Chinese company Shandong Linglong signs agreement on construction of factory in Zrenjanin – USD 1 billion for 1,500 jobs
Representatives of the Chinese company Shandong Linglong and the Government of Serbia today signed an agreement on the construction of a car tire factory in Zrenjanin, in which around USD 1 billion will be invested and where 1,500 people will be employed. The agreement was signed by Serbian Minister of Economy Goran Knezevic and the Chairman of Shandong Linglong, Wang Feng, in the presence of Serbian President Aleksandar Vucic.
Serbia and Republika Srpska to build hydro power plants Foca and Paunci – Investments worth around EUR 200 million
Serbian Minister of Energy and Mining Aleksandar Antic hopes that the first formal-legal activities regarding the construction on two new hydro power plants on the Drina will be realized by the end of the year and notes that Elektroprivreda Republike Srpske should apply and secure concession rights and that other issues will be addressed in the meantime. As Antic explained, these are two HPP of around 95 MW, the value of the investments is around EUR 200 million, a joint team that will work on the project has been formed, and Elektroprivreda RS and EPS will be in charge of the development of this project and the construction of the hydro power plants.
NIIS: NIS will not build new storage facility in Belgrade
NIS will not build new storage facility in Belgrade, even though it transferred ownership of its old storage, near Ada bridge, to the city of Belgrade. The facility incorporates 5.5h of space (land) and for a return the company will receive new land plots where it intends to build petrol stations.
Source: Seebiz, Ilirika
Further US interest rate hikes may affect CESEE countries
The countries in Central, East and Southeast Europe (CESEE) may be affected by a further rise of US interest rates and the Turkey panic may just be the first indication of a broader sell-off of emerging market currencies, the Vienna Institute for International Economic Studies (WIIW) said. Many CESEE countries have significantly increased their external debt loads over the past decade, some continue to run large current account deficits, while a few countries in the region could also be vulnerable from a sovereign debt perspective, the WIIW said in a press release.
Stocks fall as worries about US-China trade, Trump legal issues dampen investor sentiment, European stocks close lower after US-China trade tensions escalate,
Stocks fell on Thursday as an ongoing trade war between the U.S. and China and worries of renewed legal issues for President Donald Trump dampened investor sentiment. The Dow Jones Industrial Average dropped 76.62 points to 25,656.98 as Caterpillar lagged. The S&P 500 closed 0.2 percent lower at 2,859.98 with materials falling more than 0.6 percent. The Nasdaq Composite slipped 0.1 percent to 7,878.46.
Shares of AMD rose 6.7 percent after analysts at Rosenblatt Securities hiked their price target on the stock to $30 from $27, highlighting the company's manufacturing advantage against Intel.
Weekly jobless claims slipped by 2,000 to 210,000 last week despite the ongoing trade worries, the Labor Department said. Economists polled by Reuters expected claims to rise to 215,000.
Stocks in Europe hovered around the flat-line before closing lower on Thursday after Beijing implemented new retaliatory tariffs against the United States. The pan-European Stoxx 600 closed the day provisionally lower by 0.16 percent. Tech stocks were the outperformers, continuing the momentum seen on Wall Street. Basic resources and autos fell on the back of renewed trade tensions.
Ryanair shares jumped 5.48 percent Thursday. This was after the Irish pilots union Forsa said that an agreement had been reached with the company after a 22-hour session of talks.