No large company in the world has been so spectacularly mismanaged as Russia’s state-dominated natural-gas corporation Gazprom OAO. In the last decade, its management has made every conceivable mistake.
PGE SA, Poland’s largest power producer, plunged the most in more than three months after Prime Minister Donald Tusk said the state-controlled utility should continue its 11.6 billion-zloty ($3.6 billion) project to expand the Opole power plant.
Latvia is banking on a green light for its euro-adoption bid awakening investors who’ve so far failed to drive an asset rally similar to the one neighboring Estonia experienced before it switched currencies in 2011.
The Czech Republic is unlikely to adopt the euro before 2019, central bank Governor Miroslav Singer said, envisaging a longer accession process than the country’s pro-European Union President Milos Zeman.
Polish Finance Minister Jacek Rostowski said the premium his government pays on debt relative to the neighboring Czech Republic may disappear over the next four years as he strives to keep the economy out of recession in the face of monetary policy that he deems too strict.