How to invest in Eastern Europe and China
Rather than spending our time in an office, we travel around our region, meeting with over 1,200 companies a year. This tells us more about the markets than any index in the world ever could. Read more about our award-winning funds at www.eastcapital.com.
bne June 2012 Editor-in-chief: Ben Aris (Moscow) editor@businessneweurope.eu
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Managing editor: Nicholas Watson (Prague) +42 0731582719 watson@businessneweurope.eu News editor: Tim Gosling (Moscow) +7 9031927966 gosling@businessneweurope.eu Eastern Europe: Graham Stack (Kyiv) stack@businessneweurope.eu
Historic yields are no guarantee for future yields. Fund shares can go up or down in value, and investors may not get back the amount invested. Before investing, please read the prospectus carefully. Full information on East Capital’s investment funds such as the prospectus, simplifi ed prospectus and fi nancial reports can be obtained free of charge from East Capital, from our local representatives and are available on the website. Please also note that the funds, or some of the funds, may not be available for sale in your country.
Contents
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Central Europe: Robert Smyth (Budapest) +36 19995200 rsmyth_hu@yahoo.com Jan Cienski (Warsaw) +48 604994850 jancienski@ft.pl Mike Collier (Riga) +37 129473192 editor@balticfeatures.com Matthew Day (Warsaw) +48 607291187 mattday@businessneweurope.eu Tom Nicholson (Bratislava) +42 1907732736 tom.nicholson@sme.sk Kester Eddy (Budapest) +36 308665550 kester.eddy@gmail.com Steven Roman (Tallinn) +372 56665911 steven@online.ee Southeast Europe: Justin Vela (Istanbul) justinvela@bne.eu David O'Byrne (Istanbul) davidob@ttnet.net.tr Bernard Kennedy (Ankara) bkennedy@superonline.com Ian Bancroft (Belgrade) ian.bancroft@transconflict.com Bogdan Preda (Bucharest) bpreda@gmail.com Branimir Kondov (Sofia) br_kondov@yahoo.co.uk Guy Norton (Zagreb) norton@bne.eu
21 COVER STORY 6
The Insiders
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Made (badly) in Russia
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Political football
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Belarus ready to start sale of state-run banks
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Crisis? What crisis?
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Business counts cost of Ukraine's isolation
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Poles apart from Ukraine
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Kicking up a fuss in Poland
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Perspective
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Please direct comments, letters, press releases and other editorial enquires to editor@bne.eu
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Emigration and demographics are CEE's next crisis
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Latvia - where history is never in the past
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Hungary's schizophrenic moves
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Warnings signs in Poland
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Highway robbery in the Czech Republic
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Bankruptcy befalls Krajbanka
EASTERN EUROPE
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Eurasia: Bureau Chief: Clare Nuttall (Almaty) +7 7073011495 nuttall@businessneweurope.eu Molly Corso (Tbilisi) molly_corso@yahoo.com Oliver Belfitt-Nash (Ulaanbaatar) +97688113149 oliver@businessneweurope.eu
CENTRAL EUROPE
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The biggest bank in the world
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Kremlin takes revenge
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Seeking justice in Russia
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The myth of Russian capital flight
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