NIIS: New plant in the Pancevo Oil Refinery to open in Quarter 3 2019
Pancevo Oil Refinery has finished installing the equipment for the Bottom of the Barrel plant, a key investment in the modernization of its processing capacities, Naftna Industrija Srbije (Nis) said in an official statement. Bottom-of-the-barrel project is a part of the on-going modernization of Pancevo Oil Refinery, so we could offer the finest fuel for the Serbian and regional markets. Over EUR 300 mil is invested in t his project and it is among the biggest investments in Serbia. The new plant will start work in the third quarter of 2019, the statement says.
Minimum wage set at RSD 155 per hour
The Government of Serbia has finally reached a decision an announced today that it would increase the minimum wage for 8.6% which is RSD 155 per working hour. Trade Unions, employers and government representatives agreed that the minimum wage should be adjusted to the costs of the minimum consumer basket during the next three years. Trade union representatives didn't concur with the decision. The government and employers proposed 8.6 % raise while the unions asked for 10% minimum wage increase.
Medela buys Ravanica confectionery plant for EUR 320,000
Ravanica confectionery plant from Cuprija was sold on September 7 to Medela a.d. From Vrbas for EUR 320,000, Cuprija Municipality announced. Medela obliged to invest EUR 1 million in modernization of production equipment.Medela bought 100% of Ravanica's capital for EUR 261,000. The most prominent product of Ravanica is Bonzita and its assortment includes over 40 products.
S&P confirms Slovenia's Triglav at “A”, medium-term outlook stable
Standard and Poor's (S&P) has confirmed the “A” long-term credit rating and financial strength rating of the Triglav Group and thereby of its parent company Zavarovalnica Triglav and its subsidiary Pozavarovalnica Triglav Re, with a stable medium-term outlook, Slovenia's biggest insurer said on Monday. According to S&P, the reaffirmed high ratings reflect the Group’s leading position both in the Slovene growing market and the region, its stable and profitable operations in recent years and a sound risk-based capital adequacy, Triglav said in a Ljubljana bourse filing.
S&P 500 and Nasdaq snap 4-day losing streak as tech shares rebound, Europe ends on a positive note as Italy, Brexit concerns ease
The S&P 500 and Nasdaq Composite rose slightly on Monday, snapping a four-day losing streak, as tech shares tried to regain some of the steep losses from last week. The broad S&P 500 gained 0.2 percent to 2,877.13, led by utilities and industrials, while tech shares rose 0.3 percent. The tech-heavy Nasdaq climbed 0.3 percent to close at 7,924.16 as Facebook shares rose 0.7 percent and Microsoft gained 1 percent. The Dow Jones Industrial Average slipped 59.47 points to close at 25,857.07.
Tesla shares rose 8.5 percent after an analyst at Baird said investors should buy them "even with drama." The analyst cited the potential of Tesla's "Gigafactory" to give the company a competitive advantage long-term.
Amazon and Apple both fell. Amazon declined 0.7 percent, posting its four-day losing streak since December 2017. Apple dropped 1.3 percent after President Donald Trump pressured the company to make its products in the U.S.
European stocks finished Monday's session in the black, as investors shook off concerns surrounding global trade. The pan-Europe STOXX 600 rose 0.47 percent by the close, with almost all sectors ending in positive territory.
Banking stocks were among the biggest gainers Monday. In particular, investors flocked into Italian banks, given reassurances from the government that the 2019 deficit will not disrespect European fiscal rules. Intesa Sanpaolo, UniCredit and Banco BPM all finished the session up 4.5 percent or more.
A number of stocks fell to the bottom of the STOXX 600, including Ryanair, Glencore and Danske Bank, which all dropped more than 1.5 percent, following broker updates.