MTLC: Income of Metalac in 2018 at EUR 110 million – Results exceed plans
Metalac Group, with its 15 companies, ended the year 2018 with EUR 110 million in revenues, 4% more than planned and 3% more than a year before, the company announced. The production companies made up around 40% of the total income, domestic traders made up around 43% and foreign traders made up 10%. The export to around forty countries accounted for nearly a fourth of the total income, that is, EUR 25 million, which is 10% more than in 2017. Nearly 70% of the cookware produced in 2018 was exported. The gross profit of Metalac Group in 2018 is lower than planned, but still 4% higher than in 2017. The target figure was not realized primarily due to a drop in exports to Moscow, which have been enduring the impact of the drop of the value of the Russian ruble for two years now. The realization in this market was lower by around 12%.
Minimum wage at RSD 27,022 in 2019 - Trade unions displeased with the decision
The Government of Serbia has reached a decision and announced that it would increase the minimum wage for 8.6% which is RSD 155 per working hour. Trade Unions, employers and government representatives agreed that the minimum wage should be adjusted to the costs of the minimum consumer basket during the next three years. According to the Finance Minister Sinisa Mali the minimum wage will be RSD 27.022 in 2019. Trade union representatives didn't concur with the decision. The government and employers proposed 8.6 % raise while the unions asked for 10% minimum wage increase.
TurkStream construction in Serbia to be completed by end-2019
The construction of the TurkStream pipeline in the territory of Serbia will be completed by the end of 2019, said the head of Gazprom, Alexey Miller, adding that the pipeline will be 403 kilometers long. The pipeline will cross the Serbian-Bulgarian border and go all the way up to the Serbian-Hungarian border. As for the deadlines, the main line will be built by the end of 2019 – Miller said on TV Russia-1. Russia and Serbia have signed the Memorandum of Mutual Understanding on the expansion of the capacities of the underground gas storage Banatski Dvor.
Serbia and Russia on Thursday signed over 20 agreements, memorandums, accords and protocols on future cooperation.
Serbia and Russia on Thursday signed over 20 agreements, memorandums, accords and protocols on future cooperation. Rosatom CEO Alexey Likhachev and Serbian Minister for Innovations Nenad Popovic initialled an agreement on peaceful use of nuclear energy. Other major documents include MoUs on Russian-Serbian cooperation in development of digital technologies and innovations in the electricity sector. An agreement with the Russian space agency ROSKOSMOS on peaceful use and research of space was also signed. Serbia's Railway Infrastructure and Russia's RZD International signed a 230 mln euro agreement to design and build railway infrastructure in Serbia and a unified dispatch centre for rail transport management.
Dow jumps more than 300 points, posts first 4-week winning streak since August, European markets close week firmly higher on US-China trade relief
Stocks rose on Friday as investors cheered potential progress in trade negotiations between China and the U.S. The Dow Jones Industrial Average rose 336.25 points to 24,706.35, led by gains in UnitedHealth and Home Depot. The S&P 500 climbed 1.3 percent to 2,670.71, closing out of correction territory, as the materials and industrials sectors outperformed. The Nasdaq Composite advanced 1 percent to close at 7,157.23.
Netflix reported better-than-expected earnings, boosted by stronger-than-forecast subscriber growth. However, the stock fell 4 percent on the back of disappointing guidance for the first quarter of 2019. Dow member American Express also fell after reporting disappointing earnings.
European stocks closed higher on Friday after a report of progress on U.S.-China trade talks raised hopes of a breakthrough in their long-running dispute. The pan-European Stoxx 600 was up more than 1.7 percent following afternoon deals, hitting its highest level since December 5. All sectors and major bourses were trading in positive territory. For the week Europe’s blue chip stocks gained more than 2.2 percent.
Europe’s banking index was also in positive territory Friday morning, following a flurry of rating upgrades. Both Commerzbank and Banco Sabadell were given “buy” stock recommendations shortly after the opening bell, pushing their shares up firmly.
Meanwhile, Telecom Italia dropped to the bottom of the European benchmark, after the company said it expects domestic earnings to fall compared to 2017. Shares of the Milan-listed stock tumbled on the news.