Latest Updates

ANALYSIS: Is the Turkish lira any less vulnerable than last year?

Turkey is beset by any number of economic difficulties and political uncertainty has now entered the equation. Worries that another BoP ‘sudden stop’ is under way also call the country’s currency stability into question.

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LONG READ: Playing Real Risk - Russia vs US

I play a game of Risk with my son using the real distribution of great power military bases around the world.

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Central and Eastern European countries' high-tech exports boom

Central and Eastern European (CEE) countries high-tech exports are booming, according to a study recently conducted by RS Components, based on an analysis of 10 years of high-tech export data from The World Bank.

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MARKET ANALYSIS: Turkey spirits lifted by rosier industrial data and an Oval Office meeting

Talk turns to whether economy may be pulling out of recession—but a second ‘sudden stop’ in balance of payments might be under way.

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Russia's Ministry of Finance takes "manual control" over the most indebted regions

With the Russian public finances in rude health the government is moving to take tighter control of regional debt, the build-up of which nearly caused a crisis only two years ago.

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New drama unfolds over Ukraine's nationalised PrivatBank as Zelenskiy about to win presidential election

Ukrainian President Petro Poroshenko believes that former finance minister and liberal reformer Oleksandr Danylyuk, who has joined a team of presidential frontrunner and comic Volodymyr Zelenskiy, has a conflict of interest in Privatbank case

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ISTANBUL BLOG: Erdogan’s loyalists resort to shooting the messenger

Apologies, but a s*** show is a s*** show, whether it’s the latest unemployment figures, PPI data or the finance minister’s unconvincing bid for restorative hot money to address Turkey’s economic morass.

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TEHRAN BLOG: “Dangerous and disingenuous”—Is Trump building a case for war with Iran?

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ISTANBUL BLOG: Another rough day out of the office for finance minister Albayrak

Turkish assets slide again as Turkey’s hapless economic supremo tells it like it is (isn’t) at a JPMorgan-hosted event in Washington.

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Journalists in Central, Southeast Europe face harassment, intimidation and violence

Russia’s Ministry of Finance holds another record breaking OFZ treasury auction

Kyiv court rules nationalisation of PrivatBank was illegal

Journalists in Central, Southeast Europe face harassment, intimidation and violence

Bulgaria the worst place to be a journalist across the EU and the Balkans, says Reporters Without Borders, but decline in press freedom seen across many countries in the region.

Russia’s Ministry of Finance holds another record breaking OFZ treasury auction

Russia’s ministry of finance is on a tear as it got another no-limits bond auction for its ruble denominated OFZ treasury bills away setting a fresh record.

Kyiv court rules nationalisation of PrivatBank was illegal

The court's decision caused an immediate backlash from Ukraine’s donors who see the nationalisation of the bankrupt bank as a major victory in the drive to reform the country and end the endemic corruption.

News

Romanian justice minister's resignation fails to settle political impasse

Tudorel Toader lost the support of the ruling Social Democratic Party over his reluctance to issue emergency decrees on controversial amendments to Romania’s justice laws.

Erdogan lashes out at FT over report on Turkish central bank’s ‘enhanced’ FX reserves

Accuses daily and other Western media of falsely portraying Turkey’s economy as “collapsed, finished”.

Erdogan’s nemesis declared mayor of Istanbul but battle for city not over

Ekrem Imamoglu awarded mandate but analysts note president’s party needs to endure that step to make move for election rerun technically possible.

Name change at the heart of North Macedonia’s presidential election campaigns

The Prespa agreement, under which the country formerly known as Macedonia was recently renamed North Macedonia, has become the preeminent issue in the race for the country’s presidency.

Moscow Exchange CEO changed but strategy to remain the same

The CEO of the Moscow Exchange Alexander Afanasiev, who oversaw a revolutionary change in Russia’s capital markets, has stepped down a year early and will be replaced by Yury Denisov, another capital markets professional.

Romanian justice minister's resignation fails to settle political impasse

2 days ago

Erdogan lashes out at FT over report on Turkish central bank’s ‘enhanced’ FX reserves

3 days ago

Erdogan’s nemesis declared mayor of Istanbul but battle for city not over

4 days ago

Name change at the heart of North Macedonia’s presidential election campaigns

4 days ago

Moscow Exchange CEO changed but strategy to remain the same

4 days ago

More News

Tech

Russian data regulations fuelling the rapid growth of Russian cloud services

The clouds over Russia’s burgeoning e-commerce business are swelling, but that is a good thing as the cloud services business expanding on the back of new regulations that are feeding an already fast growing business.

Japan’s Terra Drone acquires stake in Slovenia’s C-Astral Aerospace

Major industrial drone company Terra says impressed by advanced technology and mission flexibility of Slovenian company.

Russia's Yandex could cash in $96mn on Uber shares

Russian internet major Yandex has the right to sell its stake in Uber Technologies that are worth $96mn, Prime reported on April 12 citing documents published by Uber.

Russian HeadHunter service prepares for IPO

Russia's leading job searching service HeadHunter prepares for a $250mn IPO in May-June 2019 on NASDAQ, Vedomosti daily reported on April 11 citing unnamed investment bankers and sources close to the shareholders of the company.

Russian online retailer Wildberries posts 85% growth in revenues in 1Q19

Russian online retailer Wildberries posted 85% year-on-year growth in revenues in the first quarter of 2019 to RUB38.9bn ($603mn)

Russian data regulations fuelling the rapid growth of Russian cloud services

21 days ago

Japan’s Terra Drone acquires stake in Slovenia’s C-Astral Aerospace

7 days ago

Russia's Yandex could cash in $96mn on Uber shares

9 days ago

Russian HeadHunter service prepares for IPO

9 days ago

Russian online retailer Wildberries posts 85% growth in revenues in 1Q19

10 days ago

More Tech

Opinion

Turkish government failing to see politics may push economy over cliff-edge: Chatham House fellow

Degradation of institutional integrity, high short-term FX debt in private sector, low net reserves and paucity of portfolio capital investment inflows may prove fatal, says Fadi Hakura.

COMMENT: Russia: industrial output slows back to reality

The return of industrial output to moderate 1.2% year-on-year growth in March confirms the technical nature of February's 4.1% y/y spike. So far we see signs of a slowdown of investment activity at the beginning of 2019.

COMMENT: Russia Balance of Payments: increasingly reliant on portfolio inflows

The only reason for the ruble's 6% appreciation to the US dollar in 1Q19 was the $7.5bn gross portfolio inflows into the state bond market, as Russia's expectedly strong current account was fully offset by the government and the private sector's pref

COMMENT: WTO report on Russia-Ukraine transit and national security disputes to test future of trading system

Washington was the only World Trade Organization (WTO) member that supported Moscow in a highly politicised trade dispute with Ukraine and the whole organisation has been thrown into an existential crisis as a result.

COMMENT: EU & the Western Balkans: a win-win constellation at second glance

At first glance, the enlargement of the EU to include the states of the Western Balkans seems to be an irrelevant trifle for the EU, but on closer inspection it is a good idea as expansion of the EU is not just about business.

Turkish government failing to see politics may push economy over cliff-edge: Chatham House fellow

4 days ago

COMMENT: Russia: industrial output slows back to reality

5 days ago

COMMENT: Russia Balance of Payments: increasingly reliant on portfolio inflows

11 days ago

COMMENT: WTO report on Russia-Ukraine transit and national security disputes to test future of trading system

12 days ago

COMMENT: EU & the Western Balkans: a win-win constellation at second glance

13 days ago

More Opinion

Data

The share of Russians who consider themselves middle class down from 60% to half

The number of Russians that consider themselves to be part of the middle class has fallen as real incomes stagnate and years of crisis weight on confidence, according to the quarterly "Ivanov Consumer Index" poll.

Belarus reports 0.9% y/y industrial growth in January-March

The stagnation in Belarus’s industry continued in March as the country put in the third month in a row of 0.9% industrial production growth.

Belarus reports 1.1% y/y GDP growth in January-March

The Belarusian economy grew by 1.1% year-on-year in January-March following a 0.8% y/y growth in January-February, according to national statistics agency Belstat.

Czech producer price index up by 3.8% mostly due to increasing prices of electricity

Prices of industrial producers (PPI) in the Czech Republic grew by 3.8% year-on-year in March, up from 3.6% in February, due to higher prices in electricity, gas and steam, petroleum products and food processing sectors, according to the Czech Statis

Combined net profit of Russian banks soars to RUB587bn in January-March as sector continues to recover

The Russian banking sector's recovery is expected to continue this year. The cumulative profit of the sector is already well ahead of any of the last four years.

The share of Russians who consider themselves middle class down from 60% to half

3 days ago

Belarus reports 0.9% y/y industrial growth in January-March

3 days ago

Belarus reports 1.1% y/y GDP growth in January-March

4 days ago

Czech producer price index up by 3.8% mostly due to increasing prices of electricity

5 days ago

Combined net profit of Russian banks soars to RUB587bn in January-March as sector continues to recover

5 days ago

More Data

Features

Georgia’s leading commercial bank TBC moves into Uzbekistan

The biggest bank in Georgia TBC is to arrive in Uzbekistan by buying local payment service Payme. It is acquiring a 51% stake for $5.5mn.

Ukraine’s bond market revolution about to begin, just as debt repayments are about to soar

A revolution in the Ukrainian bond market is about to take place this month that should provide ample financing, raised on the domestic, not international, capital market to deal with a debt mountain Ukraine is facing this year.

Russian medical services show healthy growth

Private medical services are flourishing in Russia as the emerging middle class are willing to pay for better service, shorter waiting times and peace of mind in providing the best possible care for younger family members.

Western Balkans: Too small to be the next big thing?

Central Europe has been enjoying a boom for the last few years driven by investment into export-oriented sectors but as the boom peaks investors are looking south for new locations to set up production.

Russia’s consumers still glum but businesses becoming optimistic for 2019

So what was the mood among Russian consumers in the first quarter? Unfortunately, only a mere percentage point was taken off their misery. But business folk were feeling that much chirpier.

Georgia’s leading commercial bank TBC moves into Uzbekistan

8 days ago

Ukraine’s bond market revolution about to begin, just as debt repayments are about to soar

10 days ago

Russian medical services show healthy growth

12 days ago

Western Balkans: Too small to be the next big thing?

23 days ago

Russia’s consumers still glum but businesses becoming optimistic for 2019

17 days ago

More Features

Blogs

ISTANBUL BLOG: Down like a lead balloon. Turkish finance minister’s economic package goes nowhere with investors

The day when IMF assistance will realistically be required may be nearing. Turkey risks undermining state budget, one of the few anchors it still has.

ISTANBUL BLOG: April 8 round-up of Turkey’s ‘debt-fooled' economy

Companies stuck on hamster wheel of debt. $28bn of restructurings sought. Institutional integrity “degraded”. “Books not just being cooked” but “boiled, mashed, barbecued, sautéed and finally flambéed in a funeral pyre”.

TEHRAN BLOG: Trump’s uber-hawks set to play with fire?

Reports say US poised to designate Iran’s elite Guard as terrorist organisation. Analyst asks if White House is looking for a basis for a conflict.

BALTIC BLOG: From the Aegean to the Gulf of Finland, China cements its presence across Eastern Europe

China’s Touchstone Capital Partners plans to extend €15bn to finance the construction of a rail tunnel linking Tallinn and Helsinki, highlighting how Chinese investment has spread across Central and Eastern Europe.

ISTANBUL BLOG: Can Turkish markets survive until Monday?

Erdogan’s gone into hand to hand combat with global finance. Lira short sellers have taken a rabbit punch but Turkey’s man had better brace for a crescent kick and a flip. Thing is, can he keep his opponent pinned down until after Sunday’s voting?

ISTANBUL BLOG: Down like a lead balloon. Turkish finance minister’s economic package goes nowhere with investors

11 days ago

ISTANBUL BLOG: April 8 round-up of Turkey’s ‘debt-fooled' economy

13 days ago

TEHRAN BLOG: Trump’s uber-hawks set to play with fire?

14 days ago

BALTIC BLOG: From the Aegean to the Gulf of Finland, China cements its presence across Eastern Europe

19 days ago

ISTANBUL BLOG: Can Turkish markets survive until Monday?

25 days ago

More Blogs

Latest Updates

News

Tudorel Toader lost the support of the ruling Social Democratic Party over his reluctance to issue emergency decrees on controversial amendments to Romania’s justice laws.

Accuses daily and other Western media of falsely portraying Turkey’s economy as “collapsed, finished”.

Ekrem Imamoglu awarded mandate but analysts note president’s party needs to endure that step to make move for election rerun technically possible.

The Prespa agreement, under which the country formerly known as Macedonia was recently renamed North Macedonia, has become the preeminent issue in the race for the country’s presidency.

The CEO of the Moscow Exchange Alexander Afanasiev, who oversaw a revolutionary change in Russia’s capital markets, has stepped down a year early and will be replaced by Yury Denisov, another capital markets professional.

Tech

The clouds over Russia’s burgeoning e-commerce business are swelling, but that is a good thing as the cloud services business expanding on the back of new regulations that are feeding an already fast growing business.

Major industrial drone company Terra says impressed by advanced technology and mission flexibility of Slovenian company.

Russian internet major Yandex has the right to sell its stake in Uber Technologies that are worth $96mn, Prime reported on April 12 citing documents published by Uber.

Russia's leading job searching service HeadHunter prepares for a $250mn IPO in May-June 2019 on NASDAQ, Vedomosti daily reported on April 11 citing unnamed investment bankers and sources close to the shareholders of the company.

Russian online retailer Wildberries posted 85% year-on-year growth in revenues in the first quarter of 2019 to RUB38.9bn ($603mn)

Opinion

Degradation of institutional integrity, high short-term FX debt in private sector, low net reserves and paucity of portfolio capital investment inflows may prove fatal, says Fadi Hakura.

The return of industrial output to moderate 1.2% year-on-year growth in March confirms the technical nature of February's 4.1% y/y spike. So far we see signs of a slowdown of investment activity at the beginning of 2019.

The only reason for the ruble's 6% appreciation to the US dollar in 1Q19 was the $7.5bn gross portfolio inflows into the state bond market, as Russia's expectedly strong current account was fully offset by the government and the private sector's pref

Washington was the only World Trade Organization (WTO) member that supported Moscow in a highly politicised trade dispute with Ukraine and the whole organisation has been thrown into an existential crisis as a result.

At first glance, the enlargement of the EU to include the states of the Western Balkans seems to be an irrelevant trifle for the EU, but on closer inspection it is a good idea as expansion of the EU is not just about business.

Data

The number of Russians that consider themselves to be part of the middle class has fallen as real incomes stagnate and years of crisis weight on confidence, according to the quarterly "Ivanov Consumer Index" poll.

The stagnation in Belarus’s industry continued in March as the country put in the third month in a row of 0.9% industrial production growth.

The Belarusian economy grew by 1.1% year-on-year in January-March following a 0.8% y/y growth in January-February, according to national statistics agency Belstat.

Prices of industrial producers (PPI) in the Czech Republic grew by 3.8% year-on-year in March, up from 3.6% in February, due to higher prices in electricity, gas and steam, petroleum products and food processing sectors, according to the Czech Statis

The Russian banking sector's recovery is expected to continue this year. The cumulative profit of the sector is already well ahead of any of the last four years.

Features

The biggest bank in Georgia TBC is to arrive in Uzbekistan by buying local payment service Payme. It is acquiring a 51% stake for $5.5mn.

A revolution in the Ukrainian bond market is about to take place this month that should provide ample financing, raised on the domestic, not international, capital market to deal with a debt mountain Ukraine is facing this year.

Private medical services are flourishing in Russia as the emerging middle class are willing to pay for better service, shorter waiting times and peace of mind in providing the best possible care for younger family members.

Central Europe has been enjoying a boom for the last few years driven by investment into export-oriented sectors but as the boom peaks investors are looking south for new locations to set up production.

So what was the mood among Russian consumers in the first quarter? Unfortunately, only a mere percentage point was taken off their misery. But business folk were feeling that much chirpier.

Blogs

The day when IMF assistance will realistically be required may be nearing. Turkey risks undermining state budget, one of the few anchors it still has.

Companies stuck on hamster wheel of debt. $28bn of restructurings sought. Institutional integrity “degraded”. “Books not just being cooked” but “boiled, mashed, barbecued, sautéed and finally flambéed in a funeral pyre”.

Reports say US poised to designate Iran’s elite Guard as terrorist organisation. Analyst asks if White House is looking for a basis for a conflict.

China’s Touchstone Capital Partners plans to extend €15bn to finance the construction of a rail tunnel linking Tallinn and Helsinki, highlighting how Chinese investment has spread across Central and Eastern Europe.

Erdogan’s gone into hand to hand combat with global finance. Lira short sellers have taken a rabbit punch but Turkey’s man had better brace for a crescent kick and a flip. Thing is, can he keep his opponent pinned down until after Sunday’s voting?

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