Eastern Europe
Eastern Europe Proving Too Good to Last as Runaway Debt Erodes 50% Returns Eastern Europe, where currencies and
equities combined to produce total dollar-denominated returns of
about 50 percent this year, is showing signs of unraveling as
the continent’s favorite investment because of runaway debts.
Hungary Reduces Interest Rates to Three-Year Low on Recession, Inflation Hungary’s central bank cut its
benchmark interest rate to the lowest in more than three years
today to speed the country’s recovery from its worst recession
in 18 years, which helped slow inflation.
Russian Central Bank Increases Its Holdings of Gold to 19.5 Million Ounces Bank Rossii, Russia’s central bank,
increased its gold holdings by 2.6 percent last month as nations
seek to boost reserves of the precious metal.
Deripaska Is in Talks on Selling Interests in Construction, Airport Units Russian Billionaire Oleg Deripaska,
whose United Co. Rusal is seeking to restructure more than $14
billion of debt, is in talks with potential investors in his
construction, airport and financial-services businesses.
Ukraine Rail to Restructure Loan With Three-Year Debt, Dragon Capital Says Ukrzaliznytsya, the Ukrainian state
rail company that missed a principal payment on a syndicated
loan this month, is offering repayment over three years, said
Dragon Capital, the country’s largest brokerage.
Russian Economy Showed No Recovery Signs Last Month, Trust Investment Says Russia’s recovery stalled last month,
as industrial output slumped and capital investment fell, Trust
Investment Bank said.
Estonia Had a Budget Surplus in the Third Quarter, Finance Ministry Says Estonia, which aims to become the
next euro member, had a fiscal surplus in the third quarter as
the government cut spending, the Finance Ministry said.
Lithuania Economic Outlook to Remain Sluggish Next 2-3 Years, Moody's Says Lithuania’s economic growth will
remain “sluggish” for as long as three years as the Baltic
state adjusts to reduced capital inflows and slower income
growth in the wake of the financial crisis, Moody’s Investors
Service said.
Hungarian September Retail Sales Fall at Fastest Pace Since at Least 1998 Hungarian retail sales fell at the
fastest annual pace since at least 1998 in September as
government measures to control the budget deficit and the worst
recession in 18 years sapped consumer spending.
Synthos Plunges in Warsaw After Buying Cersanit, Echo Stakes From Solowow Synthos SA fell to a two-month low
in Warsaw after the chemical producer controlled by Michal
Solowow said it would buy stakes in Cersanit SA and Echo
Investment SA from the Polish billionaire.
President Basescu Will Face Romania's Opposition Leader in Dec. 6 Runoff Romanian President Traian Basescu
will face opposition leader Mircea Geoana in a Dec. 6 run-off
election that will determine who selects the next government to
pull the nation out of a recession.
Polish Ruling Party Says Governor Skrzypek Should Sue as Private Citizen Poland’s ruling party said central
bank Governor Slawomir Skrzypek should have acted as a private
citizen and not as a representative of the bank when he took
legal action against one of its members.
Swine Flu Deaths Double Almost Every Two Weeks in Europe; 670 Since April Swine flu deaths have doubled almost
every two weeks since mid October in Europe, with 169 occurring
in the past week, the European Center for Disease Control and
Prevention said.
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