NBS: Serbia's c-bank cuts key repo rate to 2.75%
Serbia's central bank said on Thursday it decided to cut its key repo rate to 2.75% from 3.0% to back economic growth amid low inflationary pressure. "After considering the current domestic and international economic trends and expectations for the forthcoming period, the executive board concluded that the conditions have been met to reduce the key interest rate to the new lowest level since the introduction of the inflation targeting regime," the central bank, NBS, said in a statement. Inflation was tightly controlled for the sixth consecutive year, and is expected to stay in the lower part of the 1.5%-4.5% target band by the end of next year, the central bank said.
ENHL: Energoprojekt prepared to take part in government investment plans
Serbia's largest construction company Energoprojekt is prepared to take part in multi-billion euro investment plans announced by the Serbian government, as well as in major infrastructure projects in Belgrade, CEO Stojan Colakov said as Energoprojekt celebrated its 68th anniversary Thursday. Outlining the company's current operations, major projects and outlook, Colakov said Energoprojekt was planning further expansion in markets where it was currently operating. The company's revenues at home and abroad totalled 213.7 mln euros in 2018 and 46.1 mln euros in the first three months of this year. Colakov said the 2019 business plan envisioned revenues of 249 mln euros and new deals worth 273 mln euros.
Czech firm Udi resort completes aquisition of Duga shares
The Czech company Udi resort SRO has completed an acquisition of a 51.74 pct stake in Serbian paint and varnish producer Duga, the Belgrade Stock Exchange said in a stock acquisition report Thursday. Duga shares were put up for sale on June 17 at 10 dinars apiece and Prague-based Udi resort managed to acquire 161,191 shares. Duga has a total of 311,000 shares but its socially-owned equity of 32,000 shares - or 10.3 pct of the total - was not a part of the offer, the report said.
Dow rallies 200 points to close above 27,000 for the first time ever; European stocks close lower after IMF calls for ECB stimulus
The Dow Jones Industrial Average rallied to a record high on Thursday, led by UnitedHealth shares, after testimony by Federal Reserve Chair Jerome Powell this week that signaled easier monetary policy could be implemented later this month.
The S&P 500 also posted a record close, rising 0.2% to 2,999.91. The S&P 500 made its own milestone on Wednesday when it traded above 3,000 for the first time ever. The Nasdaq Composite slipped 0.1% to 8,196.04.
UnitedHealth shares surged more than 5% after the White House dropped a proposal to eliminate drug rebates. CVS Health and Cigna also jumped on the news, gaining 4.7% and 9.2%, respectively. Delta Air Lines rose 1.1% on better-than-expected earnings.
European stocks closed lower on Thursday after the IMF said the euro zone economy faces rising risks stemming from trade tensions, Brexit and Italy.
Swiss chemical company Sika shed 4% after UBS downgraded the stock from “neutral” to “sell.”