Emerging markets usually warrant a risk premium because they tend to be pretty risky – as CEZ, the Czech utility, is finding out with its troubled Albanian investment.
CEZ is moving to claim a World Bank guarantee on its investment in CEZ Shperndarje, a power distribution company in which it holds a 76 per cent stake (with the Albanian government holding the rest) – and a complete writedown of its total €160m investment is looking increasingly likely. Continue reading »
By Tim Gosling and Nicholas Watson of bne
Areva, the French nuclear group, is to launch a fresh appeal against its exclusion from a multi-billion euro tender by CEZ, the Czech utility, for two new units at its Temelin nuclear power plant.
The move threatens to bring the tender process to a halt. Its announcement came immediately after CEZ rejected an earlier appeal from Areva against its removal from the tender on October 5 for what are still unclear reasons. Continue reading »
Generating electricity tends to make for a boring and stable industry, the kind of investment that draws widows looking for a safe place to stash their savings, except in the Czech Republic, where the power sector is an altogether more volatile business. Continue reading »
The Warsaw Stock Exchange has long been hungry to play a role beyond just Poland – the peripatetic chief executive Ludwik Sobolewski has illustrated that in his attempts pull in new listings from across the region. Now the exchange is making that formal by launching a new WIG-CEE index.
The index can include companies from a country with at least two listings on the WSE as long as they come from different sectors. The 25-company list includes firms from the Czech Republic, Ukraine, Hungary, Estonia, Bulgaria and Lithuania. Continue reading »