Chinese company Jinlong soon to become majority owner of Ikarbus
Conditions have met for the Chinese company Jinlong to become the majority owner of Ikarbus, the state secretary at the Ministry of Economy, Dragan Stevanovic, said today and added that the Chinese partner had paid all its banking debts and bought out the receivables two days before. Stevanovic said on TV Prva that the Chinese company had qualified and met the requirements for becoming the majority owner of Ikarbus. The director general of Ikarbus, Aleksandar Vicentic, previously said that the new majority owner planned to expand the production to include electric vehicles.
Luka Koper top port for Austrian businesses
The Koper port transships the biggest share of Austrian imports and exports, with the number of containers increasing by nearly six times over the course of the past decade, port operator Luka Koper said in a press release following a meeting with Austrian business representatives on Tuesday.
Serbia's NIS, Swiss-based MET join forces in wind farm project
Switzerland-based MET Group said on Thursday its wholly-owned subsidiary MET Renewables and Serbian oil and gas group NIS [BEL:NIIS] have set up a joint venture for the construction of a 102 MW wind farm in northern Serbia. Construction works will begin in 2019, so the wind farm is expected to be fully operational in 2021, MET Group said in an e-mailed statement. In December, NIS said it plans to complete the construction of the wind farm by the first half of 2020. Serbia's government plans to buy electricity produced by wind energy sources at a price of 92 euro ($104.6) per MWh in the next 12 years, NIS CEO, Kirill Tyurdenev, said back then. Tyurdenev said in January 2018 that NIS plans to invest 140 million euro in the project.
Dow rallies more than 200 points, biggest gain in a month as Apple surges, European stocks close mixed as the Fed pauses and BOE holds rates steady
Stocks rose on Thursday as Apple and Micron surged to lead the tech sector higher. Investor sentiment was also boosted by the Federal Reserve’s updated outlook on interest-rate hikes. The Dow Jones Industrial Average closed 216.84 points higher at 25,962.51 as a 3.7 percent gain in Apple offset a decline of 1.6 percent in J.P. Morgan Chase. The S&P 500 closed 1.1 percent higher at 2,854.88 while the Nasdaq Composite outperformed, rising 1.4 percent to 7,838.96.
Apple rose after Needham upgraded the stock to strong buy from buy, citing “value upside ” in the firm’s ecosystem. Thursday’s gains led the stock to break above its 200-day moving average for the first time since November.
Micron shares jumped 9.6 percent after reporting quarterly earnings that beat analyst expectations. Those gains lifted the VanEck Vectors Semiconductor ETF (SMH) by 3.5 percent.
European stocks navigated through choppy trade on Thursday, after the U.S. Federal Reserve abandoned all plans to raise interest rates this year. The pan-European Stoxx 600 closed provisionally just below the flatline, with sectors and major bourses pointing in different directions. London’s FTSE 100 was the standout gainer by the close, rising about 0.9 percent amid a slide in the British pound.
In terms of sectors, Europe’s banking index slipped nearly 1.4 percent. Germany’s two largest banks were among the worst performers, amid concerns a Deutsche Bank and Commerzbank merger could pressure Deutsche to further shrink or even dispose of its U.S. business. Deutsche fell over 4 percent while Commerzbank dipped more than 3 percent.