Gazprom resumes construction of second line of Turkish Stream pipeline – Serbia potential market on the route
Russia's state-run giant Gazprom has resumed the laying of the second line of the Turkish Stream gas pipeline on Tuesday, June 26, 2018. Earlier, Deputy Chairman of Gazprom, Vitaly Markelov, said that the company was negotiating the route of the second line of the Turkish Stream in Turkey. Deputy CEO of Gazprom, Alexander Medvedev, said that in the very near future the company will definitively determine the route of the second line of the Turkish Stream. According to him, now two main options are being discussed in accordance with the procedures in the European Union and the European Commission. As potential markets, he named Greece, Italy, Bulgaria, Serbia and Hungary.
Construction of Belgrade subway to start in 2020 – Phase one worth EUR 1.3 billion
The Belgrade subway is to be built in phases, and the beginning of the construction of the first line is planned for 2020. This is specified by the General Regulation Plan of Belgrade railway systems, adopted by a majority vote on June 26, at a session of the City Assembly, Beoinfo reports.
Serbia could become regional hub for Iranian businesses
Serbia could become a regional hub for Iranian corporate presence in the Western Balkans, Serbian Deputy PM and Minister of Trade, Tourism and Telecommunications Rasim Ljajic said. At the opening of the Serbia-Iran Business Forum, he said an initiative had been launched for the two countries to sign a free trade agreement.
Ina to buy Eni's stake in gas fields in northern Adriatic
The Croatian oil company Ina has agreed the purchase of the Italian oil company Eni's stake in natural gas fields in the northern Adriatic, Ina said on Wednesday. The company said it would become the sole owner of Eni's local subsidiary Eni Croatia BV, and take over the management of the North Adriatic and Marica fields, upon approval of the move by market regulators.
Dow erases 285-point gain, stocks fall as tech and financials roll over, Europe finishes on a high, as oil climbs and trade concerns alleviate
Stocks closed lower on Wednesday, erasing sharp gains, as positive news on the trade front was not enough to fend off a decline in tech shares. The Dow Jones Industrial Average fell 162 points, with Intel among the worst-performing stocks in the index. The S&P 500 pulled back 0.9 percent as tech fell 1.5 percent. The Nasdaq composite dropped 1.5 percent, as Amazon and Alphabet declined 1.8 percent and 1.4 percent, respectively.
Energy stocks rose 1.3 percent as oil prices added to their strong gains from Tuesday. Crude rose 3.2 percent to $72.76 per barrel a day after the State Department ordered companies who import Iranian oil to reduce those imports to zero by November.
General Electric shares gained 1.6 percent after Oppenheimer upgraded the stock to perform from underperform, citing its debt-reduction plan.
European markets closed Wednesday's session in the black, as investors cheered on the rally in oil prices and trade news out of the U.S. that was less harsh than previously predicted. The pan-European Stoxx 600 rose 0.72 percent provisionally by the close, having reversed losses seen earlier. Almost all sectors ended in positive territory, with the exception of banks, which saw slight pressure.
Looking at individual companies, Imerys climbed 4 percent after Exane BNP Paribas upgraded its stock recommendation to "outperform." Rubis slumped towards the bottom of the index, closing down over 5 percent, after Berenberg cut its price target for the stock to 62 euros from 67 euros. Meantime, 1&1 Drillisch sank 9.1 percent after Commerzbank cut its rating on the stock to "hold" from "buy."