Swiss francs debtors to get lex specialis
Serbian president Aleksandar Vucic said that soon the government would pass a “lex specialis” as a solution for citizens indebted in Swiss francs. During the visit to Belgrade Waterfront, Vucic told the press that the law should be enacted in the following days and weeks. The banks will bear the majority of the burden, however, the government will shoulder a part of the responsibility, Vucic said.
NGO against government financially assisting payment of mortgages in Swiss francs
The non-governmental organization called the Coalition for Oversight of Public Finances urged the Serbian government to give up on the idea of earmarking 120 million euro from the state budget to solve the problem mortgages indexed in Swiss Francs. A statement, issued in reaction to the government decision to earmark budget funds to solve the problem facing people whose mortgages are indexed in Swiss Francs, said no money should be taken from the budget to solve the problem.
Development fund approves loans worth over 1.2 bln dinars
The Fund for Development of Serbia has approved 39 loans worth over 1.2 bln dinars and grants worth a total 59 mln dinars. As long-term investment loans to legal persons and entrepreneurs, the fund has approved a total 820 mln dinars through six loans, including 801 mln dinars for construction of the Merkur Palace higher-category facility to the investor, the Vrnjacka Banja Merkur Specialised Hospital. Nine loans totalling 144 mln dinars have been approved for permanent working capital, while 13 loans totalling 280 mln dinars and 50.5 mln dinars worth of grants have been approved for development of entrepreneurship
Dow starts week with 80-point decline led by Boeing, European stocks close lower ahead of earnings season
Stocks fell on Monday as Wall Street digested strong gains from the previous week and looked ahead to the start of the corporate earnings season. The Dow Jones Industrial Average declined by 84 points. The S&P 500 eked out a 0.1% gain at 2,895.75, in danger of snapping a seven-day winning streak, as the industrial sector dipped 0.4%. The Nasdaq Composite ended Monday 0.2% higher.
Shares of Boeing and General Electric led the decline. Boeing dropped more than 4% after Bank of America Merrill Lynch cut its rating on the aerospace giant to neutral from buy. The bank said it expects production of the 737 Max jet to be delayed by six to nine months. This follows a deadly plane crash from last month that involved a 737 Max plane.
GE, meanwhile, fell more than 5% after J.P. Morgan downgraded the stock, noting: “We believe many investors are underestimating the severity of the challenges and underlying risks at GE, while overestimating the value of small positives.”
European stocks closed lower on Monday, as investors prepared for what is expected to be a tough earnings season. The pan-European Stoxx 600 closed provisionally around 0.3 percent lower, with most sectors and major bourses in negative territory.
Europe’s bank stocks were among the worst performers, down 0.6 percent. Germany’s Commerzbank slumped to the bottom of the sector amid ongoing merger talks with Deutsche Bank. A report said Monday that regulators have set strict standards for a deal, including demands for a detailed workforce reduction plan. Shares dropped 2.5 percent.
Looking at individual stocks, Henkel rose close to the top of the pan-European benchmark after CEO Hans Van Bylen confirmed the company’s outlook for 2019 at its latest annual general meeting. Shares of the German chemicals group rose over 2 percent.