Gazpromneft interested in purchasing Petrohemija
The Russian Gazpromneft is interested in purchasing Petrohemija Pancevo, and, in addition to this global energy company, the talks involve one Polish company and several Chinese ones as well, Blic reports. The reason for the sudden interest of potential purchasers lies in the fact that the Pancevo-based factory is profitable, which enables the state not to sell it for a low price, the Belgrade daily writes. As Blic adds, this is confirmed by the fact that Petrohemija, which is currently overhauling its facility and is therefore not operational at the moment, plans to set aside EUR 18.3 million from its own funds for this year's investments. Of all the negotiations about the purchase of Petrohemija, it is those with Gazpromneft that have progressed the furthest, as the Russian company has provided a framework for the potential transaction, which entails investments in the Serbian company, in addition to the purchase price.
Serbian president announces possibility of talks with Volkswagen for this week
Serbian President Aleksandar Vucic has stated that “there will be contact with Volkswagen maybe as soon as this week”, regarding the company's investment in Serbia. He said that a total of five countries were candidates for the opening of a VW factory. He said on TV Pink that “Serbia is a stronger and more stable country for Volkswagen than all the other countries interested in the investment: Turkey, Romania, Bulgaria and one other country”.
Construction of highway to Pozega to begin in late March
Serbian Deputy Prime Minister and Minister of Construction Zorana Mihajlovic stated on Sunday, March 17, 2019, that the construction of the highway from Preljina to Pozega on Corridor XI should begin in late March and that the Chinese company CRBC was already preparing a construction site camp near Lucani. Mihajlovic told Tanjug that everything was prepared for the works to begin, for the expropriation of the land and for the issuing of building permits. The works are worth EUR 450 million and should, as she says, be completed in the next two to three years.
Dow posts 4-day winning streak, but gains capped as Boeing slides, European markets close higher, Deutsche Bank and Commerzbank shares jump amid merger talks
Stocks rose on Monday as Amazon and Apple outperformed, but gains were kept in check amid pressure from Boeing and Facebook, while investors braced for a busy week highlighted by a key Federal Reserve meeting. The S&P 500 closed 0.4 percent higher at 2,832.94 as the energy and financials sectors rose more than 1 percent each. The Nasdaq Composite also gained 0.3 percent to close at 7,714.48 as Amazon rose more than 1.5 percent. The Dow Jones Industrial Average advanced 65.23 points to 25,914.10 — posting a four-session winning streak — as a 1 percent rise in Apple helped offset losses in Boeing.
Boeing fell more than 1.5 percent after The Wall Street Journal reported the Department of Transportation and federal prosecutors were scrutinizing the development of the company’s 737 Max planes. This comes after an Ethiopian Airlines flight involving the 737 Max 8 jet crashed last week.
Facebook shares also fell 3.3 percent after an analyst at Needham downgraded the company to hold from buy, citing worries about Facebook’s pivot to privacy and encrypted messages as well as the possibility of more regulatory scrutiny.
European stocks closed slightly higher on Monday, amid mounting speculation the U.S. Federal Reserve could sound decidedly dovish at its policy meeting later this week. The pan-European Stoxx 600 ended provisionally up 0.22 percent during deals, with most sectors and major bourses in positive territory. Alongside Europe’s banking index, basic resources stocks were among the top performers on Monday morning, up more than 1.6 percent. Shares of Rio Tinto, Anglo American and ArcelorMittal were all firmly higher.
Looking at individual stocks, Deutsche Bank and Commerzbank surged to the top of the European benchmark. It comes after Germany’s largest lenders confirmed they were in merger talks over the weekend. Shares of both banks jumped 4.6 percent and 6.8 percent respectively.