Chinese SINO-RS interested in forming investment fund for financing of projects in Serbia
The chairman of the Chinese company SINO-RS, Jin Frank Li, presented the idea of the formation of an investment fund for the financing of projects in Serbia in the fields of transport, energy, telecommunications and agriculture, as well as in civil engineering, in Belgrade. The projects would be realized with the support of the Shanghai Stock Exchange, he said in a conversation with the members of the National Council for the Coordination of Cooperation with Russia and China.
Huge potential for development in mining
Prime Minister Ana Brnabic on Monday visited geological exploration works of mineral raw materials of copper and gold in the hydro power plant Cukaru Peki. Brnabic "stressed on that occasion that mining has the potential to contribute to our economic growth and GDP growth, up to 5 percent, and maybe even more," the government quoted her as saying.
IMF mission to visit Serbia June 11-13 for talks on new arrangement
An International Monetary Fund (IMF) mission will visit Serbia during June 11-13 to continue the talks on concluding a non-financial arrangement with the country, the finance ministry said. The objective of the new arrangement is to keep the macroeconomic and fiscal stability and to support the structural reforms which will accelerate Serbia's economic growth and make it more sustainable in the medium and long term, the IMF resident representative in Serbia, Sebastian Sosa, said in a statement on Tuesday.
Russia's Sberbank plans to keep stake in Croatia's new Agrokor long term
Russia's Sberbank intends to keep in the long run the stake it will receive in Croatia's restructured Agrokor concern under a debt settlement deal, the first deputy chairman of the bank's executive board, Maxim Poletaev, said. "We are happy that our conversation has become very constructive. We want to reach a settlement as soon as possible," Poletaev told the media in Zagreb on Tuesday evening following a meeting with Croatia's prime minister and Agrokor's crisis manager.
Dow surges 300 points to close above 25,000; European stocks close little changed as Italy woes linger, RPC plummets 12%
Stocks rose on Wednesday as bank shares rallied on higher interest rates, while Boeing rose. The Dow Jones industrial average closed 346.41 points higher at 25,146.39 with Boeing rising 3.2 percent and contributing the most to the gains. J.P Morgan and Goldman Sachs were also among the biggest contributors of gains. The S&P 500 gained 0.9 percent to finish at 2,772.35 as financials rose 1.9 percent, while Nasdaq composite closed 0.7 percent higher at 7,689.24 and hit a record high as tech regained earlier losses. But tech's gains were capped after the Financial Times reported the European Union was set to unveil a negative finding from a probe on Google. Shares of Google-parent Alphabet closed 0.4 percent lower on the news.
Mexico — one of the biggest U.S. trade partners — unveiled tariffs on Tuesday that target U.S. goods such as pork, cheese and steel. This comes after the Trump administration last week slapped tariffs on steel and aluminum imports from the European Union, Mexico and Canada.
Canada's Chrystia Freeland said the country plans to slap dollar-for-dollar tariffs on the U.S. Meanwhile, the EU threatened to retaliate with tariffs of its own.
European stocks closed little changed Wednesday, with trade greatly impacted by concerns over fiscal spending in Italy. The pan-European Stoxx 600 closed provisionally neutral with sectors and major bourses mixed.
In stocks news, the media company Schibsted was up by 4.5 percent after a rating upgrade. And WH Smith rose to the top of the index, with shares up by almost 7.5 percent after reporting a 4 percent increase in sales in the 13-weeks to June 2. Growth in its travel business helped to offset a decline in high-street sales.
At the other end, RPC Group plummeted almost 12 percent after announcing the sale of several non-core assets.