NIS to search for oil and gas sites in Becej area
Within its oil and gas exploration program and under the 3D Ada project, NIS will commence geophysical research in the Becej municipality area in late December. The said 3D seismic exploration entails the measurement of the velocity of seismic waves, based on which the positions of potential oil and gas sites are determined. This is followed by the processing and the interpretation of 3D seismic data to the end of detecting new oil and gas reserves. The works will be carried out in Becej, Milesevo and Backo Petrovo Selo. The company has obtained all the permits and authorizations from the competent state organs. Naftagas will commence the works in early 2019 and end them in early August 2019.
NIIS: NIS to invest 345 mln euro in 2019
Serbian oil and gas company NIS (NIIS) said it plans to make investments worth 40.8 billion dinars ($389.3 million/344.6 million euro) in 2019 to expand its business. Most funds will be invested in research and production of oil and gas, as well as in the completion of the construction of a deep conversion complex (DCC) at the Pancevo oil refinery, NIS said in a statement earlier this week. More than 300 million euro ($338.9 million) will be invested in the construction of the DCC which will be launched in the third quarter of 2019, NIS said. The company will also continue to modernise its retail and warehouse network in Serbia and the region, as well as to develop the sale of new coke products.
KMBN: Komercijalna scored RSD 7.8bn in net profit for 11 months of 2018
Komercijalna Banka (KMBN) posted RSD 7.8bn or EUR 66m in its net profit in 11 months of 2018, the bank’s CEO, Vladimir Medan said in an interview for local newspapers. This is 10% higher versus planned for the entire 2018. According to the statement, the bank managed to see growth in all of its business segments. Medan added that Komercijalna currently has EUR 1.65bn in FX savings, thus it remain a leader in Serbia in that case.
Source: Beta, Ilirika
Personal consumption in Serbia ta 45% of EU average
Personal consumption in Serbia is at 45% of EU average, while GDP per capita is at 36% of EU average, local press reported citing the Eurostat as a source. According to the same report, real personal consumption has not been changed since 2015.
Source: Beta, Ilirika
Dow dives about 500 points to its lowest close since May, European stocks close lower amid global growth fears
Stocks fell sharply on Friday after weaker-than-expected data in China and Europe exacerbated concerns of a global economic slowdown. The Dow Jones Industrial Average fell 550 points, led lower by declines in Apple and Johnson & Johnson. The S&P 500 dropped 2.1 percent as the consumer staples and health care sectors lagged. The Nasdaq Composite pulled back 2.4 percent. Friday's losses wiped out the gains for the week.
China reported industrial output and retail sales growth numbers for November that missed expectations. This is the latest sign shown by China that its economy may be slowing down. The data also underscored the rising risks to China's economy as Beijing works to resolve an ongoing trade war with the U.S.
Shares of Apple fell 2.3 percent after influential analyst Ming-Chi Kuo, of TF International Securities, slashed his iPhone shipment estimates by 20 percent.
Johnson & Johnson, another Dow member, fell more than 9 percent after Reuters reported the company knew about asbestos in its baby powder for decades.
European stocks closed lower Friday as weaker-than-expected economic data heightened concerns of a slowdown in global economic growth. The pan-European Stoxx 600 closed provisionally down 0.63 percent, with almost all sectors and major bourses in negative territory.
Auto stocks led the losses on Friday, trading 1.29 percent lower. Volkswagen, Renault and Fiat Chrysler led an 8.1 percent decline in European car sales in November, the main regional industry body said on Friday, as the introduction of tougher new emissions tests continued to weigh on demand, according to Reuters.