Serbia reduces public debt by USD 1 billion in a day
The Republic of Serbia has paid out USD 1.03 billion of old debts in a single day, which amounts to close to EUR 900 million and hasn't been done using credits or refinancing, but using the savings made, Finance Minister Sinisa Mali told Tanjug. He said that, in the first nine months, the GDP growth amounted to 4.5%, which, he says, is the biggest growth in the past ten years, while the unemployment rate is at an all-time low of 11.3% according to him.
Dealers to contribute to reduction of Serbia's public debt from 2019
Next year, a new financial institution will take root in Serbia – primary dealers – which will trade securities and contribute to the development of the securities market, all to the end of having the public debt of the Republic of Serbia drop to below 50%. Primary dealers are financial institutions selected by the Ministry of Finance to trade securities, work on upgrading the primary and the secondary securities market and be active in addressing the issue of the public debt in cooperation with the state.
China's Zijin to officially take over RTB Bor on December 18
The Chinese company Zijin will officially take over RTB Bor on December 18, and the former managing director, Blagoje Spaskovski, will remain in the company under contract for another three years, as per his own statement, which was reported by Solarismedia. At the ceremony organized on the occasion of the 65th anniversary of the Mountain Home on Stol, Spaskovski said that he would still “try to contribute to the development of RTB and the town of Bor”.
Slovenia's NLB Group posts 14% drop in Jan-Sept after-tax profit
Slovenian banking group NLB, parent company of lender Nova Ljubljanska Banka [LJE:NLBR], said on Friday that its consolidated profit after taxes fell by an annual 14% to 158.3 million euro ($179.8 million) in the January-September period of 2018. The company's net operating income edged up 1% year-on-year to 369 million euro in the first nine months of the year, NLB Group said in an interim financial statement. Net interest income added 1% to 231.9 million euro, while net non-interest income remained flattish at 137.1 million euro.
Dow plunges nearly 800 points on rising fears of an economic slowdown, Autos drag European markets lower amid worries over US-China trade truce
Stocks fell sharply on Tuesday in the biggest decline since the October rout as investors worried about a bond-market phenomenon signaling a possible economic slowdown. Lingering worries around U.S.-China trade also added to jitters down Wall Street. The Dow Jones Industrial Average fell 799.36 points, or 3.1 percent, S&P 500 declined 3.2%, while Nasdaq Composite dropped 3.8 percent to close back in correction territory at 7,158.43.
The yield on the three-year Treasury note surpassed its five-year counterpart on Monday. When a so-called yield curve inversion happens — short-term yields trading above longer-term rates — a recession could follow, though it is often years away after the signal triggers.
European stocks shifted lower Tuesday, amid rising doubts over whether the world's two largest economies will be able to resolve their trade differences. The pan-European Stoxx 600 was down 0.7 percent during deals, with most sectors and major bourses in negative territory.
Europe's autos sector, which has been the most sensitive to trade war fears in recent months, led the losses, down almost 2.5 percent Tuesday. France's Faurecia was the worst sectoral performer, with shares down 6.6 percent after Jefferies cut its target price for the stock. One in four automobiles is equipped by parts made by Faurecia.
The technology sector was also a big loser, falling 1.4 percent. Chip-makers are also heavily exposed to China and AMS and Siltronic dipped around 5 and 8 percent respectively.
U.K. Telecoms firm BT had better fortunes, rising more than 2 percent after a Goldman Sachs upgrade to "Buy" from "Neutral."