Economy of Europe

The largest internet service provider in Montenegro, Crnogorski Telekom, has been ordered to slash its prices by about a third over the next few weeks.

The company, which became part of Deutsche Telecom following privatization 10 years ago, will have to cut the price of its internet services by 25 per cent from November 1 and by 35 per cent from December 1.

The Petrotel refinery in Ploiesti in southern Romania, majority owned by Lukoil, restarted on Monday, after being shut for a week because of the fraud investigation, according to company sources.

Russia's ambassador to Romania last week expressed concern after Romanian prosecutors seized oil and fuel inventories worth 1.04 billion lei (230 million euro) belonging to Petrotel Lukoil.

BELGRADE - The Serbian dinar will go down by 0.1 percent to RSD 119.4055 per euro on Wednesday, despite Tuesday's intervention by the National Bank of Serbia (NBS) which sold EUR 20 million on the interbank foreign exchange market so as to prevent a further drop in the value of the national currency.

The beleaguered Turkish Lira has become the most fragile currency after the Fed signaled that the lower liquidity environment is coming earlier than expected

The South Stream gas pipeline project has not been suspended and is being implemented despite the complications, according to Russian Energy Minister Alexander Novak.

Novak, as cited by RIA Novosti, assured journalists Thursday that the project had not been halted, adding that the intergovernmental agreements were still in force.

Inspectors from the International Monetary Fund, the European Central Bank and the European Commission tasked with assessing Greece's progress in structural reforms met with Interior Minister Nikos Dendias (photo) on Wednesday to discuss measures for settling corporate debts.

The Turkish Lira/U.S. dollar rate rose to 2.292 on Oct. 1, its highest level since Jan. 27, just before the Turkish Central Bank intervened to stop a slide in value of the lira on Jan. 29.

European Central Bank President Mario Draghi is set to push the ECB to buy junk-rated Greek and Cypriot bank loans, a move that may increase tensions between Germany and the bank, the Financial Times reported.

While the American dollar continues to gain value against all currencies, we need to wait until the weekend to see its course more clearly, particularly against the Turkish Lira.

For the seventh consecutive year, Romanian oil and gas company OMV Petrom, majority owned by Austria's OMV, is the biggest company in south-east Europe, according to the ranking for 2013 published by SeeNews agency.

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