NBS: FX reserves at the end of May at EUR 10.8bn
NBS FX reserves stood at EUR 10.8bn at end-May, up by EUR 454.0m from end-April (up by EUR 1,391.1 mn from end-May of the previous year). This level of FX reserves covered 192% 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).
Tigar and D-Company interested in cooperating with Finland’s Teknikum Group
Representatives of Tigar a.d, D-Company and Free Zone Pirot met in Finland last week, with the management of the company Teknikum Group and visited two of their factories for the production of rubber-technical goods for clients worldwide. As announced by Free Zone Pirot, the production is very compatible with the programs in Tigar a.d. and D-Company, which creates the possibility of cooperation between these companies.
Hybrid Fiat 500L to be produced in Kragujevac might cost EUR 17,000
The hybrid model of Fiat 500L, most probably to be produced at the Kragujevac plant, would cost around EUR 17,000, experts estimate for Blic. CEO of Fiat Chrysler Automobiles (FCA), Sergio Marchionne, stated last week that the production of Fiat 500L in Serbia would continue and that the model would also get a hybrid version, containing both an electric and a petrol engine.
China to Co-Own Croatian Seaport, Interested in Another
The Adriatic seaports of Zadar and Rijeka offer a new route for China to bring its goods to Europe. China will become co-owner of Croatia’s Zadar seaport and is interested in Rijeka too as a way to bring its goods to Europe, a Croatian official said on Thursday. Tomislav Mihotic, State Secretary at the Croatian Ministry of Sea, Transport and Infrastructure, made the announcement after a ministerial conference between China and countries of Central and Eastern Europe in the Chinese city of Ningbo.
Stocks rise more than 1% this week, but gains capped by trade tensions, European stocks close lower as trade tensions mount ahead of G-7 summit
Stocks rose on Friday, adding to solid weekly gains, but their rise was kept in check amid increasing tensions between the U.S. and key trade partners as the G-7 summit kicked off. The Dow Jones industrial average closed 75.12 points higher at 25,316.53, as UnitedHealth and Home Depot contributed the most to the gains. The S&P 500 gained 0.3 percent, while the Nasdaq composite closed 0.1 percent higher at 7,645.51.
In corporate news, Apple dropped 1 percent after Nikkei reported the company is warning suppliers about a sharp decline in parts orders. Despite Friday's decline, it was a solid week for Apple and the rest of the technology sector. The overall technology sector gained 0.7 percent last week, led by shares of chip maker Advanced Micro Devices and Micron, which rose more than 5.5 percent. Meanwhile, Apple is also up 0.7 percent this week.
European bourses closed lower Friday as investors were worried about world trade ahead of this weekend's G-7 meeting in Canada.The pan-European Stoxx 600 was off by more than 0.2 percent with most sectors losing value. Autos stocks were the worst performers, down 1.17 percent, as worries mounted over the impact of a potential trade war on the sector.
Looking at individual stocks, Standard Life Aberdeen dropped more than 3.6 percent after Lloyds Banking sold its remaining stake in the business. Deutsche Bank was also off by 0.68 percent after renewed reports over a potential merger with Commerzbank. Meanwhile, BT shares were up 0.99 percent after the company announced that CEO Gavin Patterson is leaving the firm.