Fitch affirms Turkey at BB with a Negative Outlook

bne IntelliNews May 6, 2019

Mired in a deep recession, economy remains vulnerable to global investor sentiment. External financial requirement stands at $173bn in 2019, down from $212bn in 2018.

Aeroflot Sukhoi Superjet 100 crashes at Moscow airport killing at least 41

bne IntelliNews May 6, 2019

Surviving members of the crew said the SSJ-100 was struck by lightning after take-off and had to attempt an emergency landing in harsh weather conditions.

Governing coalition’s candidate wins presidential election runoff in North Macedonia

Valentina Dimitrievska in Skopje May 6, 2019

The victory for Stevo Pendarovski is a validation of the ruling coalition’s pro-western approach, prioritising Nato and EU integration.

European Council head Donald Tusk wades into Polish politics ahead of key vote

Wojciech Kosc in Warsaw May 6, 2019

Tusk warns against fuelling “political civil war” amid speculation about his return to domestic politics to lead the opposition’s charge against PiS.

EU and US warn Turkey against Cyprus offshore drilling

bne IntelliNews May 6, 2019

Brussels “urgently” calls on Ankara to show restraint. Washington “deeply concerned” by “highly provocative” step. Dispute adds to strain on lira. Day sees it sink past six to the dollar.

Hegemony of state in Russian economy deepens, warns watchdog

bne IntelliNews May 5, 2019

The process of the strengthening of state's role in the economy has switched gears, as the state is no longer simply setting the rules of engagement, but attempts to regulate the whole economic system of the country, says the-antitrust regulator

Russia's privately owned oil major Surgutneftegaz makes more profit from its cash pile than producing oil

bne IntelliNews May 5, 2019

Russia's privately owned oil major SurgutNefteGaz (Surgut) made more profit from its enormous cash pile than it did from producing oil in 2018, the company reported last week.

Naftogaz triples gas imports, races to build up reserves before Russia’s Gazprom cuts off supplies

Ben Aris in Berlin May 5, 2019

Ukraine’s national gas company Naftogaz believes that Russia will cut off its gas supplies completely on January 1, 2020 and is rushing to build up reserves as high as possible so that Ukraine can get through the freezing winter.

Surprise as Turkish inflation edges down amid growing cost pressures

Akin Nazli in Belgrade May 4, 2019

Deutsche sees government lira bonds as “cheap” for first time this year. Analyst, meanwhile, accuses Turkey’s central bank of “monetary hokey-cokey” that diminishes “already depleted reserves of credibility further”.

Orban and Salvini united against migration at Budapest meeting

bne IntelliNews May 3, 2019

While their political parties are from different families, it’s clear that the two leaders see eye-to-eye on some important fundamental issues as they meet ahead of this month's European Parliament elections.

$12-13bn of Turkish energy sector loans need restructuring: Garanti Bank deputy

bne IntelliNews May 2, 2019

Turkey proceeding with plan to transfer some of the banking sector’s problem loans to off-balance-sheet funds.

Fuel rationing rumours trigger long queues at Iranian gas stations

bne IntelliNews May 2, 2019

Petrol so cheap that authorities may bring in price hikes to curb smuggling to neighbouring countries.

Saudis rescue distressed Iranian oil tanker just as US move versus Iran’s crude kicks in

bne IntelliNews May 2, 2019

Turkey tells US it is not possible for it to quickly diversify to alternative supplies. India adopts a softer position, China keeps cards close to chest.

Turkey’s manufacturing PMI falls—temporary support from pre-election stimuli flags

Akin Nazli in Belgrade May 2, 2019

Data reinforces perception that any recovery from recession will be slow-going. Meanwhile, word breaks of possible summer Trump visit to Ankara.

Russia's carmaker AvtoVaz turns in first profit for a decade

bne IntelliNews May 2, 2019

Russia's largest carmaker AvtoVaz posted net profit of RUB5.86bn ($90.5mn) in 2018 – the company’s first profit in a decade.

Poland leads CEE charge against “centralised” and “multi-speed” EU

Wojciech Kosc in Warsaw May 2, 2019

Warsaw wants the EU to devolve more powers to national governments and opposes deeper integration of some – mostly Western – member states in specific policy areas.

Mordashev's Severgroup completes Lenta acquisition despite Magnit bid

bne IntelliNews May 2, 2019

Severgroup of steel tycoon Alexei Mordashov completed the acquisition of 41.9% of Russian retailer Lenta and is expected to make a binding buyout offer to minority shareholders, which was part of the deal, Lenta reported to the London Stock Exchange.

Estonia’s new government hit by first resignation hours after taking oath

Wojciech Kosc in Warsaw May 2, 2019

Estonia’s IT and foreign trade minister Marti Kuusik resigned after allegations surfaced linking him to domestic violence.

Turkey objects to US move to designate Muslim Brotherhood “terrorist”

bne IntelliNews May 1, 2019

List of Ankara’s rows with White House over foreign policy issues is lengthening. Turks also support US adversaries Maduro and Iran.

Turkey’s central bank sticks to inflation target, sheds no light on FX reserves mystery

Akin Nazli in Belgrade May 1, 2019

Investors also still baffled by dropping of explicit commitment to possibly hiking rates following session with regulator’s governor.