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The multiple risks to Turkish banks that led to widespread rating downgrades in July continue to threaten their credit profiles, Fitch Ratings says in a new report. Depreciation of the Turkish lira, higher interest rates and slowing economic growth pose significant risks to banks' performance, asset quality, capitalisation, funding and liquidity

Key View: Sandoz's overall Q218 sales have been hampered by US sales, which continue to be troublesome for Sandoz; with several consecutive quarters of declines, US sales are now at their lowest point since before Q114. Biopharmaceuticals sales are proving to be an increasingly bright spot for Sandoz. Whilst they remain a small part of total

• After rebounding in the last quarter of 2017, Rwanda's economic growth is set to continue to accelerate over the next two years, mainly due to an expansion in services and agriculture.
• Moreover, increased government-led investment in key infrastructure projects focused on addressing the country's energy and transportation shortcomings will

Thailand's consumer spending will see an uptick in 2018, driven by an upward revision in GDP forecast. Existing favourable conditions of low unemployment, rising incomes and high frequency indicators pointing to the strength of the consumer will support our bright consumer outlook for Thailand.

• Within our consumer spending sub-segments, we note

• Russia to post budget surplus in 2018 and 2019.
• Putin's 2018 May Decrees will shape the country's budget strategy over the coming years, underpinning reform momentum in the fiscal sector and increased borrowing.

Forecast Change:

• We have revised our budget balance forecasts for Russia to reflect higher than anticipated revenues alongside

The ongoing tightening of labour markets across the largest advanced economies is one of the clearest trends highlighted in Fitch Ratings' latest 20/20 Vision chart pack and is helping to underpin consumer spending. 

Healthy job growth and declining unemployment in the US, eurozone and Japan is boosting household real incomes and helping to

Key View: MTN's sale of its Cyprus unit will not be its last divestment as the operator pursues a strategy of reducing net debt, better managing its regulatory exposure and boosting its margins.

MTN's sale of its Cyprus unit to Monaco Telecom, for around USD304mn, is not entirely surprising as the Europe-based unit falls outside of its

Key View:

• Political concerns will elevate government expenditure in 2018, notably due to the cost of elections in December and the need to combat numerous insurgencies across the country.
• Disagreements with donors will weigh on a large revenue stream, while disorder and mass displacement in some regions will dampen tax revenues, widening the

We believe that logistics and air travel infrastructure in Bhutan will likely be attractive areas for foreign direct investment over the coming years. Our view is informed by the EU-Bhutan Trade Support Project and an improving tourist arrival outlook. This supports our forecast for real GDP growth to average 7.0% over the coming decade.

It is

• We have revised down our growth forecasts for Nigeria's alcoholic drinks sector following the implementation of higher excise duties on beer, wine and spirits.
• In addition to passing on the duties to consumers, companies will also look to cut costs by refocusing production in other markets in West Africa, and by investing in local, cheaper