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Europe News Eastern Europe

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    Austrian bank Erste Group sought Thursday to dampen fears that it faces heavy losses in Eastern Europe as it reported a 26 percent fall in first-quarter net profit as provisions for bad loans increased.

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    Designers emphasized the importance of fashion meaning something during the current recession and suggested consumers will focus on uniqueness and affordability which is what they offer.

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    Swedish bank Swedbank reported Thursday a first-quarter net loss, disappointing analysts' expectations for a profit, due to large provisions for loan losses in its hard-hit Baltic operations.

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    Chancellor of the Exchequer Alistair Darling predicted that the economy would contract at a rate of 3.5 percent in 2009, with a fall of around 1.6 percent in the fourth quarter.

  • Strommasten in Bonn am Montag, 15. Januar 2007. In der Bundesregierung gibt es gegensaetzliche Haltungen zu der von der Europaeischen Union geforderten Zerschlagung der Stromkonzerne. Nach Wirtschaftsminister Michael Glos (CSU) signalisierte auch Umweltminister Sigmar Gabriel (SPD) seine Bereitschaft fr entsprechende Plaene. Dagegen warnte Aussenminister Frank-Walter Steinmeier (SPD) vor einem solchen Schritt. (AP Photo/Roberto Pfeil) ---Power poles in Germany by Bonn, Monday, Jan. 15, 2007. (AP

    With big companies like BP, Shell and Iberdrola scaling back investment in renewable energy, analysts say governments need to pick up the slack.

  • The current valuations of emerging markets are attractive and emerging markets also have undervalued currencies, Templeton Asset Management Managing Director Mark Mobius said Friday.

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    Reports that the IMF suggested that Eastern European countries should adopt the euro as soon as possible to solve their current account deficit and exchange rate problems have been dismissed by some experts.

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    The credit crisis has had a near-catastrophic effect on many of the emerging economies in Eastern Europe. The International Monetary Fund shelled out tens of billions in emergency loans for the region, while governments have collapsed and angry protesters took to the streets in some countries.

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    The once-booming CEE is stealing the limelight again but this time for less palatable reasons. As one analyst put it, "Eastern Europe's problem is a greater weight on the Western European nations than the subprime is in the United States."

  • The Federal Reserve has no option but to start buying Treasurys as the government's needs for financing are huge, but the government bond market is a disaster in the making, Marc Faber, editor and publisher of The Gloom, Boom & Doom Report, told CNBC.

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    The figure of $1.3 trillion for the exposure of Western banks to the Central and Eastern European region reported by the Bank for International Settlements is too high, Andreas Treichl, CEO of Erste Bank, one of the biggest banks operating in CEE, told CNBC Wednesday.

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    The leaders of the European Union gathered Sunday in Brussels in an emergency summit meeting that seemed to highlight the very worries it was designed to calm.

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    The development boom that turned Poland, Hungary and other former Soviet satellites into some of Europe’s hottest markets is on the verge of going bust, raising worrisome new risks for the global financial system that may ricochet back to the United States.

  • Eastern Europe will suffer a more serious recession than Western Europe and the weakness in the region’s banks could drag on their Western counterparts, Moody’s said in a research note Tuesday. 

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  • Fields of corn surround the Golden Grain Energy ethanol plant, in Mason City, Iowa.

    Here in Abu Dhabi, exactly 7,095 miles from Washington D.C. where President Obama will be sworn in this week, the great and the good of the energy world will be discussing, amongst other things, the key issue surrounding future energy: who's going to pay for it?

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    There’s a global movement gaining strength to capture carbon around the world. Having engaged in the act of sequestration -- removing, separating or seizing it -- the carbon is then stored.

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    The woman who pulled in European money for Bernie Madoff has disappeared from view, the New York Times reports.

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    Can you believe it? It's already been ten years since the single currency was launched into anxious financial markets amid fears of failure and forex massacre (notes and coins were only introduced two years later to replace respective national currencies). So, what's the verdict after the first decade?

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    The first half of next year will be very bad for the world economy, but investors will find value in stock markets as some deeply discounted shares will stage a rebound, Marc Faber, editor and publisher Gloom, Boom and Doom Report, told CNBC.