Business New Europe Jason Corcoran in Moscow October 28, 2008The richest man in Ukraine and reputedly the whole of the former Soviet Union, Rinat Akhmetov, is embarking on a bold acquisition programme to pick up cheap energy assets across Central and Eastern Europe at a time when other oligarchs in the region are sweating over making margin calls. Akhmetov, estimated by the Russian daily Kommersant to be worth $31.5bn, has largely been insulated from the international financial crisis due to the consistent demand for coal and electricity and his minimal exposure to the equity markets. DTEK, Akhmetov's main Ukraine-based energy holding, is now talking to banks about assembling a cash pile to target coal assets worth up to $500m in Russia and the rest of Central and Eastern Europe. "We are pretty ...

by Edward Hugh: BarcelonaHungary announced on Sunday that it had reached agreement with both the International Monetary Fund and the European Union on a broad economic rescue package, which will include substantial financing, in a bid to stabilize a Hungarian economy which has been both shaken by the global financial crisis and faces long term macro economic and structural problems which make any easy solution to the situation hard to expect."A substantial financing package in support of these strong policies will be announced when the program is finalized in the next few days," IMF Managing Director Dominique Strauss-Kahn said in a statement that did not indicate the size of the package. Hungary announced the loan at more or less the same time as Ukraine received a USD16.5bn loan from the IMF. Under normal circumstances both these moves would be good news for Central and East European equity markets assets. This was not the case on this occassion, however, and Hungary's stock markets fell more than 10% on opening yesterday, suggesting that either investors are not convinced the packages will be sufficient, or that they fear there is more to come.

TODAY: Russia and Ukraine agree on gradual rise in energy prices, disagree over Georgian arms; Czech government suspicious of Russian intelligence; will troops withdraw from Georgia? Union of Right Forces disbands, Kremlin pressure suspected; Politkovskaya case reaches court. Russia and Ukraine have agreed on a gradual rise in gas prices over the next three years, as opposed to an immediate sharp rise that many predicted. ‘We came to the conclusion that our countries don't need price shock therapy,’ said Yulia Tymoshenko, although Prime Minister Vladimir Putin expressed some doubt about future relations between the two countries, and tensions over allegations that Ukraine supplied arms to Georgia remain strong. ‘I don't think there is a graver crime than supplying arms to a conflict zone,’ Putin said. The Czech government is concerned over intensified intelligence activity ...

Russia and South Korea have signed a preliminary agreement on a $90 billion energy supply project involving Gazprom and Kogas. The 30-year project is planned to go ahead in 2015, and will allow Russia to diversify away from Europe as well as linking South and North Korea. Russia blames the US for stalls in talks to renew the START 1 treaty aimed at reducing both countries’ nuclear arms supplies. Ukrainian Prime Minister Yulia Tymoshenko will visit Russia this week to discuss energy relations. Did the Russian government engineer a slowdown in oil production by raising taxes? Gazprom may build a $935 million natural-gas pipeline in Russia's Far East next year. Is TNK-BP finally solving some of its problems?

TODAY: Second journalist killed, another beaten up as police curb protests. Ukrainian government in turmoil over Russia. Georgia to receive almost $2 billion in US and IMF aid. Germany fears Russian influence; Lavrov in Poland. Putin says US agents provoked Georgia conflict. Gunmen in the Russian republic of Dagestan have shot and killed pro-Islam television journalist Abulla Alishayev, and in another Russian region, a newspaper editor was severely beaten. Police have been blocking the streets in Ingushetia to try and curb protests over the shooting of opposition leader Magomed Yevloyev. President Viktor Yushchenko has threatened to dissolve his Ukrainian government over a row with Prime Minister Yulia Tymoshenko regarding Russia’s invasion of Georgia. The latter has refrained from criticizing Russia directly. A new poll shows that the majority of Germans ...