IFC invests EUR 190.5 million in Serbia in fiscal year 2018
The International Finance Corporation (IFC), a member of the World Bank Group, invested USD 2.9 billion in the development of the private sector in Europe and Central Asia in the fiscal year 2018, of which the most in Turkey (USD 1.1 billion), Romania (USD 336.4 million) and Serbia (USD 190.5 million). Some landmark transactions include EUR 108 million in financing to boost Serbia’s production of renewable energy through windfarms, USD 120 million in loans to increase the productivity of Ukraine’s agribusiness sector and a USD 75 million investment to support women entrepreneurs in Turkey, the IFC says in its press release.
Fiat to stay in Serbia, and is prepping new model
Belgrade's Politika newspaper writes that it is certain a brand new Fiat model will be manufactured at the company's Kragujevac car. The model's working mark is "601," according to the paper. The article added that Alfredo Leggero, head of manufacturing for EMEA region at Fiat Chrysler Automobiles, has already arrived in Serbia, as has Silvia Vernetti, who is in charge of the plant in Kragujevac.
Agreement on funding of construction of bypass route around Belgrade signed – Section from Ostruznica Bridge to Bubanj Potok worth EUR 207 million
Serbian Minister of Construction, Transport and Infrastructure Zorana Mihajlovic said today that, with the signing of the agreement on the funding of the construction of the bypass route around Belgrade, signed in the presence of the presidents of Serbia and China, Aleksandar Vucic and Xi Jinping, the final requirement was met for the construction of this strategically important route to be completed after 30 years. The commercial agreement on the construction of this section is EUR 207 million. The main contractor is the Chinese company Power Construction Corporation of China, and the subcontractor is Azvirt.
Zijin to double Serbia's RTB Bor output in three years
China's Zijin Mining Group is expected to double the total output of Serbian copper mining and smelting company RTB Bor in the next three years, Serbia's energy minister Aleksandar Antic said on Tuesday. Following the double increase of RTB Bor's output, Zijin will increase production by between three and four times in the following six years, Antic said in a statement. Serbia's government said on September 1 it picked Zijin as a strategic partner in RTB Bor. Zijin will invest $1.26 billion (1.1 billion euro) and will hold a 65% stake in RTB Bor.
Dow surges 185 points as latest US-China trade barbs are not as bad as feared, Europe holds steady by the close as US-China trade conflict escalates
Stocks rose on Tuesday as the latest tariffs on U.S. and Chinese goods are not as bad as previously feared. Strong gains in tech also lifted the broader market. The Dow Jones Industrial Average surged 185 points as Nike and Boeing outperformed. The S&P 500 gained 0.5 percent, led by tech and industrials. The Nasdaq Composite advanced 0.8 percent as Amazon, Apple, and Alphabet closed higher.
China announced tariffs targeting more than 5,000 U.S. products will go into effect on Sept. 24. The goods targeted are worth approximately $60 billion. However, China will put a 10 percent tariff on some goods it had previously earmarked for a 20 percent levy. The announcement comes after the Trump administration announced the U.S. will impose 10 percent tariffs on $200 billion worth of Chinese imports, and those duties will rise to 25 percent at the end of the year.
European stocks were muted by Tuesday's market close, as investors mulled over the recent announcements from the U.S. and China in their tit-for-tat trade war. Following a choppy trading session, the pan-European Stoxx 600 index closed up 0.11 percent. Major sectors, meanwhile, were pointing in different directions when the trading day ended.
Osram rose 5.87 percent after releasing an upbeat statement on its semiconductors, saying that from 2020 onwards, its Opto Semiconductors division expects revenue growth to be around 10 percent, with an adjusted EBITDA margin between 23 and 29 percent.
Ferrari hosted its first capital markets day since the passing of former CEO Sergio Marchionne earlier this summer. It unveiled two new Monza models, the single-seater SP1 and two-seater SP2. Shares built upon their gains, closing up some 4 percent.