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Urban Development Bank plans to raise USD 236mn from capital market. Nigerian newspaper The Guardian reported that Urban Development Bank of Nigeria (UDBN) Plc plans to raise NGN 30bn (USD 236.2mn)from the capital market. UDBN plans to build hostel accommodation in tertiary institutions across the country and the funds will be used to fund this project. UDBN Acting Managing Director and Chief Executive Olu Mejule said that the project also targets to build hostels for all Nigerian universities. Mejule further said that UDBN could not raise the funds from the local merchant banks and hence it plans to source the funds from the capital market as well as foreign sources.

NBS governor says bank not to intervene against strong crown. The National Bank of Slovakia (NBS) would not intervene immediately to restrain the fast appreciation of the crown exchange rate vis-à-vis the euro, NBS governor Ivan Sramko declared. He explained that historical experience so far showed that these trends do not persist for a protracted period and thus no conclusions could be drawn from them. In addition, the governor pointed out that the growth rate of the exports has remained quite healthy and still has not suffered from the strengthening of the local currency. Accordingly, the central bank respected the dynamics of the crown exchange rate for the time being but Sramko emphasized that it was ready to act in case the circumstances required that. This week, the SKK /EUR exchange rate reached a new all-time record high of 35.5, which represents a 7.6% firming over the central ERM II parity. On the other hand, general expectations are that the NBS would have to raise the key interest rates in order to fight off demand-pull inflation but this step would only add further to the appreciating pressures to the crown.

On paper this looks like a straightforward win for the CDS lobby; cash bondholders would have been happy with a change of control put clause. But there is one very important factor to be taken into account.

Thailand's economic growth expected at 5%-5.5% in Q3/2006. Bangkok Bank's research centre has estimated that Thailand's GDP will grow at 5%-5.5% in Q3/2006 compared to 5.4% growth in Q3/2005. The optimistic forecast is based on an expected 16.3% y/y growth in exports, higher government spending and an increase in private consumption. Bangkok Bank's report however said that exchange rate fluctuations and political uncertainty may restrict growth in subsequent quarters. Written by IntelliNews. The report is based on sources which we believe to be reliable, but no warranty, either express or implied, is provided in relation to the accuracy or completeness of the information. The views expressed are our best judgement as of the date of issue and are subject to change without notice. Opinions are not necessarily those of Internet Securities Inc., Euromoney Institutional Investor PLC or its affiliates. Internet Securities Inc. and Euromoney Institutional Investor PLC take no responsibility for decisions made on the basis of these opinions. Any redistribution of this information is strictly prohibited. Copyright © 1999-2006 Internet Securities, Inc., all rights reserved. A Euromoney Institutional Investor company. Copyright © 1998-2006 Sofia, all rights reserved.

Qatar Telecommunications acquires 38.2% stake in US IT firm. Qatar Telecommunications Company (Qtel) has finalised a deal to acquire a 38.2% stake in US based Internet technology firm Navlink. Qatari daily The Peninsula reported that the dealers finalise further value of USD 28mn. AT&T Inc also has a stake in Navlink. Navlink offers services such as Web hosting, messaging and wireless services. Qtel operates a data centre in Doha with AT&T and Navlink.

Cablevision has given the term necrophilia – as in an attraction towards corpses – a whole new meaning.

Georgia to resume WTO talks with Russia after resolving customs posts issue. Georgia may approve Russia ’s WTO bid if its demand on legalization of customs posts in South Ossetia and Abkhazia is met. Georgia tends to regain control of the posts in its breakaway regions ruled by separatists enjoining Russia ’s support. According to Georgian authorities, trade through these checkpoints is illegal. Russia , however, is unlikely to easily give up the control over the posts, despite its claims to respect Georgia ’s territorial integrity. Georgia withdrew its support for Russia ’s WTO accession in July demanding to abolish the import ban on its wine and mineral water. Russia signed a bilateral agreement on WTO entry with the US ; however due to tense relations with Georgia , the completion of the negotiations may take a while.

Stock exchange restores wide price bands. The board of directors of the Macedonian Stock Exchange has assessed that the securities market has been stabilised and there are conditions for restoring the permitted price bands at their previous wider values. The board thus decided that the permitted price fluctuations for the continuously traded securities will be widened: the static limits will be +/- 10% of the official average price from the previous day of trading and the dynamic limits will be +/- 3% again. Those limits are applicable as of today. As recalled the board halved those limits as of November 8 in order to address the trend for dropping stock prices. On November 6, 7, 8 and 9, the bourse’s blue-chip index MBI-10 has dropped 3%, 4.23%, 2.94% and 0.73% respectively, but the trend has been reversed on November 10, when the index rose 0.81%, and continued to post daily gains until November 16.

Cablevision has given the term necrophilia – as in an attraction towards corpses – a whole new meaning.

It did take a bit of a sledgehammer approach – which I’m not averse to using – to get CLS to open up.

Bulgartabac successfully sells out tobacco processing unit in Pazardzhik. The state controlled tobacco holding Bulgartabac sold out 85.24% of its tobacco processing unit in Pazardzhik at the price of BGN 4.7mn (EUR 2.4mn) on the local stock exchange yesterday. The price is more than 3 times higher than the set bidding floor and well above our expectations based on the weak income balance of the plant. Four companies have participated in the auction but names are not officially announced yet. Bulgartabac has sold 80.6% of its printing and paper packaging plant in Plovdiv for EUR 16.6mn on the stock exchange in early October. It will tender several other tobacco processing units in short terms but will retain majority stakes in the main cigarette makers in Blagoevgrad, Sofia , and Plovdiv . The state holds 80% of the holding while the remaining 20% is floated on the local stock exchange. It has posted a non-consolidated net profit of BGN 20.9mn (EUR 10.7mn) in Jan-Sep and the net earnings will rise further in Q4 on the back of the sell-offs mentioned above.

It did take a bit of a sledgehammer approach – which I’m not averse to using – to get CLS to open up.