Supreme Court of Cassation rules contractual clause on indexing dinar debts in francs void
The Supreme Court of Cassation of Serbia announced that it took a stance in favour of banks negotiating on the currency clause in order to preserve the same amount of loan denominated in dinars and payments indexed in euros but it ruled the contractual clause on indexing dinar debts in francs void. In its official statement the court added that before the loan agreements were signed the banks were obligated to deliver a written statement about any any all business risks as well as the economic and financial consequences of indexing the domestic currency in Swiss francs.
Estimated maximum value of Lasta EUR 23 million – Tendering for sale by June 2019
The consulting company BDO Serbia estimated the value of 100% of Lasta's capital between EUR 16 and 23 million, writes Blic daily. As the daily reports, the public call for tendering for the sale of Lasta is expected to be placed by June. The daily further writes that BDO Serbia, which was chosen as the privatization consultant near the end of January of the current year, had delivered the evaluation documentation to the Ministry of Economy and the Supervisory Board of Lasta which will consider the details of the estimate on Friday.
China’s Minth starts building its factory in Loznica
Chinese company Minth Automotive Europe started construction of its plant for manufacturing aluminum car parts yesterday. The factory will employ 300 workers initially, and hire another 700 later. This investment is worth EUR 100 million , and it will be realized in two phases. The main contractor will be Konstruktor Konsalting based in Belgrade.
S&P 500 rises, posts 5-day winning streak on trade deal hopes, European markets close higher amid optimism over US-China trade talks
Stocks rose slightly on Wednesday as investors cheered a nearing trade deal between the U.S. and China, though softer measures on payrolls and the service economy kept a lid on optimism. The Dow Jones Industrial Average climbed 39 points to close at 26,218.13 as Intel and Home Depot outperformed. The S&P 500 gained 0.2% to end the day at 2,873.40, notching a five-day winning streak, as the materials and tech sectors led the way. The Nasdaq Composite advanced 0.6% to 7,895.55.
Private payrolls increased by 129,000 in March, according to ADP and Moody’s Analytics. That is well below a Refinitiv estimate of 173,000. The report from ADP and Moody’s is typically seen as a preview for the U.S. government’s monthly jobs report, which is scheduled for release Friday morning.
A bearish call on Caterpillar shares also kept market gains in check. Caterpillar shares fell 0.7% after Deutsche Bank downgraded the industrial giant to hold from buy and slashed its 12-month price target. The bank cited a “collapse” in synchronized global growth.
European stocks closed higher on Wednesday, as market participants monitored signs of progress in U.S.-China trade talks. The pan-European Stoxx 600 index was up by almost 1 percent at the closing bell, with most sectors and major bourses in positive territory.
Looking at individual stocks, shares of German broadcaster ProSiebenSat.1 surged toward the top of the European benchmark, gaining almost 6 percent amid renewed speculation over a merger with Italy’s Mediaset. Shares of the Italian broadcaster were up by almost 3 percent on Wednesday afternoon.