Belarus tests new BUK missile system as a low-key arms race in Eastern Europe gathers momentum
CSTO states express serious concern over terrorist threat in Afghanistan
Armenia refuses to host Eurasian Economic Union summit
COMMENT: Trump 2.0 could be a blessing for Belarus
PANNIER: Why the Turkmenistan, Iran gas “friendship” is back on
Russia’s CBR keeps key rate at 21% under pressure
Russia’s arms exports slump, Kremlin preparing for possible war with Nato
North Korea’s missile support to Russia raises alarms at UN
Ukraine invasion was ‘spontaneous’ and unplanned, Putin claims
Bulgaria’s interim PM Glavchev refuses to sign 10-year military support deal with Ukraine
North Korean troops face heavy losses in Russia-Ukraine War as conflict intensifies
Telia willing to sell its Latvian operations back to government if price is right
The EU Council calls for a European geothermal action plan
FDI in Emerging Europe hit by geopolitical uncertainty and German slowdown
IMF: The 2004 EU enlargement was a success story built on deep reform efforts
Czech National Bank keeps interest rates at 4%
Czech EPH signs agreement with Italian Enel to buy its stake in Slovenske Elektrarne
Hungary grants political asylum to fugitive former PiS minister
Hungarian households have joint lowest consumption levels in EU
Polish industrial production disappoints in November as output falls 1.5% y/y
Polish producer price deflation eases further in November
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Bureks vs. Big Macs
BALKAN BLOG: What Grenell’s return means for US diplomacy in the Balkans
International highway tears through Bosnia’s rural heartlands
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Croatian Bosqar Invest acquires bakery Mlinar in €100mn deal
TikTok says it has stepped up moderation ahead of Croatian presidential election
Kosovo's population down 12% since 2011
Kosovo’s president slams EU’s “unfair” treatment
Moldova's economy shrinks by 1.9% y/y in Q3
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North Macedonia’s ex-deputy PM Grubi reportedly flees to Kosovo to avoid detention in corruption case
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INTERVIEW: Asian Infrastructure Investment Bank financing Central Asia’s green future
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PROFILE: Georgian President Salome Zourabichvili
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Freedom Holding Corp brings FIDE world rapid & blitz chess championships to Wall Street
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Decades-old Kyrgyzstan, Tajikistan border dispute could be over
Kyrgyzstan: MPs seem willing to give police a free hand
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HESS: Mongolia’s unique success story between rock and a hard place at risk
Mongolia copper-gold discovery hailed for “globally significant” prospects
Tajikistan: Officials announce discovery of major rare earth deposits
Tajikistan: Rogun Dam is a white elephant in the making – report
COP29: Central Asian states losing arable land
Uzbek national arrested in Moscow bombing that killed Russian chemical defence chief Kirillov
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Russia's budget oil breakeven price world’s second lowest as oil revenues recover
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Rain, rain go away
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Tunisian President Kais Saied re-elected for second term
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TEHRAN BLOG: Pezeshkian's dilemma over Haniyeh's assassination
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Gazli Gas responds to reports on Uzbekistan project, refutes any suggestion sanctioned individuals are involved
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South Korean president impeached, Constitutional Court to sit December 16
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BCPG to invest $945mn in power projects, prioritising clean energy
Malaysia’s industrial growth slows in October following mixed sector performance
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Nepal floods - death toll rises to 209
Kolkata hospital rape and murder case sparks international outcry, raises questions
South Asia hit by floods and landslides after heavy rainfall
Russian pivot to the Global South includes unscrupulous army recruiting practices
North Korean troops suffer casualties in Ukraine conflict
South Korea intensifies military drills to bolster defences against North Korean drone threat
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Pakistan could quit TAPI as India now “extremely lukewarm” on gas pipeline project, says report
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Thousands evacuated as Mt. Kanlaon erupts, threatening more explosive activity
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Korean won dips to crisis levels amid US rate cuts and market volatility
Sri Lanka’s merchandise exports in October up 18.22%
Taiwan boosts defence with advanced Abrams tanks amid rising Chinese tensions
Vietnam faces challenges in meeting carbon emission targets
German Prosecutors Confirm Termination of Money Laundering Investigation Against Alisher Usmanov
Comments by President of the Russian Fertilizers Producers Association Andrey Guryev on bilateral meeting between Indian Prime Minister Narendra Modi and Russian President Vladimir Putin
PhosAgro/UNESCO/IUPAC green chemistry research grants awarded for the 8th time to world's best young scientists
PhosAgro Tops RAEX ESG Ranking
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Romanian online retailer Elefant announced on January 31 that it has submitted an insolvency request to the Bucharest Court.
The company, which has RON17.5mn (€3.5mn) bonds listed on the Bucharest Stock Exchange under the ELF26 ticker, said it plans to come up with a reorganisation plan and implement it under existing management.
Elefant is one of the largest online retailers in Romania, with over 2mn customers, a marketplace with over 400 companies and a portfolio of 3mn products. However, it nearly doubled its losses in 2022 to RON27.4mn (€5.4mn) while its turnover contracted by 19% y/y to RON184mn.
Elefant is controlled by former Moldovan prime minister Ion Sturza through Cyprus-registered Millennium Gold Resources Limited.
Last May, Sturza announced an agreement to sell its 58.8% stake in the company to evoMag, an independent online retailer that is also the marketplace’s main customer. Catalyst Romania SCA SICAR was also supposed to sell its 9.6% stake in Elefant. However, the deal was cancelled in November.
Elefant reported its turnover plunged to RON53mn (€11mn) in H1, 2023, compared to RON95mn in the same period of 2022, while losses remained at the same value of RON11mn. ELF26 bonds are trading at 62.7% of their nominal value.
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