Fiscal Council: Solution proposed for CHF-denominated loans risky
Serbia's Fiscal Council believes a proposal to use budget funds to solve the issue of Swiss franc-denominated loans is unjustified and carries fiscal risks. In a statement released late Wednesday, the Fiscal Council - an independent state authority that reports to the parliament - said a government-adopted bill under which a solution to the issue would include use of public funds was groundless because the "legal understanding of the Supreme Court of Cassation... does not imply inclusion of public funds to solve the issue."
New owner to invest 30 mln euros in Port of Novi Sad
Serbian Deputy PM and Minister of Construction, Transport and Infrastructure Zorana Mihajlovic on Thursday met with representatives of UAE-based company DP World, the new owner of the Port of Novi Sad, to discuss future plans. The DP World representatives, headed by Europe and Asia Executive Director Rashid Abdulla, announced the company would invest 30 mln euros in the port and Mihajlovic said this would be the largest investment in Serbia's water transport sector.
Serbia getting 200 million Euro a year of free funds form EU, minister says
Serbia’s European Integration Minister Jadranka Joksimovic said on Wednesday that the country has been receiving an average of 200 million Euros a year in grants from the European Union. “Once you become a member of the EU, you get about a billion Euros a year, sometimes more,” Joksimovic told a conference on Territorial Cohesion and Balanced Development. She said that candidate countries will still have access to pre-accession funds but that funding will probably be through regional project applications from a single fund. “That will force us to maximise our capacities and potentials to draft good projects,” the minister said.
Dow rises more than 100 points after big day for earnings and IPOs, European stocks close higher as investors shrug off weak data, look to strong earnings
Stocks closed higher on Thursday as Wall Street digested more corporate earnings reports, solid retail data and two highly anticipated initial public offerings. The Dow Jones Industrial Average rose 110 points to 26,559.54 as shares of Travelers advanced. The S&P 500 gained 0.2% to end the day at 2,905.03, led by industrials. The Nasdaq Composite closed just above the flatline at 7,998.06. U.S. markets will be closed on Friday due to Good Friday.
Honeywell rose more than 3% on better-than-expected earnings while United Rentals surged 8.2% on its quarterly numbers. Dow member Travelers Cos gained 2.3% on its earnings report while Snap-on jumped 6.5%.
Better-than-expected retail sales data also lifted sentiment on Wall Street. Retail sales in the U.S. rose by 1.6% last month, the strongest gain since September 2017. Economists polled by Refinitiv expected a gain of 0.9%.
Investors also got a boost after Pinterest and Zoom Video Communications had successful initial public offerings. Zoom skyrocketed 72.2% while Pinterest shot up 28.4%.
European stocks closed higher on the final day of a shortened trading week, as investors looked past weak euro zone data to fresh corporate earnings. The pan-European STOXX 600 closed provisionally up almost 0.2%, with sectors and major bourses largely in positive territory. Equities initially turned negative after the release of weak manufacturing PMI numbers out of France and Germany. German manufacturing data came in below expectations, while France’s data also showed a decline in output.
But investors soon turned their attention to corporate earnings, with results from consumer goods giant Unilever and energy management firm Schneider Electric beating expectations. The two companies’ share prices rose toward the top of the European benchmark, both up around 3%.