RTB Bor exports goods worth USD 18.6 million in August – Thousand tons of copper for China
After the first “test” amounts exported to China in July, another thousand tons of copper were exported to the country from RTB Bor by mid-September. As the company announced, the export in August amounted to USD 18.6 million, and the goods sold in the foreign market in the past eight months were worth USD 143 million.
Fiscal Council proposes withdrawal of amendments to Law on Pension and Disability Insurance
The Fiscal Council gave a negative assessment to the proposed amendments on Law on Pension and Disability Insurance. The amendments envisage the abolition of the law on the temporary reduction of pensions and of the formula for the harmonization of pensions and provide the Government with the discretionary option of paying a “monetary increase” along with the pension. The Council estimated that the said discretionary right that would be given to the Government would not be in line with the principles of pension insurance and that it would violate the principles of responsible social policy. The Fiscal Council proposes that the Government of Serbia withdraw the amendments so that it wouldn't jeopardize one of the key economic and social systems in Serbia, Beta reports.
NBS: Serbian banking sector scored flat aggregate profit in 1Q18
Total net income of Serbian bank in 1Q18 arrived at RSD 17.6bn, which is almost the same as a year ago, NBS reported. The statement says, that 24 banks out of 29 active, ended the period with profit, while 5 of them faced losses. Decrease in other operating revenues were major factor behind stagnation in aggregated result for the entire sector, NBS said.
Croatia's Erste&Steiermarkische Bank to issue 500 mln euro 5-yr bond
Croatia’s Erste&Steiermarkische Bank said on Thursday it intends to issue five-year bonds in the total nominal amount of 500 million euro ($585.3 million) and list them on the official market of the Zagreb Stock Exchange (ZSE). The raised funds will be used for general purposes, Erste&Steiermarkische Bank said in a filing to the ZSE.
Dow rallies more than 250 points to first record close since January, Europe rises by the close as concerns over trade spats wane
The Dow Jones Industrial Average surged to its first record high since January on Thursday as gains in Apple and a decrease in trade fears lifted the 30-stock index. The Dow jumped 251.22 points to 26,656.98 as Boeing, Caterpillar and Apple all rose. The S&P 500 also rose 0.8 percent to an all-time high, its first since late August, as materials, consumer staples and tech outperformed.
General Electric shares fell 3.1 percent after an analyst at J.P. Morgan slashed his price target on the company to $10 from $11. The analyst noted he expects "weaker results at power and some franchise value impact." The Nasdaq Composite climbed 1 percent to 8,028.23 as Amazon also gained 1 percent as the company unveiled several Alexa-powered devices, including a microwave.
Nvidia slipped 2.1 percent after analysts at Morgan Stanley called the company's new gaming card disappointing.
Disney's stock rose 1.7 percent after ESPN announced its video streaming service reached more than 1 million paid subscribers in five months.
European stocks extended gains by Thursday's market close, tracing the strong session seen on Wall Street and shaking off anxieties of a trade war between the U.S. and China. The pan-European Stoxx 600 ended up 0.7 percent, with all sectors, except travel and health care, posting solid gains by the finish.
In banks, Danske Bank rose close to the top of the pan-European index, up 4.7 percent, after UBS said the Danish lender's shares were still appealing from a valuation perspective, despite a money laundering scandal surrounding its Estonian branch.
Ryanair shareholders re-elected Chairman David Bonderman and Chief Executive Michael O'Leary to the company's board. However, support fell for the two executives, after the budget carrier faced industrial action that disrupted flights. O'Leary, 57, said he was reluctant to commit to signing up for a five-year contract due to his age. Shares closed down 2.4 percent.
U.K. retail sales jumped 3.3 percent last month compared to August 2017, data showed Thursday, beating analyst expectations. Sterling jumped 0.7 percent at the close to $1.323, lifted by the sales numbers and optimism over Brexit.