Spanish companies plan to expand their operations in Serbia – Great potential for cooperation in ecology and construction
The first Spain-Serbia business forum officially opened, in the presence of numerous representatives of international financial institutions, local ministries and public institutions, as well as representatives of 21 Spanish companies and numerous Serbian entrepreneurs. Serbia can expect more Spanish investments in the future, Xiana Mendez, the State Secretary for Trade and the President of ICEX, stated at the opening. She pointed out that the Spanish companies already present in Serbia were planning to expand their business and she also reminded that the trade between the two countries had been constantly growing in the previous years. Mendez said that Spain and Serbia could cooperate in the field of environmental protection, but also in construction, very successfully. Among the products from Serbia which the Spanish market is the most interested in, she listed rubber products, furniture, paper, cardboard, grains and plastic products.
Fiat, Hesteel, and Gazprom-owned companies top Serbian list
The 15 biggest domestic exporters have sold goods worth EUR 3.3 billion to foreign markets in the period between January until September 2018. Topping this list is Fiat (FCA) Serbia (majority-owned by Fiat Chrysler Automobiles), that sold cars worth EUR 599.6 million, followed by HBIS Group (owned by China's Hesteel), who operate the Smederevo-based steel plant - and have exported products worth EUR 581.4 million in this period. HBIS also increased exports of steel by 36.5 percent (EUR 155.4 million) compared to January-September 2017. In the third place is Gazprom-owned oil company NIS, with exports reaching EUR 346.6 million in these six months.
Pensions can be hiked by 7% in 2019, Fiscal Council says
Even through IMF agreed that pensions should not be hiked again in 2019, Fiscal Council believes that room for this measure exists, local press reported. According to the report, in its latest document on fiscal developments in 2018 and advises for 2019, Fiscal Council sys that pensions can be increased by 6.5% to 7%, which is possible due to expected GDP growth in 2019.
Source: Tanjug, Ilirika
Slovenia's SDH approves price range for NLB shares ahead of IPO
Slovenia's sovereign holding company SDH said it has approved the minimum price and the price range of the shares and the global depositary receipts of Nova Ljubljanska Banka (NLB), opening the way for the planned floating of the state-owned bank to proceed. NLB said last week it intends to go ahead with a public offering of its shares on the Ljubljana Stock Exchange (LJSE) and the London Stock Exchange (LSE).
Source: SeeNews, Ilirika
Dow erases gains for the year, tumbles more than 600 points as stocks extend October swoon, European markets close lower, Deutsche Bank shares slip 5%
Stocks plummeted on Wednesday as a sharp drop in tech shares and worries about corporate earnings added fuel to this month's steep pullback. The Dow Jones Industrial Average dropped 606 points and erased all of its gains for 2018. The S&P 500 dropped 3.1 percent and also turned negative for the year. The Nasdaq Composite fell 4.4 percent — entering correction territory — as Facebook, Amazon, Netflix and Alphabet all traded lower.
Netflix tumbled 9.4 percent as investors second-guessed valuations for the once high-flying video streamer. Facebook and Alphabet both fell more than 5 percent, while Apple dropped 3.4 percent. AT&T, meanwhile, dropped more than 8.1 percent after releasing its quarterly results.
Worries about a slowing economy under pressure from rising interest rates grew after the Commerce Department said new home sales fell to a two-year low. The data also hit homebuilder stocks.
European stocks closed lower Wednesday afternoon, dragged down in late trade by another slump in U.S. markets. The pan-European Stoxx 600 finished down 0.22 percent, recording an even split of sector gainers and losers.
Deutsche Bank shares fell 4.76 percent on Wednesday. It came after the German flagship lender said it was on track to swing to profit this year, despite reporting a steep decline in third-quarter profit. Europe's banking index — the worst-performing sector in Europe so far this year — edged 1.35 percent lower on the news.