Construction of Morava Corridor might start in late summer – Work completion deadline period at least two and a half years
Serbian Minister of Construction, Transport and Infrastructure Zorana Mihajlovic announced on February 11 that, if a financial agreement on the construction of the Morava Corridor was signed in the upcoming months, the construction might start in late summer or early autumn. Guesting on TV Prva, the minister reminded of the meetings she had had in London not too long before, where she talked to top officials of Bechtel about the manner of financing of the Morava Corridor in the length of 110 kilometers, the value of which is EUR 800 million.
Serbia breaks record in 2018 – 102,000 tourists arrive from China
Minister of Tourism of Serbia Rasim Ljajic said that 2018 was a record-setting year when it comes to arrivals of local and foreign guests and that the growth amounted to 11%. The biggest relative increase in the number of arrivals to Serbia was realized by Chinese tourists, of whom there were 98% more than in 2017, he said. Our country was visited by over 102,000 tourists from China last year, nearly twice as much as in 2017 – Ljajic said.
NBS FX reserves in January at EUR 11.3bn
Gross NBS FX reserves amounted to EUR 11.3bn at end-January, up by EUR 84.6 mn from end-2018 and by as much as EUR 1,698.8 mn from end-January 2018, NBS reported. This level of gross FX reserves covered 181% of money supply (M1) or more than five months’ worth of the country’s imports of goods and services (almost twice the level prescribed by the standard on the adequate level of coverage of the imports of goods and services by FX reserves). The increase in gross FX reserves in January is largely attributable to NBS activity in the local FX market – net inflow of EUR 75.0 mn (EUR 190.0 mn inflow from additional swap auction and EUR 115.0 mn outflow generated by the netting of interventions in the local FX market).
Airport concession to bring modern management
A 25-year concession deal with France's VINCI Airports for Belgrade's Nikola Tesla Airport will bring modern international management practices, investments into development and improved airport capacities, says Serbia's Assistant Minister for Air Transport Zoran Ilic. Most importantly, the airport will remain our property and everything that will be built there will remain property of Serbia, and the total value of the concession - or the benefit - will be around 1.5 bln euros, Ilic told Tanjug ahead of Wednesday's ceremony marking the start of the concession and VINCI's takeover of the management of the airport.
Dow rallies more than 350 points on tentative deal to avoid government shutdown, trade hopes, European stocks close higher on US-China trade optimism, Michelin climbs 13%
Stocks rose on Tuesday amid news that U.S. lawmakers had secured a tentative deal on border security funding. Improved prospects for a U.S.-China trade deal also boosted equities.
The Dow Jones Industrial Average rose 372.65 points to close at 25,425.76, led by Caterpillar and 3M. The S&P 500 climbed 1.3 percent to 2,744.73 as materials, consumer discretionary and financials outperformed. The S&P 500 also closed above its 200-day moving average — a closely watched level by traders — for the first time since Dec. 3. The Nasdaq Composite advanced 1.46 percent to 7,414.62.
Shares of Deere, Boeing and Caterpillar all rose Tuesday. These stocks are seen as global-trade bellwethers for their exposure to overseas markets.
Stocks in Europe closed higher Tuesday as investors monitored trade and political developments. The pan-European Stoxx 600 closed provisionally up by around 0.5 percent, with most sectors in positive territory.
Auto stocks led the gains on the back of earnings and optimism over U.S.-China trade talks. Michelin was the top performing stock across Europe, up by 13 percent, after giving a strong outlook for 2019.