Fiat and Zelezara biggest exporters from Serbia
The export of the 15 biggest exporters from Serbia amounted to EUR 3.7 billion in the first nine months of the current year, with the biggest exporters being Fiat Chrysler Automobiles (FCA) Serbia with EUR 654.7 million and HBIS Group, the owner of Zelezara Smederevo, with EUR 638.3 million, the Ministry of Finance announced. They are followed by Naftna Industrija Srbije (398.2 million), Tigar Tyres Pirot (EUR 333 million), Robert Bosch Belgrade (EUR 205.8 million), Petrohemija Pancevo (EUR 181.7 million), Tetra Pak Belgrade (EUR 171.8 million), Grundfos Indjija (EUR 169.5 million), RTB Bor (EUR 149.8 million) and Yura Corporation Raca (EUR 147.2 million).
EUR 70 million to be set aside from state budget for pipeline through Serbia
The discussion about the importance of the construction of the second branch of the TurkStream gas pipeline through Serbia continued on Wednesday, November 28, at the National Assembly of Serbia. Minister of Energy Aleksandar Antic pointed out that intensive activities were in progress regarding the preparations for the realization of the Serbian route of this main pipeline, from the Bulgarian to the Hungarian border, with EUR 70 million to be set aside from the state budget for the purpose, Politika reports.
Fiscal Council critical of 2019 state budget
The Chairman of the Fiscal Council, Pavle Petrovic said today that it is good that the state deficit is small and that the proposed budget for 2019 was balanced with approximately equal expenditures and revenues. However, Petrovic is critical of the fact that more budget funds in 2019 will be spent on procuring police and army equipment and increasing civil servant salaries than on building motorways. The small deficit, he says, will lead to a further reduction of public debt from the current 54 per cent of the national GDP to around 51.5 per cent at the end of 2019.
IMF agrees to increase in public sector wages
Serbian Finance Minister, Sinisa Mali confirmed that civil servants will get a pay raise from 7 to 12 per cent as of next year, adding that the IMF providing that the IMF agreed. Previously, the Fiscal Council’s remarked that the announced increase was not justified and realistic, as wages in the public sector grow twice faster than those in the private sector.
European stocks close higher as trade disputes take center stage, Deutsche Bank slips 3.4%
Stocks closed lower on Thursday as hopes of a trade deal being struck between China and the U.S. dimmed. The Dow Jones Industrial Average fell 27.59 points to 25,338.84, snapping a three-day winning streak. The S&P 500 slipped 0.2 percent to 2,737.83 and also closed lower for the first time in four days. The Nasdaq Composite dropped 0.25 percent to 7,273.08.
The South China Morning Post reported White House advisor Peter Navarro would be attending the dinner between President Donald Trump and Chinese leader Xi Jinping in Buenos Aires at the G-20. CNBC later confirmed Navarro's attendance. Stocks fell to their lows of the day on the news, with the Dow briefly losing more than 160 points.
Boeing's stock bucked the negative trend, rising 2.7 percent after Cowen named it its No. 1 aerospace stock for 2019, noting: "It would take a sharp economic slowdown to disrupt the favorable current production outlook."
European stocks lost some of the steam seen earlier in the session, as trade concerns began to take center stage. The pan-European Stoxx 600 index ended provisionally higher by 0.20 percent in late afternoon with stocks in the Basic Resources basket among those leading the gains.
Shares of the German lender, Deutsche Bank, dropped 3.4 percent following news of a police raid to its headquarters in Frankfurt, amid allegations of money laundering against the country's flagship lender.