Membership in AIIB to ensure cheaper loans
The Serbian government on Wednesday adopted a bill on approval of the terms of the Articles of Agreement of the Asian Infrastructure Investment Bank (AIIB), which currently has 93 member states. The member states also include countries outside the Asia-Pacific region, such as the UK, Germany, France, Italy, The Netherlands, Spain and others. Membership in the organization will give Serbia access to favorable loans for priority projects, the government press office said in a statement.
Serbian average salaries rising
Serbia is seeing a trend of rising average salaries, and this trend will continue, Serbian PM Ana Brnabic said Wednesday. Speaking to reporters after a public debate on the media strategy, she said she regretted the fact the national statistical office had changed its method of calculating earnings. According to the new method, the December average salary was 443 euros and it will be 460 euros in January, she said.
Izvor: NBS, Ilirika
Serbia embarking on energy sector transition
Over 300 mln euros has been invested in Serbia's energy system over the past few years, with a total 1100 MW of new capacities currently being constructed, in preparation or already on the grid, Serbia's Minister of Mining and Energy Aleksandar Antic said Wednesday. Over 50% of new capacities are from renewable energy sources, which means that Serbia is embarking on a transition of its energy sector, Antic said, opening the 6th International Energy and Investment Days at the Novi Sad Fair Grounds.
Construction of Morava Corridor to begin in 2019
Construction of a Morava Corridor - a Pojate-Preljina motorway - is expected to begin in Q3 2019 and will take at least two and a half years to complete, Serbian Deputy PM and Minister of Construction, Transport and Infrastructure Zorana Mihajlovic said in Kraljevo, central Serbia, on Wednesday. At a meeting with officials of Kraljevo and the Raska District, she told reporters construction works would begin this year and that the design and technical documentation was mostly complete. Expropriation of land will start soon and an agreement on funding will be signed soon to enable construction to begin, she said.
Dow falls for a second day on US-China trade uncertainty, tech sector snaps 12-day winning streak, European markets close lower as Trump-Kim meet in Vietnam, Metro Bank down 26%
The Dow Jones Industrial Average and S&P 500 fell for a second day in a row on Wednesday as investors grappled with key testimonies on U.S.-China trade relations, Federal Reserve monetary policy as well as a host of geopolitical issues. The 30-stock Dow dipped 72.82 points to 25,985.16 as UnitedHealth underperformed. The S&P 500 slipped less than 0.1 percent to 2,792.38, led lower by the communications services and health care sectors. The Nasdaq Composite eked out a small gain, closing nearly 0.1 percent higher at 7,554.51.
Stocks fell to their lows of the session as U.S. Trade Representative Robert Lighthizer hinted that a trade deal was not yet certain, saying that any agreement would need to be more than just purchases by China. The deal would need to be specific and include a matter of enforcement, he said. Lighthizer also noted that it would be a "long process" to implement any deal agreed upon in March.
Shares of Lowe's climbed 2.5 percent after releasing its quarterly results. The company also noted the U.S. economy remains "sound."
European stocks traded in the red during Wednesday's session, as investors digested the latest political and economic news from around the world. The pan-European Stoxx 600 closed provisionally down 0.38 percent by the late afternoon with all but three sectors in negative territory.
Air France-KLM tumbled 10% Wednesday following news that the Dutch government is seeking a higher stake of the company. There are fears that as a result the company's decision-making process will be slower.
Furthermore, the British bank Metro fell to the bottom of the index, down by more than 26 percent. This was after revealing plans for a £350 million ($463 million) shareholder cash call.