NIIS: Construction of thermal power and heating plant in Pancevo to start on March 7
The official beginning of the construction of NIS' thermal power and heating plant (TE-TO) in Pancevo is scheduled for March 7, the company TE-TO Pancevo confirmed for Tanjug. TE-TO will produce electrical and heating energy from natural gas and will be built within the complex of NIS Oil Refinery in Pancevo. The main purpose of TE-TO (an investment worth EUR 180 million) is to satisfy the growing needs of the Pancevo refinery for electrical energy and steam. TE-TO should also “contribute to an increase in the stability of supply of electrical energy, thanks to directing up to 65% of the power produced to the energy system of Serbia”, it is said on the NIS website.
Serbian average net wage in December equaled EUR 443
Serbian average net wage in December equaled EUR 443, SORS reported. This is 7.4 percent higher in nominal terms and 5.3 percent more in real terms compared to the same month of the previous year. The median net salary in December was RSD 39,623 dinars (some EUR 335) meaning that 50 percent of the employed population in Serbia received salaries up to that amount.
Serbia’s industrial production drops 5.5% y/y in January 2019
Serbia saw its industrial production drop by 5.5 percent in January compared to the same month a year earlier and was 12.2 percent lower than the average for 2018, the national statistics office said. A drop of 11 percent was reported in the mining sector in January 2019 compared to a year earlier, a drop of 9.5 percent in electricity, gas, steam and air-conditioning supply industries and a 3.6 percent drop in the processing industry. Drops were also registered in the production of durable consumer goods (9.2 percent), intermediary products not including energy (7.4 percent), consumer goods (6 percent) and energy (5.2 percent) with a rise reported only in the production of capital goods (2.2 percent).
NIIS: NIS reports RSD 25.1bn in FY 2018 net profit, down 7% y/y
NIS reported consolidated net profit for FY 2018 at RSD 25.1bn, down 7%, on higher depreciation, fx loss from 1Q and reduced profitability from 4Q18. The result can be seen as only slightly worse than expected, even though consensus does not exists. Annual EBITDA indicator RSD 53.7 billion, i.e. 14% more than in 2017, due to higher oil prices in average and cost efficiency measures. The company’s sales were up 20% to RSD 281bn, on higher prices and higher volume.
Source: NIIS, Ilirika
Dow falls nearly 70 points despite strong GDP report, posts 3-day losing streak, European markets close mixed after Trump-Kim summit ends abruptly, Zalando up 23%
Stocks slipped on Thursday as stronger-than-expected economic data were offset by fruitless talks between President Donald Trump and North Korean leader Kim Jong Un. The Dow Jones Industrial Average fell 69.16 points to close at 25,916 as UnitedHealth shaved more than 50 points off the blue-chip index. The S&P 500 dropped nearly 0.3 percent to finish the session at 2,784.49 while the Nasdaq Composite also lost about 0.3 percent to close at 7,532.53. Facebook, Apple and Netflix all fell more than 0.5 percent.
The U.S. economy grew at an annualized rate of 2.6 percent in the fourth quarter 2018, according to the Bureau of Economic Analysis (BEA). Economists polled by Dow Jones expected the economy to grow at a pace of 2.2 percent.
Shares of HP Inc. dropped 17.2 percent after the company posted quarterly revenue that missed expectations. HP Inc. also reported earnings per share that matched estimates.
European stocks closed mixed on Thursday, as investors kept abreast of geopolitical news taking place across the globe. The pan-European Stoxx 600 ended the session up 0.12 percent, with sectors and major bourses in mixed territory.
In earnings news, Adecco dropped 3 percent after reporting its fourth-quarter results. Zalando rose to the top of the index, up 23 percent, after announcing that it expects solid growth this year.
Elsewhere, Rolls-Royce shares were down by almost 3 percent after the company posted a £2.9 billion loss for 2018. The engineering giant's loss came as it increased the charge for fixing problems with its Trent 1000 engines. On Thursday Rolls-Royce also announced it would back out of the race to power Boeing's new jet.