EBRD, EIB and World Bank start new survey of companies in Serbia – Study aims to identify limits to private sector growth
The European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB) and the World Bank Group (WBG) are starting a new cycle of surveying companies in over 40 countries, including Serbia. The aim of the research is to gather information from private sector companies about the business environment in each country and use it to assess the potentials and the limits to the growth of the private sector. In each country, the survey will be conducted through interviews with private companies in the production and service sectors.
Works on HPP Djerdap 1 navigation lock to begin in September 2019 – Investment worth EUR 28.5 million
Serbian Deputy Prime Minister and Minister of Construction, Transport and Infrastructure Zorana Mihajlovic has visited Kladovo, taking a tour of the navigation lock at the HPP Djerdap 1 and announcing its revitalization, which is to start in September 2019 and take a year. The works begin in September 2019 and will last through mid-September 2020, and the investment is worth EUR 28.5 million
NBS: Serbian banks report higher pre-tax profits
The Serbian banking sector reported 3.4 percent higher pre-tax profits in the first six months of 2018 than in the first half of 2017, the Serbian National Bank (NBS) said in a reported released on Wednesday. The report on the banking sector said that banks reported pre-tax net profits of 35.3 billion. According to the report the 24 banks reported a total of 36.1 billion Dinars in profits while four banks reported losses of 0.8 billion Dinars. Profits on interest payments stood at 62.3 billion Dinars in the first quarter of the year or 2.1 percent higher than the same period a year earlier. Income from commissions and fees rose by 4.2 percent or 0.8 billion Dinars.
Energy Community to reach decision on exemption of Serbia pipeline from EU Third Energy Package by February 5
The Energy Community will reach the decision on the request for the exemption of the pipeline through Serbia from the Third Energy Package by February 5, 2019, the director of the Secretariat of the Energy Community, Janez Kopac, said for Balkanmagazin. Due to the great complexity of the project, the Energy Community last week requested additional information from the Energy Agency of Serbia, whose Council reached the decision on the exemption of the main pipeline from the Bulgarian to the Hungarian border from the Third Energy Package of the EU on October 1 – Kopac said.
Dow surges 600 points after Fed Chair Powell signals rates are near neutral
Stocks ripped higher on Wednesday after Federal Reserve Chairman Jerome Powell said interest rates are close to neutral, a change in tone from remarks the central bank chief made nearly two months ago. The Dow Jones Industrial Average climbed 600 points while the S&P 500 jumped 2.2 percent as traders took the comments to mean fewer rate hikes were coming in 2019 that could derail the bull market. The Nasdaq Composite advanced 2.9 percent. The Dow and S&P were now positive for November after Wednesday's comeback.European markets close flat as investors wait on Fed, G-20 summit.
Easing worries on U.S.-China trade also boosted stocks on Wednesday. A New York Times report said Trump was worried about the impact of a long trade war with China on markets and the economy. This could lead Trump to seek a compromise with China on trade, the Times said, citing U.S. officials.
Boeing shares rose more than 4 percent as trade worries eased. They also rose after Indonesia investigators said they are looking at a possible maintenance issue that could have led to the Lion Air crash last month.
European stocks were slightly higher Wednesday, as investors attempted to decipher conflicting signals over the potential for a reprieve in the U.S.-Sino trade dispute. The pan-European Stoxx 600 closed provisionally up 0.04 percent during deals, with sectors and major bourses pointing in opposite directions. Europe's technology stocks sat among the gainers Wednesday, up 0.71 percent amid renewed hopes of a breakthrough in simmering trade tensions between the world's two largest economies. Stocks in the Basic Resources basket also outperformed.
Meanwhile, Danone slumped towards the bottom of the index after Goldman Sachs downwardly revised its stock recommendation to "sell" from "neutral" Wednesday morning. Shares of the company slipped 1.6 percent on the news.