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The Regions This Week
May 10, 2019 www.intellinews.com I Page 10
Southeast Europe
Turkish private lender Yapi Kredi Bank struck a 367-day syndicated loan agreement consisting of two tranches of $350.4mn and €606.8mn. The loan will be used for trade finance purposes.
A total of 49 financial institutions from 21 different countries are participating in the loan deal.
Greater economic integration in the Western Balkans is of crucial importance to reforms that can result in sustained and inclusive growth in the region, EBRD president Sir Suma Chakrabrati said. “We see integration as a very powerful instrument for expanding trade in goods and services, increasing cross-border investment and, perhaps most importantly of all, encouraging the exchange of new ideas and innovation," Chakrabrati added.
On a historic three-day visit to Bulgaria, Pope Francis repeatedly defended the rights of migrants, calling on people to open their hearts for those in need. The junior ruling United Patriots have repeatedly spoken out against migrants and are demanding tougher measures that would prevent them from entering the country.
100% import tariffs set by Kosovo have dragged down Serbia’s projected economic growth for this year, the European Commission said in its Spring Forecast. “2019 economic prospects have worsened since the Autumn 2018 forecast due to a less benign outlook for main trading partners and Kosovo’s imposition of prohibitively high import tariffs,” the forecast said.
Croatia’s Valamar Riviera will open a new luxury hotel and camping resort in June. The company is currently finalising this year’s investments worth HRK793mn (€106.8mn).
Sales of new cars in Romania increased by 25% y/y in 1Q19, according to an analysis by online car sales platform Autovit.ro published by Wall Street. Local brand Dacia has a market share of over a third of the market, and the top five brands
— Dacia, Renault, Ford, Skoda, Volkswagen — accounted for almost two-thirds (63%) of the total sales.
Residents of Turkey’s largest city Istanbul are cancelling or postponing their vacations because of the mayoral election rerun, meaning bad
news for hoteliers, tour operators and airlines. The country’s Supreme Election Council (YSK) annulled the result of the March 31 election in Istanbul and ordered a rerun for June 23.
Private equity investor KJK Management bought Slovenian sporting goods company Elan. Elan’s management team, led by CEO Jeffrey Tirman, will continue managing the company.
The Albanian criminal court sentenced Klement Balili, one of the most wanted Albanian
drug traffickers, to 10 years in prison. Balili surrendered to police on January 15, after nearly three years on the run.
German aero engines manufacturer MTU Aero Engines will open a parts repair facility in Serbia. MTU has not made a decision regarding the specific location of the facility, but most likely it will be in the Belgrade region.
Moldova’s head anticorruption prosecutor resigned over corruption allegations. Viorel Morari stepped down after an anonymous letter accusing him of involvement in a raider attack and taking a €300,000 bribe was circulated in the media, though he denies the accusations.
Romania’s Competition Council warned of
possible collusion among Romania’s three leading cement producers. A report from the body says the prices set by Holcim, CRH, and HeidelbergCement have followed a similar pattern, and the geographic distribution of the customers around the three companies’ production facilities support suspicions that the three are sharing the market.