Three loan agreements on projects worth USD 142 million signed with World Bank
Serbian Finance Minister Sinisa Mali met with Cyril Muller, the Vice President for the World Bank's Europe and Central Asia region, in Belgrade today (May 7), on which occasion three loan agreements on projects worth a total of USD 142 million were signed. Minister Mali signed agreements with Stephen Ndegwa, the World Bank Country Manager for Serbia, on the projects of upgrading the electronic government, modernizing the tax administration and improving commerce and transport in the Western Balkans by a applying multi-phase program approach.
Demand for cash loans rises, each Serbian citizen owes EUR 1,000 in average
Serbian citizens are currently repaying banking debts worth around EUR 7 billion, amounting to around EUR 1,000 per citizen, Politika newspapers wrote, citing the banking sources. The problem lies in the fact that retail cash loans currently amount to EUR 3.5 billion, equal to the mortgage debt. As the Belgrade office of the World Bank explains, cash loans are more risky, as they are not used for investments, but for spending.
EUR 930 million transferred from Serbia to offshore companies last year
Companies that operate in Serbia transferred last year a total of EUR 930 million from Serbia to offshore companies in various countries with most of the money ending up in Hong Kong (EUR 764 million), Singapore (EUR 67.3 million) and the British Virgin Islands (EUR 22 million). According to the National Bank of Serbia, millions of euros were simultaneously transferred to Panama (EUR 10 million), Liechtenstein and the Marshall Islands (EUR 9 million each), and the Dominican Republic, Lebanon, Belize and Seychelles (EUR 3 million each).
Dow drops 470 points on growing trade-war threat, biggest decline since early January, Europe markets close lower as US-China trade tensions escalate
Stocks fell sharply on Tuesday after a top U.S. trade official indicated that higher tariffs on Chinese goods are coming later this week, disappointing traders who hoped President Donald Trump’s weekend tweet threat was just a negotiation tactic. The Dow Jones Industrial Average fell 473.39 points, or 1.79%, to 25,965.09 after plunging as much as 648.77 points at its low of the day, while the S&P 500 dropped 1.65% to 2,884.05. It was the Dow’s biggest drop since January 3. The Nasdaq Composite dropped 1.96% to 7,963.76. All 30 of Dow components fell and all 11 S&P sectors traded lower in the broad sell-off.
European stocks closed sharply lower on Tuesday as investors monitored trade developments between the U.S and China. The pan-European STOXX Europe 600 was 1.5% lower at the closing bell, with most sectors and major bourses seeing heavy losses.
Shares of BMW fell by around 4% after the German carmaker reported a 78% drop in first-quarter profits, hit by legal provisions and expenses.
Meanwhile, the European Commission released its latest economic forecast. The Commission still expects growth in the whole EU to hit 1.4% this year and 1.6% next year. However, it cut growth forecasts for Germany for the second time this year, as trade tensions and a Chinese slowdown weigh on the traditional economic powerhouse of the region.