Official talks of IMF mission and Serbian delegation start
The plenary meeting, held yesterday at the National Bank of Serbia (NBS), marks the start of the official talks between an International Monetary Fun (IMF) mission and Serbian delegation, led by Jorgovanka Tabaković, NBS Governor and Serbia’s Governor to the IMF. Representatives of the ministries of finance and economy also participated. The talks will focus on the implementation of the macroeconomic and structural reform program, supported by the Policy Coordination Instrument (PCI). The PCI was approved to Serbia in July 2018, it is of advisory nature and does not involve the use of IMF financial resources. The program aims to step up investment and private sector employment, curb the grey economy and accelerate reforms. The outlook and projections for 2019–2020 will also be discussed.
Mining, a new “ace up the sleeve” for Serbia?
The main asset of the Serbian economy in the upcoming years might be mining, if new, substantial amounts of gold, silver, copper, lithium and other metals are discovered at one of the 127 locations in Serbia currently being explored by international companies. The strategic partnership of RTB Bor with China's Zijin, the acquisition of Zelezara Smederevo by HBIS Group and the information that the Canadian exploration company Medgold Resources has recently discovered a rich layer with large amounts of gold and silver on the border with Bulgaria and Macedonia, shows, as experts claim, that better days are coming for the Serbian mining. Around 25 companies in Serbia are currently caught in a “mining fever”, and around EUR 60 million was invested in ore explorations last year alone.
Serbia slides 10 spots in 2018 corruption perception survey - Transparency Intl
Serbia has moved 10 positions down to 87th place in the 2018 edition of Transparency International's Corruption Perception Index (CPI) global survey published on Tuesday. Serbia achieved a score of 39 in the 2018 survey, versus 41 in 2017, where 0 equals the highest level of perceived corruption and 100 indicates the lowest one, Transparency International said.
Protective measures of EU regarding import of steel from February 4, Serbia has option of revision
Serbia and other countries of the region, on which the EU's protective measures regarding the import of steel should start being implemented from February 4, are victims of the clash between China on one side and the USA and the EU on the other, but what's good is that the country has the option of revision, Deputy Prime Minister and Minister of Trade of Serbia Rasim Ljajic. Ljajic explains that a revision can be done after the results of the implementation of the measures in the country, in the first and the second quarters of the current year, are examined.
Dow posts slight gain as Wall Street braces for Apple earnings, Europe stocks close higher ahead of key Brexit vote, Siemens Gamesa jumps 13%
The Dow Jones Industrial Average rose on Tuesday as Wall Street awaited the latest quarterly results from tech giant Apple. The 30-stock index gained 90 points, or 0.37 percent. The S&P 500 slipped 0.1 percent while the Nasdaq Composite was down 0.6 percent. Apple shares declined 0.1 percent ahead of the company’s report, which was scheduled for release after the close.
3M was among the companies that posted better-than-expected earnings on Tuesday, sending its stock up 1.9 percent. Allergan and Verizon posted stronger-than-forecast profits, but their shares fell. Pfizer shares gained 2.5 percent on earnings.
Lockheed Martin shares rose 1 percent after posting quarterly earnings that were roughly in line with expectations. L3 Technologies shot up more than 8 percent and was on track for its best day since Oct. 15.
European stocks closed higher Tuesday, as investors monitored global trade developments, fresh earnings reports and another potentially decisive Brexit vote. The pan-European Stoxx 600 index closed provisionally up around 0.8 percent, with most sectors and major bourses in positive territory. Europe’s utilities and household goods were among the top performers, with each sector up more than 1 percent as investors flocked to stocks considered safe at times of economic uncertainty.
Looking at individual stocks, wind turbine maker Siemens Gamesa was among the top performers Tuesday following the release of its financials. The firm, formed by a merger between Spain’s Gamesa and Germany’s Siemens, reported net profit amounting to 18 million euros ($21 million), versus a 35 million euro loss the previous year. Shares rose over 13 percent.
Germany’s SAP dipped into negative territory after the technology company released its latest earnings results. Europe’s most valuable tech firm said it would take restructuring charges of 800-950 million euros, mainly in the first quarter. The stock fell almost 3 percent.