bne IntelliNews

Turkey releases official November inflation at 47% y/y #bne #bneEditorsPicks #bneChart #Turkey #inflation Turkey’s consumer price index (CPI) inflation officially stood at 47.1% y/y in November versus 48.6% y/y in October, the Turkish Statistical Institute (TUIK, or TurkStat) said on December 3 (chart). TUIK’s inflation series peaked at 75.45% in May. Subsequently, it quickly fell back to the 40%s thanks to the base effect.

Garanti concludes autumn season for Turkish banks’ syndicated loan renewals #bne #bneEditorsPicks #Turkey #Garanti #debt #bneChart #banking Turkey's Garanti BBVA (GARAN), a unit of BBVA (Madrid/BBVA), has obtained a $415mn sustainability-linked syndicated loan in two tranches of $244mn and €162mn, the lender said on December 3. A total of 43 financial institutions from 21 different countries participated in the loan.

Mexico's Sheinbaum denies NYT claims of chemistry students lured into fentanyl production #bne #bneEditorsPicks #Mexico #Sheinbaum #fentanyl #drugs A recent investigation by The New York Times claims that the Sinaloa Cartel has infiltrated Mexican universities to recruit chemistry students for the production of fentanyl, a potent synthetic opioid wreaking havoc across the United States. According to the report, cartel members pose as custodians to lure high-performing students with promises of substantial financial rewards. These allegations have sparked controversy and denials from Mexican authorities. President Claudia Sheinbaum dismissed the claims, likening them to plotlines from the US series Breaking Bad. During a press briefing, she questioned the investigation’s credibility, stating, “We have no evidence of this happening in Mexico. This sounds more like fiction than fact.” Sheinbaum redirected the focus to the pharmaceutical industry in the United States, holding it accountable for the opioid crisis that has escalated fentanyl consumption across the border.

Iraqi militias send hundreds of fighters to support Assad in Syria #bne #bneEditorsPicks #Syria #Iraq #Assad Hundreds of Iran-backed Iraqi fighters have crossed into Syria to support President Bashar al-Assad's forces following recent rebel advances, according to multiple security sources in Baghdad, marking a significant escalation in regional involvement in Syria's conflict. At least 300 fighters from Iraq's Badr Organisation and Al-Nujaba Movement crossed into Syria late December 3 using dirt roads to avoid official border crossings, two Iraqi security sources speaking with IntelliNews.

Trump vows to block Nippon Steel's $14bn bid for US Steel #bne #bneEditorsPicks #Japan #NipponSteel #Trump #metallurgy Donald Trump has reiterated his commitment to blocking Nippon Steel's bid to acquire United States Steel Corp., a deal worth over $14bn. In a statement posted on his Truth Social platform on December 2, the US president-elect reaffirmed his position, promising to prevent the acquisition as soon as he returns to the White House next month, as reported by Kyodo News. "I am totally against the once great and powerful US Steel being bought by a foreign company, in this case, Nippon Steel of Japan," Trump declared. The comment came as Nippon Steel, Japan's leading steelmaker, aims to complete the purchase of US Steel by the end of this year, just ahead of Trump's inauguration on January 20, 2025.

Hezbollah-linked financial institution reopens in Lebanon #bne #bneEditorsPicks #Israel #Lebanon #banking #Hezbollah Following more than a year of cross-border violence between Israel and Lebanese Hezbollah, a sense of calm is slowly returning to Beirut. Al-Qard Al-Hassan, a financial institution that provides interest-free loans, has reopened some of its branches, allowing customers to access basic banking services, including cash withdrawals and gold transactions, according to a statement on December 2. The reopening of the Hezbollah-controlled microfinancing group marks a significant shift toward normality in the Lebanese capital after months of Israeli airstrikes that have left more than 3,961 men, women and children dead. The message sent to depositors of Al-Qard Al-Hassan Association after several of its branches were hit in Israeli strikes also hints at more normal operations for its clients on December 3 morning at 16 branches, five days after the ceasefire agreement between Hezbollah and Israel.

Croatian government faces no-confidence vote over healthcare scandal #bne #bneEditorsPicks #Croatia #politics Croatian lawmakers are debating a no-confidence motion against Prime Minister Andrej Plenkovic's government, triggered by a corruption scandal involving former health minister Vili Beros. The motion, filed by the opposition Social Democratic Party (SDP), highlights concerns over recurring corruption allegations within the ruling Croatian Democratic Union (HDZ). It is taking place just weeks before the presidential election scheduled for December 29.

Political tensions rise in North Macedonia after unrest on Albanian Flag Day #bne #bneEditorsPicks #NorthMacedonia North Macedonia’s political landscape has been further strained as the opposition ethnic Albanian Democratic Union for Integration (DUI) filed a no-confidence motion on December 3 against Interior Minister Pance Toskovski, his deputy and two deputy prime ministers. The motion against Toskovski, Astrit Iseni and Deputy Prime Ministers Izet Mexhiti and Ivan Stoiljkovic follows a series of incidents during the Albanian Flag Day celebrations and recent arson attacks in Kumanovo.

Political uncertainty hits Romanian listed companies #bne #bneEditorsPicks #Romania #elections #stocks The BET index, the Bucharest Stock Exchange’s (BVB’s) blue-chip benchmark, fell sharply by 2.35% on December 3, driven by investor concerns over political instability following the weekend’s parliamentary elections. The decline represents the steepest drop since August 5 and the second-largest for 2024. The first round of Romania’s presidential election on November 24 resulted in a shock lead for little-known far-right candidate Calin Georgescu. Nationalist parties also performed well in the general election on December 1, with the Alliance for the Union of Romanians (AUR) coming in second behind the Social Democratic Party (PSD). The result of the presidential election second round on December 8, pitting Georgescu against reformist candidate Elena Lasconi, is likely to determine the formation of Romania’s next ruling coalition.

Polish energy stocks tank over fears government will ditch coal takeover strategy #bne #bneEditorsPicks #Poland #stocks #coal Stocks of key Polish energy companies listed on the Warsaw Stock Exchange tanked on December 3 after media reports that the government was no longer considering the option of taking over the companies’ coal assets. The previous Law and Justice (PiS) government planned to spin off coal assets to a new entity, the National Energy Security Agency (NABE), which would secure their operation and maintenance before gradually retiring them in line with Poland’s overarching strategy to reduce coal’s share in electricity generation.