Eastern Europe

Financial News

Hungarian Rate Increase Would Be Unjustified, Finance Minister Veres Says Hungary's slowing inflation and declining bond yields make further interest rate increases unjustified, Finance Minister Janos Veres said.

Kazakhmys Rejects 1,550 Pence-a-Share Bid From Eurasian Natural Resources Kazakhmys Plc, Kazakhstan's biggest copper producer, said it rejected an offer from Eurasian Natural Resources Corp. with a value of about 1,550 pence a share.

KGHM Polska Miedz First-Quarter Profit Rises 11% on Higher Copper Prices KGHM Polska Miedz SA, the copper company with the highest European mining output, said first- quarter profit rose 11 percent as sales of the metal advanced.

Mironovskiy, Ukraine Poultry Producer, Raises $322.5 Million in London IPO Mironovskiy Hleboproduct SA, Ukraine's biggest poultry producer, raised $322.5 million in a London initial public offering to fund expansion.

Richter Falls the Most in Four Months on Lowered Hungarian Sales Forecast Gedeon Richter Nyrt., Hungary's biggest drugmaker, dropped the most in four months in Budapest trading after Chief Executive Officer Erik Bogsch said 2008 domestic sales may be lower than he originally expected.

Slovenia Reinsurer Sava Seeks to Raise up to 266 Million Euros in IPO Pozavarovalnica Sava d.d., Slovenia's largest reinsurance company, plans to raise as much as 266 million euros ($412 million) in an initial public offering of stock to expand in the Balkans.

Kruk Managers Recommend Rejection of V&W Takeover Bid, May Buy Back Shares The management of W.Kruk SA, Poland's oldest jewelry company, recommended that shareholders reject a takeover bid from clothier Vistula & Wolczanka SA and will ask them to vote on a buyback.

Citigroup's Polish Unit Handlowy Says Net Fell 8.8% on Provisions, Costs Bank Handlowy SA, the Polish bank controlled by Citigroup Inc., said first-quarter profit fell as provisions for bad loans and costs increased.

General News

Medvedev Says Russian Army, Navy `Gaining Strength' at Red Square Parade President Dmitry Medvedev said Russia's military is ``gaining in strength and power like all of Russia'' in a speech on Moscow's Red Square on the 63rd anniversary of the victory over Nazi Germany in World War II.

Kostunica May Be Serbia Kingmaker as Tadic's Pro-Western Alliance Stumbles Serbia's caretaker prime minister, Vojislav Kostunica, may be kingmaker after a May 11 general election in which pro-western forces are battling politicians who favor closer ties to Russia.

Serbian Elections a `Referendum' on EU Membership, Slovenian Minister Says Elections in Serbia will be ``a kind of referendum'' on whether to join the European Union, as envisioned in a Stabilization and Association accord, Slovenian Foreign Minister Dimitrij Rupel said.

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