Abolition of unemployment tax to help employers save money
The abolition of the unemployment contribution of 0.75%, paid by employers, in 2019 will help them save RSD 11.9 billion a year, as estimated by the Serbian Association of Employers. The president of the SAE, Milos Nenezic, says that employers do not aim to lower the taxes and contributions and leave the budget without money, but to provide better working conditions, which, he says, can be done with lower charges.
Government adopts 2019 state budget bill
The government adopted at Tuesday's session the Bill on the Budget of the Republic of Serbia for 2019 with a set of accompanying laws. The proposed budget bill, which is submitted to the parliamentary procedure, envisages total revenues and proceeds for the next year in the amount of RSD 1,246.2 billion, while expenditures will amount to RSD 1,269 billion.
Serbia to improve economic cooperation with Albania
Minister of Finance Sinisa Mali spoke with Albanian Minister of Finance Arben Ahmetaj in Belgrade on Monday. According to the Serbian government, they discussed "economic cooperation of the two countries and how this cooperation can be improved." The officials estimated that it is important that the two countries improve economic cooperation, primarily in terms of facilitating trade, so that the entire region becomes stronger and more attractive to potential investors.
Pristina taxes Serbian goods 100%
Pristina - acting outside the regional free trade CEFRA agreement - on Wednesday decided to start imposing a 100 percent tax on products coming from central Serbia. This move can be seen as politically the most challenging and difficult situation since the illegal proclamation of the province's independence (in 2008).
Dow erases 200-point gain as Apple falls, European markets bounce back after global equity sell-off
The Dow Jones Industrial Average closed Wednesday's session just below the flatline, erasing a 200-point jump, as shares of Apple failed to hold on to strong gains from earlier in the day. The S&P 500 and Nasdaq Composite, meanwhile, rose 0.3 percent and 0.9 percent respectively as other tech shares like Facebook, Amazon and Alphabet all climbed more than 1 percent.
In economic data, durable goods orders fell 4.4 percent in October, more than expected. It also marked the third decline in the past four months. Meanwhile, weekly jobless claims rose to a more than four-month high last week.
European stocks closed higher Wednesday, clawing their way back from sharp losses sustained in the previous session. The pan-European Stoxx 600 finished provisionally up 1.2 percent during the day's deals, with all sectors and major bourses in positive territory.
Europe's banking index was among the top performers Wednesday morning, up almost 2 percent amid support from Italy's notoriously fragile lenders. Banco BPM, Ubi Banca and Intesa Sanpaolo all surged higher amid reports the country's Deputy Prime Minister, Matteo Salvini, could be prepared to review the government's 2019 budget.