Weekly consumer price inflation in Russia as of June 17 accelerated to 0.17% week on week (0.12% w/w a week earlier), according to RosStat, which would imply annual inflation growth of 8.5% year on year (after 8.3% seen in May). (chart) At the same time in June, one-year inflation expectations of the population increased further by 0.2 percentage points to 11.9%, demonstrating upward dynamics for the second month in a row. As covered by bne IntelliNews, the board of the Central Bank of Russia (CBR) at the June 7 policy meeting resolved to keep the key interest rate unchanged at 16%, making a n...
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By Ben Aris in Vienna Kyrgyzstan is aiming for a wide-ranging rejuvenation of its worn-out power infrastructure. In addition to the grand plans to build the $5bn flagship Kambarata-1 hydropower plant (Kambarata-1 HPP), the small Central Asian nation is planning a dozen smaller HPPs that will double its installed generating capacity to 10GW in the coming years and could collectively generate 80GW by 2027, the government said at the Kyrgyz Republic Energy Forum (KREF) in Vienna on June 10. Today, Kyrgyzstan has 3.9GW of power output, of which 80% is hydropower. A mountainous country with over 45...
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By Robert Anderson in Prague Poland, Hungary and Slovakia are set to be put under the European Union’s Excessive Deficit Procedure (EDP), following a European Commission analysis published on June 19. The European Commission also recommended that Belgium, France,Italy, and Malta enter the EDP. Three CEE states – Hungary, Croatia and Slovenia – also breached the secondary threshold of having public debt of more than 60% of GDP. From Central and Eastern Europe (CEE), Czechia and Estonia also breached the Stability and Growth Pact’s threshold of a budget deficit of 3% of gross domestic product (G...
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By Eurasianet The more officials from China, Kyrgyzstan and Uzbekistan try to provide clarity about a multi-billion-dollar railway project, the more it appears to be a case of putting the train before the track. Construction of the China-Kyrgyzstan-Uzbekistan (CKU) railway had long been planned, but little was done, mainly due to questions about financing. But in early June, the three countries’ leaders unveiled a construction consortium to build the route, asserting that all the pesky details had finally been hammered out. There was one problem, however: none of the three countries immediatel...
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By bne Gulf bureau More than 1,400 people are missing or presumed dead in this year’s annual Hajj due to the intense heat. Reports from newspapers in several Muslim countries report that hundreds of people have been reported dead, with hundreds more missing, duringthis year’s annual Hajj pilgrimage to Mecca and Medina in Saudi Arabia, as temperatures soar beyond 50 degrees Celsius on most days. The temperature hit 51.9 degrees Celsius in Mecca on June 19. Shocking videos circulating on social media show dozens of dead bodies dumped on the side of the road in areas believed to be around Mecca. ...
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By bne IntelliNews Serbia is firmly in the European Union’s sights as a potential supplier of lithium — one of the critical raw materials (CRMs) essential for the green transition — after President Aleksandar Vucic signalled that Rio Tinto’s stalled Jadar project will most likely go ahead. This development comes as the EU intensifies its efforts to secure critical raw materials (CRMs) essential for the green transition. However, the project faces strong opposition from environmental groups within Serbia. The European Union's Critical Raw Materials Act (CRMA), designed to ensure a steady supply...
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Azerbaijani pro-democracy activist Nijat Amiraslanov has alleged that he was tortured by the Azerbaijani police after being detained on the testimony of a former journalist who he had previously helped to flee the country but was now allegedly co-operating with the country's authoritarian regime. Amiraslanov, a member of the NIDA civic movement, said he was abducted from his home on 16 June and subjected to torture before being released the following day. Speaking to OC Media, Amiraslanov said his detention followed the return to the country of former Azerbaijani journalist Shirin Abbasov (als...
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US chipmaker Onsemi is enhancing its Roznov pod Radhostem plant in the east of Czechia in a $2bn (€1.9bn) investment that is set to be one of the largest foreign investment in the country’s history. The plant will enable Onsemi to do end-to-end silicon carbide production for advanced power semiconductors, in what it said was one of the first investments in advanced semiconductor manufacturing in Central Europe. “This investment is not just the figure, but with its significance, its impact on European industry, its worldwide reach, it can become one of the most significant investments the Czech...
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Islamist jihadist terrorists planned to attack a bustling shopping mall in central Moscow following the Crocus City Hall concert venue massacre on the outskirts of the Russian capital in late March, but Turkey’s intelligence service foiled the plot, according to a June 18 report published by Turkish daily Hurriyet. Afghanistan-based Islamic State affiliate, Islamic State-Khorasan Province (ISKP, or ISIS-K), claimed the Crocus City Hall attack, which authorities say took the lives of 145 people and allege was committed by four Tajik gunmen, who were migrant workers in Russia. Two months prior t...
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Fitch Ratings has affirmed Eximbank's long- and short-term issuer default rating (IDR) at 'BBB/F-2' with a negative outlook on June 19. The rating is in line with Hungary's sovereign rating. The credit institution plays a strategic role in Hungary's export financing and provides counter-cyclical support to domestic companies. Eximbank's senior unsecured bond also has a 'BBB' rating. The capital adequacy ratio of 18.8% continues to provide a substantial buffer above the regulatory minimum requirement, Fitch said. According to its annual report, the state-owned lender reported HUF18.5bn (€47mn) ...
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