Articles by David Chance



Hungarian PM Apologizes for Lies

  • 28 September 06
  • Reuters
Hungarian Prime Minister Ferenc Gyurcsany apologized Wednesday for a leaked speech in which he admitted lying about the parlous state of the economy to win April's election.

S&P Edges Russia Up One Notch

  • 28 January 04
  • Reuters
Standard & Poor's edged closer to awarding Russia prized investment-grade status Tuesday, but fell short with just a one-notch upgrade, saying more economic and political reforms were needed.

Foreign Banks Keen To Cash In on Russia

  • 03 December 03
  • Reuters
Foreign banks will find it tough to enter the booming Russian market and could find it yet harder to win market share outside the top slice of corporate business, Russian and foreign bankers said Tuesday.

Paris Club: Iraq Debt At $21Bln

  • 15 July 03
  • Reuters
The Paris Club of sovereign creditors said that debts owed by Iraq to its member states amounted to $21.02 billion until Aug. 2, 1990, and up to the same amount in additional interest arrears.

Uzbek Torture Taints EBRD Meeting

  • 06 May 03
  • Reuters
President Islam Karimov failed to deliver a condemnation of torture at the ERBD's meeting in Tashkent.

State May Curb Corporate Borrowing Abroad

  • 05 May 03
  • Reuters
Russia, increasingly concerned by billions of dollars of overseas debt issues by companies, may act to limit market access if borrowing runs out of control, Deputy Finance Minister Sergei Kolotukhin warned Saturday.

Iraq Debt Debate Already Under Way

  • 19 March 03
  • Reuters
Iraq will pay its debts after Saddam Hussein is removed but will need a big write-off so the country's economy can grow again, said an exiled former central banker.

S&P Upgrades Its Rating for Russia

  • 29 July 02
  • Reuters
Credit rating agency Standard & Poor's said Friday it had upgraded Russia's sovereign ratings to BB-, a level it last had in 1997.

Interros Considers Norilsk Stock Sale

  • 19 April 02
  • Reuters
The Interros group, controlled by financier Vladimir Potanin, may consider reducing its 60 percent plus stake in Norilsk Nickel, the world's largest platinum and palladium producer.

Russia Key to Debt Deal for Poor Ex-Soviet States

  • 25 February 02
  • Reuters
IMF and WB delegates say that any chance of reducing poverty in former Soviet states depends on Russia.

CIS's Poor In Line for Debt Relief

  • 21 February 02
  • Reuters
Without debt relief many CIS countries will not have enough to spend on basic healthcare and education.

Strategists Still Cheer Emerging Markets

  • 11 January 02
  • Reuters
The world's largest sovereign debt default in Argentina may be the trigger for investment in emerging equity and debt as it removes the main factor casting a pall over developing markets, strategists and analysts say.

Argentina Advised To Look to Russia

  • 16 August 01
  • Reuters
Russia shows that recovery from a partial default is possible if the space gained is used to reform.

Alrosa Eyes $600M in Eurobonds

  • 11 July 01
  • Reuters
Diamond producer Alrosa plans to raise $600 million in capital from external sources from 2001 to 2005.

Russia World's Top Emerging Market

  • 02 July 01
  • Reuters
Russia has been the star emerging market with a 42 percent gain in dollar terms this year.

EBRD Inked $2.5Bln In New Deals in 2000

  • 16 March 01
  • Reuters
The EBRD said Thursday it signed a record 2.7 billion euros of new business in 2000 and a surge in profits left it with positive cash reserves for the first time since 1998.

20% of Sakhalin-1 Sold to Indian Oil

  • 12 February 01
  • Reuters
Oil major Rosneft finalized a deal Saturday to sell a 20-percent stake in the giant Sakhalin-1 development project off the Pacific coast to India's Oil and Natural Gas Corp.

NEWS ANALYSIS: Equity Offerings Abroad Soar

Vimpelcom Debt Float Raises $143M

Cautious Optimism At EBRD Conference

Small Businesses to Receive Support

Buy Russian Stocks, Foreign Funds Say

Sofia on Prosperity Path As Reforms Take Effect

Equities Brighten, But Buyers Wary

'Trapped' GKO Cash Would Welcome Nestle Ruble Bond

LONDON -- While it was far from clear that it would ever issue such an instrument, an issue of ruble bonds by a blue chip Western name such as that being contemplated by Nestle SA, would be attractive to investors whose money was trapped by Russia's default on its ruble bonds, or GKOs, in August 1998, analysts and bankers said. However, they said that if Nestl? made such a ruble offering - which the Swiss food company says is only one of many options under review - it would not set a trend for other Western firms. Foreign investors, who have $35 billion trapped in Russia, have been less than enthusiastic about ruble-denominated corporate debt. A recent 3 billion ruble ($120 million) offering from energy giant Gazprom, which yielded just 11.3 percent, was largely ignored. But Nestle could be different. ""This might offer an attractive alternative to what investors have from the Russian government and corporates,"" said one analyst who declined to be named.

Report: Asia Leads as World Recovers

IMF Deal May Kick Start Economy

Western Investors Wary of Stock Rally

Exxon, Mobil Iron Out Merger Kinks

Conoco Buys Stake in Russian Oil