The EU's carbon border adjustment mechanism – or CBAM – entered with a bang last week when a draft of the EU’s upcoming new regulation was leaked to the press. The document raised as many questions as it answered, however.
In today's edition of the Capitals, find out more about thousands protesting the government's plans to build the Chinese Fudan University in Budapest, Austrian Chancellor Sebastian Kurz being the only one to attend the International Economic Forum in St. Petersburg, and so much more.
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After Russia’s Sberbank, one of the biggest creditors of the Slovenske Elektrarne electric utility company, requested new guarantees for its loan this week, Slovak Economy Minister Richard Sulík reacted promptly and accelerated a legislative proposal ensuring shares in companies of critical infrastructure are only sold with the government’s approval.
Sberbank provided the Slovak company with a loan of €870 million. Slovenské Elektrárne has since used the funds mainly to invest in new units of Mochovce’s power plant. But because of the delayed completion, Slovenské Elektrárne has been in huge debts.
As a result, Sberbank requested three of the company’s shareholders, Enel, EPH, and the Slovak Republic, to guarantee their loan with their own shares.