European Bank acquires 8.7% stake in Lithuania’s Auga Group

EBRD, European Bank

The European Bank of Reconstruction and Development (EBRD) has acquired 8.7 percent stake in AB Auga Group, one of Europe’s largest organic agricultural producers. EBRD acquired the stake by investing the sum of €9 million as part of a successful public equity offering, where Auga Group sold shares for a total amount of €36 million. […]

Turkey’s policy response insufficient to stabilize Lira, says Fitch

Fitch

Turkey’s ‘incomplete policy response’ to the recent tumble in the lira was unlikely on its own to stabilise the currency and economy for a meaningful amount of time, Fitch Ratings said in a statement Friday The rating agency said the policy response was insufficient, and that Turkey’s policymakers need to boost the credibility of their […]

EBRD invests €100m in Bulgarian Energy Holding’s 7-year bonds

Grupa Azoty, EBRD

The European Bank for Reconstruction and Development (EBRD) has invested €100 million in a new seven-year €550 million bond issue by the Bulgarian Energy Holding (BEH), the state-owned entity, which controls the country’s energy assets, including the public suppliers of electricity and gas. The EBRD’s involvement will help BEH continue its support in relation to […]

EBRD grants Modern-Expo $15m 7-yr loan

EBRD, European Bank

The European Bank Reconstruction and Development (EBRD) is supporting operations of Modern-Expo, one of the largest manufacturers and suppliers of fixtures and equipment for retail stores and warehouses in central and eastern Europe by providing it with a seven-year loan of $15 million. The proceeds will be used to increase production volumes at the two […]

BoE raises interest rate to 0.75%, highest level since 2009

Interest rate

The Bank of England’s Monetary Policy Committee have voted unanimously for a 25 basis point increase, which takes the BoE’s benchmark interest rate to 0.75 per cent, the highest since 2009. The outcome was widely expected, with markets pricing in the quarter point rate rise almost fully in the run-up to the meeting. Latest data […]

BMW to build $1.17 billion car factory in Hungary

BMW

Leading car manufacturer, BMW said it is investing $1.17 billion in a new car factory in eastern Hungary, according to Reuters. The project is believed to contribute to the country’s growth and strengthen its position as a centre for premium car manufacturing in the region. The new plant, to be built near the city of […]

Germany plans crackdown on online shopping tax fraud

Tax Fraud

Germany is planning tougher rules for online shopping platforms to help combat sales tax fraud that is estimated to cost the country hundreds of millions of euros in lost revenue, a finance ministry spokeswoman said on Monday. The draft law, reviewed by Reuters, would oblige operators of electronic marketplaces to record transactions that could be […]

EBRD supports SMEs in Turkey with €25m loan

EBRD, European Bank

The European Bank for Reconstruction and Development (EBRD) is providing a loan of €25 million to QNB Finans Finansal Kiralama A.S., a leasing subsidiary of the Turkish lender, QNB Finansbank, to broaden access to finance for the country’s small and medium-sized enterprises (SMEs). The EBRD loan is extended under the third phase of the Turkey […]