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Eastern Europe

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  • EBRD head throws hat into ring for second term Friday, 15 May 2015 | 11:55 AM ET

    TBILISI, May 15- The head of the European Bank for Reconstruction and Development, Suma Chakrabarti, fired the starting gun on Friday for what is likely to be a year-long race to become the bank's next chief, signaling he would like a second term. The EBRD was set up in 1991 originally to invest in the former Soviet bloc countries of eastern Europe.

  • EBRD eyes cooperation with Chinese-led Asian bank AIIB Friday, 15 May 2015 | 10:19 AM ET

    TBILISI, May 15- The European Bank for Reconstruction and Development said on Friday it was ready to cooperate on projects with China and its newly launched Asian Infrastructure Investment Bank. The EBRD, set up after the collapse of communism in central and eastern Europe, has in recent years expanded its area of operations to include other countries...

  • *Ukraine hopes for second $2.5 bln tranche of IMF aid. KIEV, May 15- Foreign creditors must agree to the "legitimate" deal offered by Ukraine in talks on restructuring some $23 billion worth of its debt, Prime Minister Arseny Yatseniuk said on Friday. "We ask, appeal and insist that external creditors appreciate the current situation and accept Ukraine's offer, which...

  • BELGRADE, Serbia— Russia's foreign minister has urged the European Union to support the idea of a Moscow- backed pipeline that would bring natural gas across the Black Sea to Turkey and the rest of Europe. Sergei Lavrov said Friday the pipeline— which could include Greece, Macedonia, Serbia and Hungary— would bring "energy stability" to Europe.

  • KIEV, Ukraine— Ukraine's economy contracted by a stunning 17.6 percent in the first quarter of 2015 from a year earlier as the country struggles to cope with the impact of unrest in the industrial heartland of the east. The State Statistics Agency said Friday that the rate of economic slowdown worsened in every quarter last year. Eastern Ukraine, where many major...

  • DIARY- Emerging Markets Economic Events to May 28 Thursday, 14 May 2015 | 8:02 PM ET

    Greek Prime Minister Alexis Tsipras, Finance Minister Yanis Varoufakis, Deputy Finance Minister Dimitris Mardas, Economy Minister George Stathakis, Chief Executive of the European Financial Stability Facility and Deputy Director at the European Department at International Monetary Fund Pul Thomsen are among keynote speakers. PRAGUE- The "History of...

  • Russian reporter leaves Chechnya amid safety concerns Thursday, 14 May 2015 | 4:58 PM ET

    MOSCOW— Russia's leading independent newspaper has voiced concerns about the safety of one of its reporters in Chechnya and has pulled her from the region. Chechnya's Moscow- backed strongman, Ramzan Kadyrov, denied that the police officer was putting pressure on the girl or her family. Kadyrov, who has Chechnya under tight control, has President Vladimir...

  • WINNIPEG, Manitoba, May 14- Richardson International, one of Canada's largest grain handlers, is seeking expansion in the United States through acquisitions worth C $100 million to as much as C $2 billion, its chief executive said on Thursday. Richardson, which now owns two U.S. mills, is interested in Andersons Inc and private companies Bartlett and Scoular, as...

  • TBILISI, May 14- Russia's economic contraction will curb the growth prospects this year for ex-Soviet republics in central Asia and the Caucasus, the European Bank for Reconstruction and Development said on Thursday. Declining remittances from migrant workers in Russia will take a heavy toll on countries from Armenia to Tajikistan, while oil producers such...

  • TBILISI, May 14- Russia criticized on Thursday a decision by the European Bank for Reconstruction and Development to suspend further loans to the country over the Ukraine crisis and said the bank should not be swayed by "temporary political trends." Last year the London- based EBRD, set up in 1991 originally to invest in ex-Soviet bloc countries, halted fresh...

  • MOSCOW/ LONDON, May 14- Russian companies could return to international bond markets later this year after being frozen out by Western sanctions over Ukraine as investor appetite for the high-yielding debt picks up. The Minsk agreement to end fighting between pro-Russian separatists and Ukrainian government troops has been frequently violated, however,...

  • *Ukraine economy to plunge 7.5 pct in 2015. *Russia to shrink 4.5 pct in 2015, vs 4.8 in Jan f'cast. Russia is expected to remain in a deep recession as Western sanctions bite, though the EBRD now sees its economy contracting 4.5 percent this year compared with 4.8 percent it forecast in January as global oil prices rebound.

  • DIARY- Top Economic Events to May 27 Wednesday, 13 May 2015 | 8:01 PM ET

    WASHINGTON- European Central Bank President Mario Draghi will give the Michel Camdessus Central Banking Lecture at the International Monetary Fund- 1400 GMT. LONDON- Bank of England member Don Kohn speaks to the Society of Business Economists- 1700 GMT. OTTAWA- Bank of Canada publishes its semi-annual review, with articles on Inflation Dynamics in the...

  • SEATTLE— A Russian man who prosecutors say made millions as a prolific computer hacker and credit card thief was allowed to fire his lawyers on Wednesday, just minutes before the start of a two-day hearing to decide whether his arrest in the Maldives was legal. They argued that Seleznev, the son of a member of the Russian Parliament, was on vacation with his...

  • EBRD facing Ukraine and Greece dilemmas at annual meeting Wednesday, 13 May 2015 | 12:11 PM ET

    TBILISI, May 13- The European Bank for Reconstruction and Development will begin its annual meeting on Thursday, as its support for Ukraine and plans to start lending in Greece pushes its boundaries for risk-taking back ever further. But it will be the effects of the standoff between the West and Russia over Ukraine and the bank's move into the euro zone's most...

  • LONDON, May 13- Emerging market currencies and stocks strengthened on Wednesday after disappointing data from China spurred expectations of more stimulus from Beijing, with eastern European currencies drawing further support from better-than-expected growth data. MSCI's emerging market index was up 0.4 percent with the Asia ex- Japan index adding 0.5...

  • MOSCOW, May 13- Russia is consulting with OPEC before a meeting of the oil producers' group in June and the current oil price is within range of Moscow's earlier forecasts, a Russian energy ministry official said on Wednesday. The statement by Kirill Molodtsov, deputy energy minister, suggests Moscow is less worried about the oil price after it rebounded to over...

  • Russia says current oil price in line with forecast Wednesday, 13 May 2015 | 4:31 AM ET

    MOSCOW, May 13- Russia is continuing its consultations with OPEC before a meeting of the oil producers' group in June and sees the current oil price within the range of Moscow's earlier forecasts, a Russian energy ministry official said on Wednesday. The statement by Kirill Molodtsov, deputy energy minister, suggests Moscow is less worried about the oil price...

  • BUCHAREST, Romania— Ukraine is turning to an unlikely partner in its struggle to defend itself against Russian cyber warfare: Romania. So much so that NATO tapped Bucharest to defend Ukraine from Russian digital espionage by sending experts to monitor Kiev government institutes and train Ukrainian IT specialists. At NATO's summit last year in Wales,...

  • Russia's Surgut denies report on Rosneft stake Wednesday, 13 May 2015 | 3:28 AM ET

    MOSCOW, May 13- Russia's third-largest crude oil producer Surgutneftegas denied on Wednesday a Bloomberg report that the company could possibly take a stake in the country's top oil firm, Rosneft. On Tuesday, Bloomberg said Surgut, which has amassed more than $30 billion in cash reserves, may acquire a 19.5 percent stake in Rosneft after the company asked the...