Sales and purchase agreement of PKB with Al Dahra signed
Al Dahra announced that the agreement on the purchase of the property of PKB Korporacija and its subsidiaries in Serbia through the model of the sale of property has been signed. The acquisition is the result of the decision of the Republic of Serbia to privatize PKB Korporacija and the public tendering in August 2018. PKB Korporacija's operations to be taken over by Al Dahra encompass several different activities in the agricultural and food sector.
IMF, Serbia agree on 2019 budget, deficit seen at 0.5%/GDP
The International Monetary Fund (IMF) said on Thursday it has agreed with the Serbian authorities on the key parameters of the 2019 state budget, targeting an overall fiscal deficit equivalent to 0.5% of gross domestic product (GDP). The key parameters of the budget would preserve fiscal discipline, while allowing space for implementing growth-enhancing measures, such as further increasing public investment and moderately reducing the tax burden on labour, James Roaf, head of an IMF mission that visited Belgrade said in a statement at the conclusion of the visit.
Foreign Investors Council to visit Brussels on October 8-9
Foreign Investors Council will continue the consultation process with the European Commission representatives on October 8th and 9th in Brussels in order to facilitate Serbia's faster European integration process. This is going to be the 5th official meeting of the Foreign Investors Council representatives with the high representatives of the European Commission, the FIC announces.
Western Balkans' GDP growth to speed up in 2018 - 2020
The gross domestic product (GDP) growth in the Western Balkans is expected to accelerate to 3.5% in 2018 and 2019 and further to 3.8% in 2020, from 2.4% in 2017, the World Bank said on Thursday. In most of the region, growth projections for 2018 have been revised upward, the World Bank said in its Regular Economic Report Fall 2018.
Dow falls the most in 2 months on fears of rising rates as 10-year yield hits highest since 2011, Europe finishes deep in the red as rising rates weigh
Stocks fell sharply on Thursday as interest rates hit new multiyear highs, dampening investor sentiment. The Dow Jones Industrial Average dropped 229 points as Nike and Home Depot lagged. The 30-stock index dropped more than 350 points at its lows of the day. The S&P 500 declined 0.9 percent with communications and tech both sliding more than 1.5 percent. The Nasdaq Composite dropped 1.8 percent as Facebook, Netflix and Alphabet all dropped more than 2 percent. The benchmark 10-year Treasury note yield reached its highest level since 2011, breaking above 3.2 percent.
Shares of Amazon and Apple both fell after a report said a Chinese equipment manufacturer may have allowed microchips used for spying into some equipment used by Amazon Web Services and the iPhone maker. Both companies dispute the report.
Chipmakers fell broadly after Deutsche Bank reduced its 2019 earnings forecasts by an average of 5 percent on eight chip stocks. Micron and Nvidia fell more than 3 percent while Advanced Micro Devices pulled back 2.8 percent.
Markets in Europe closed Thursday's sharply lower, weighed down by weakness seen in markets overseas. The pan-European Stoxx 600 sank 1.08 percent by the close, with the majority of the region's sectors in the red. Household goods were the worst performers, tumbling 3 percent overall.
In the corporate space, banks was one of the few sectors to close higher. On Wednesday, shares in Greek banks saw a massive plunge. Investors fear that regulators will demand further capital. However, on Thursday, Greek lenders closed trade on positive ground, with Piraeus Bank up over 9 percent and the National Bank of Greece also closing up around 9 percent. The upbeat sentiment helped lift other European banks.