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


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 […]

George Soros slammed by Morgan Stanley CEO over global crisis prediction

Billionaire George Soros, who became famous for speculating on currencies, especially in 1992 when he made one billion pounds speculating on the pound, has been slammed by James Gorman, the chief executive of Morgan Stanley, over his doomsday prediction of a global economic crisis made earlier in the week. At a think-tank conference on Tuesday, […]

Royal Bank of Scotland finance chief Stevenson resigns ahead of annual meeting

Ewen Stevenson, the Royal Bank of Scotland finance chief resigned from his role to “take up an opportunity elsewhere”, according to the state-owned bank Wednesday, as the lender gears up for its annual meeting, where dividends, branch closures, and reprivatisation will be on the agenda. While it is unclear when Stevenson departs, he will remain in his position […]