Page 8 - bne_October 2018_20181001

8 I The Month That Was bne October 2018
Business
Eastern Europe
The Kyiv court of appeals has ruled
to seize the shares of the Ukrainian subsidiaries of Russian state-owned banks Sberbank, VTB and Prominvest- bank following a claim filed by 17 com- panies and one person – ex-chairman
of the board of nationalised PrivatBank Oleksandr Dubilet – that lost their assets in Crimea as a result of its annexation by Russia in 2014.
Russian internet major Mail.ru, its shareholder mobile operator Mega- Fon, and the sovereign Russian Direct Investment Fund (RDIF) are enter- ing into a strategic partnership with Chinese e-commerce major Alibaba, MegaFon said in a press release on Sep- tember 11. The goal of the partnership is to "integrate Russia’s key consumer internet and e-commerce platforms and launch a leading social commerce joint venture in Russia and the CIS."
Russian national air carrier Aeroflot is moving away from using foreign- made planes to buying Russian-made planes and says it will place a new order for 100 Sukhoi Super Jets domes- tic short-distance aircraft with about 87-seat capacity.
Russian Railways (RZD) could invest RUB7 trillion to RUB10 trillion ($100bn- $144bn) until 2025 under its long-term development program, deputy head
of state railway monopoly deputy head Alexander Misharin said. The so-called 'Belousov list' of Russian industrial majors could participate in RZD investment projects, the Minister added.
Central Europe
Passenger numbers at Hungary’s Budapest airport hit a new record in August. Hungary’s tourism industry had its best year ever in 2017, and the sector is set for another record year in 2018 as hotels in Budapest and at Lake Balaton have been operating at close to full capacity during the summer.
After years of stagnation, sales in Slo- vakia's chemical and pharmaceutical industry expanded by 7.1% y/y in the first half of 2018 to €5.11bn, president of the Chemical and Pharmaceutical Industry (ZCHFP) Roman Karlubik told local media.
Bridgestone is planning a €28mn expansion in Hungary. The local unit of the Japanese tyre maker announced the launch of a HUF9.2bn (€28.3mn) invest- ment at its base in Tatabanya, 100km west of Budapest, which the government will support with a HUF826mn grant.
Poland could have 10 gigawatts of offshore wind capacity in the Baltic Sea by 2025-2030, a government official said. The Polish power sector is facing an increased cost of electricity generation, as its coal-fired power plants – which produce some 80% of its electricity – pay more for permits to emit carbon dioxide.
Troubled Hungarian bus manufac- turer Ikarus Egyedi failed to reach
an agreement with its main creditor, MKB Bank. Hungarian investor Csaba Meszaros, the company's sole owner, has offered his 99% holding to creditors but MKB Bank as the biggest creditor rejected the offer.
Southeast Europe
Turkey’s President Recep Tayyip Erdogan signed a decree early on September 13 requiring that only the Turkish lira is used in the buying, selling and renting of real estate and leasing of vehicles. It looks like another move to bolster the lira, the nosediving value of which has plunged
Turkey into a currency crisis that threatens to morph into a debt and liquidity crisis.
The EBRD could buy stakes in Slovenia’s Nova Ljubljanska Banka (NLB) and Abanka that are due to be privatised in 2018 and 2019 respectively, Reuters report- ed. Slovenia committed to selling 75% of its largest bank NLB and the whole of Abanka in exchange for the European Commission’s approval of state aid to those banks in 2013.
Croatia expects tourism to generate revenues of €12bn this year, €1bn more than in 2017, Tourism Minister Gari Cappelli said. Tourism is one of Croatia's key economic sectors and an important contributor to GDP.
Eurasia
Turkmenistan launched its largest gas and steam-based power plant to date following the completion of an upgrade. The launch will allow the remote Central Asian nation, desperate for revenues in its fight against economic turmoil, to boost electricity supplies to Pakistan following the construction of a new transmission line.
Singapore’s CG Corp Global agreed to acquire an instant noodles produc- tion plant in Kazakhstan. Kazakhstan's newfound focus on food production forms part of its efforts to diversify the country’s economy away from depen- dence on oil exports.
Azerbaijan wants to boost its wine exports and open up new markets, antici- pating a 50% increase in wine produced this year. This is in line with broader efforts to diversify its economy away from over- dependence on the hydrocarbons sector.
A nappy shortage hit Iran as the ongoing forex turmoil left producers without raw materials. Iranian govern- ment officials have said that they will do their level best to address shortages of nappies, incontinence pads and sanitary towels now besetting the country.
www.bne.eu