Special law on Morava Corridor adopted – Construction to start soon, works worth EUR 800 million
The National Assembly of Serbia has adopted the special Law on determining a public interest and special procedures for the realization of the project of construction of the infrastructural corridor of the E-761 highway, Pojate-Preljina section, better known as the Morava Corridor. The construction of the Morava Corridor is expected to begin in mid-July, and it should be completed in two and a half years. A loan of EUR 800 million should be taken from “foreign investment corporations and funds” for the purpose of its realization.
Smederevo steel mill, Fiat, Tigar Serbia's top exporters
The HBIS steel mill in Smederevo was Serbia's top exporter in the first five months of this year, followed by Fiat Chrysler Automobiles Serbia and Tigar Tyres, the Ministry of Finance said Monday. Exports by the country's top 15 exporters totalled 1.7 bln euros in January-May 2019. HBIS exports stood at 313.2 mln euros, Kragujevac-based FCA Serbia followed with 251.6 mln euros with Tigar Tyres Pirot in third with 170.2 mln euros. Robert Bosch (106.9 mln) was in fourth, followed by Leoni Wiring Systems Southeast Prokuplje (105.9 mln), RTB Bor (105.1 mln), NIS Novi Sad (101.4 mln), Grundfos Serbia Indjija (92.8 mln), Tetra Pak Production Beograd (91.7 mln), Yura Corporation Raca (87.1 mln) and Henkel Serbia (78.2 mln).
Serbia's public debt at 51.8% of GDP at end-May
Serbia's public debt stood at 23.74 bln euros - or 51.8% of GDP - at the end of May 2019, the Serbian Ministry of Finance announced Monday. The May public debt was slightly higher from 23.42 bln euros - or 51.1 pct of GDP - in April. At the end of 2018, the public debt totalled 23.01 bln euros, or 53.8 pct of GDP. The debt-to-GDP ratio was at its lowest in 2008, when, with a nominal value of 8.78 bln euros, it stood at 28.3 pct. It hit a historic high in 2000, when it amounted to 201.2 pct of GDP.
Dow falls more than 100 points as Apple leads tech slide, Wall Street awaits Powell testimony; European markets close lower despite strong US job growth; Deutsche Bank shares fall 5% as restructuring begins
Stocks fell on Monday as losses in Apple shares pressured the broader tech sector. Investors also braced for key testimony from the top Federal Reserve official later this week. The Dow Jones Industrial Average traded 115.98 points, or 0.4%, lower to 26,806.14 while the S&P 500 pulled back 0.5% to 2,975.95. The tech-heavy Nasdaq Composite lagged, sliding 0.8% to 8,098.38.
Apple shares fell more than 2% after an analyst at Rosenblatt Securities downgraded the stock to sell from neutral. The analyst said the company will “face fundamental deterioration over the next 6 to 12 months ” as Apple’s iPhone sales disappoint and growth in other products slows down.
The pan-European Stoxx 600 dipped below the flatline at the closing bell, with most sectors and major bourses in the red.
Europe’s banking stocks led the losses, trading nearly 1% lower after Deutsche Bank announced it would pull out of its global equities sales and trading operations, scale back its investment banking and slash thousands of jobs as part of a sweeping restructuring plan to improve profitability.
Germany’s flagship lender surged toward the top of the European benchmark shortly after the opening bell, before giving up all of its gains to slip toward the bottom of the index. Shares of Deutsche Bank ended the session 5% lower.