oil and gas facilities

COMPANIES & MARKETS
Russian sanctions boomerang effect means a year of stagnation for Europe in 2024
How exposed is the EU to the fragmentation of the global trade regime?
Russia and China maintain grip on Kazakhstan’s uranium supply amid US and EU high reliance on it
China building up electric auto infrastructure in Central Asia
EU imposes twelfth sanctions package on Russia, including a ban on diamond imports but not tanker sales
Kremlin grabs control of Russia's best car dealership Rolf
US runs of out money to help Ukraine
US adds 17 Liberian-flagged bulk carriers and oil tankers to Russian sanctions-busting blacklist
Bulgaria replaces Russian crude oil with imports from Kazakhstan, Iraq and Tunisia
Moody’s upgrades rating outlook on Turkey to positive
Montenegro plans samurai bond to diversify funding sources
Lira falls past 30/$ milestone
Kosovo to exclusively use euro as its currency sparking new row with Serbia
Prague Stock Exchange head warns of 'end of the Czech capital market' if CEZ is nationalised
Turkey’s Nasdaq-listed e-commerce lossmaker Hepsiburada talks up destinations for growth
Kazakhstan’s fintech heavyweight Kaspi generates $1bn with Nasdaq IPO
Bulgaria launches its own open source GPT system BgGPT
Czech e-commerce turnover drops by 6% y/y in 2023
Turkey's largest e-commerce platform Hepsiburada is set to enter the Ukrainian market
Uzbekistan’s e-commerce market leader Uzum Market the most downloaded app in 2023
Low-emissions electricity to outpace demand increase for next three years at least
Biden suspends four LNG export licences to burnish his green credentials
Serbia signs €2bn renewable energy deal with Chinese companies

CENTRAL EUROPE
Poland set for tumultuous year as Tusk and Duda lock horns
European Parliament approves resolution attacking release of EU funds to Hungary
Slovak premier says he will veto Ukraine’s Nato bid
Estonia says it will not repatriate mobilisation age Ukrainians

SOUTHEAST EUROPE
Moldovan president says “new page” opens in country’s history as it gets go-ahead for EU talks
Serbia to ramp up military spending in 2024 in standoff with Kosovo
Over a quarter of Kosovan adults consider emigrating after gaining visa-free travel to the EU 45
Tiny Moldova stands up to Russia’s might
Hundreds of children still missing year after Turkey earthquake disaster, say anguished families

EASTERN EUROPE
Russia imports a third of battlefield technology from western companies
Tens of thousands of Russians freeze as hot water pipes burst around the country
Bashkortostan demonstrations grow into largest since the Ukraine war started

EURASIA
Tokayev for first time discusses power struggle said to lie behind Kazakhstan’s “Bloody January”
Georgia's richest man is back in formal politics for the third time
Azerbaijan demands are a 'blow' to peace process, Pashinyan says
Controversy over Georgian cathedral’s icon depicting Stalin
Kyrgyz security agents raid 24.kg news agency, detain editor as Japarov media crackdown tightens

OPINION
Slovakia can't afford another four wasted years
Rising prominence of Tajiks in terrorist attacks abroad may reflect loss of hope back home
Washington Post says Kyrgyzstan “worrisome example of democracy’s global retreat”

NEW EUROPE IN NUMBERS
Eurozone faces fifth consecutive quarter of industrial contraction as Germany struggles

06/02/2024

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09/01/2024

Kazakhstan services PMI shows renewed activity expansion in December


Kazakhstan’s services sector recorded a renewed rise in sector activity in December, following the first contraction seen within a nine-month period in November, according to the business activity reading of the Tengri Partners purchasing managers' index (PMI).

The reading showed a PMI score of 51.4 in December, up from 49.2 registered in November. Any reading above 50 indicates an expansion.

09/01/2024

Russian manufacturing, services PMI expand in December


The Russian manufacturing sector continued to expand in December 2023, showing the strongest improvement rate in almost seven years, according to the latest PMI report from S&P Global. At the same time Services PMI also remained in the growth territory in the reporting month. (chart)

As followed by bne IntelliNews, despite the fallout from Russia's full-scale military invasion of Ukraine, the manufacturing sector ended 2022 with a historically strong expansion in output. Manufacturing PMI since January 2023 continued to trend in positive territory.

09/01/2024

Czech industrial output dropped by 2.7% y/y in November


November industrial production in Czechia decreased by 2.7% year on year and by 1.4% month on month, the Czech Statistical Office (CZSO) reported.

The value of new orders increased by 0.2% y/y, returning “into the black mainly thanks to manufacture of motor vehicles […], electrical vehicles as well as to contracting of other long-term orders of other transport equipment” such as rail vehicles, commented Veronika Dolezalova, head of the Industrial Statistic Unit at CZSO.

09/01/2024

Romania’s retail sales make comeback in October-November as inflation eases


The seasonally-adjusted retail sales index in Romania (chart) increased by 1.7% in November, after the 1.4% advance in October, marking a visible comeback and reversing the 2.7% contraction accumulated over the previous four months, data published by the statistics office INS show.

In annual terms, the retail sales index increased by 3.7% y/y in November, when it reached the highest level since March. The robust increase in real wages amid lower inflation consolidating consumer confidence and the government’s steps to cap the prices of basic food goods were the two main drivers behind the improvement in sales figures.

09/01/2024

Croatian opposition party claims Fortenova CEO helped local tycoon take control of group


Nikola Grmoja of the conservative populist Most party on January 8 accused the CEO of Fortenova Group, Fabris Perusko, of acting against the company’s interest in favour of local tycoon Pavao Vujnovac, allowing him to take over Fortenova.

Fortenova was formed from the restructuring of Agrokor, following a settlement with creditors of the troubled group. With operations in food production, retail and agriculture employing more than 45,000 people, it is the largest private employer in the Southeast Europe region.

09/01/2024

Iranian cryptocurrency exchange denies massive data breach


A potential data breach has been uncovered at Bit24.cash, an Iranian cryptocurrency exchange, raising concerns about the exposure of sensitive information belonging to nearly 230,000 users, Cybernews reported on January 8.

Given Iran's restricted access to global financial markets because of sanctions, the country has increasingly turned to cryptocurrencies. In the past year alone, Iranian crypto exchanges facilitated transactions totalling almost $3bn, with the majority adhering to Know Your Customer (KYC) requirements.

09/01/2024

Slovak premier rebuffs questions about his luxurious apartment


Slovakia’s left populist Prime Minister Robert Fico is not responding to media inquiries about his new luxurious apartment in the Bratislava city centre.

The purchase of the apartment, which is reportedly more expensive than he could afford on his declared income, has once again raised questions about his finances and his links with businessmen, and what influence these figures get in return. The fact that the news has come out now, a few months after Fico won the September general election, indicates that the former communist is confident that any controversy will not damage him significantly.

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