RZD interested in reconstructing Belgrade-Bar railway, gathering documentation
The Russian Railways are interested in reconstructing the Belgrade-Bar railway and the documentation for the project is currently being gathered. Mansurbek Sultanov, the representative of RZD International in Serbia, stated this for RTS. The section to Valjevo on the Bar railway is already finished, but that is not the most critical part. It's the one toward Zlatibor and further to the border with Montenegro – Sultanov said. In order for the projected speed to be enabled and for the railway to be modernized, there needs to be modern safety infrastructure, a new contact line and signalization – Sultanov told RTS.
HBIS breaks ground for $120 mln sinter plant at Serbian steel mill
HBIS Group Serbia Iron & Steel, a unit of China's HBIS, has launched a $120 million (108 million euro) project for construction of a new sinter plant at Zelezara Smederevo steel mill, the office of Serbian president Aleksandar Vucic announced on Wednesday. The project will become an important milestone in the efforts of HBIS to build a high-end steel company in Europe and will make Zelezara Smederevo a green, smart and energy-efficient steel mill, the director of the company's Serbian unit, the president's office quoted the director of HBIS Group Serbia, Lianxi Wang, as saying in a press release.
Thursday's dinar-to-euro rate to be RSD 117.8413
The Serbian dinar will remain steady against the euro Thursday and the official median exchange rate will be 117.8413 dinars for one euro, which is a slight change from Wednesday, the National Bank of Serbia (NBS) has announced in a statement. The dinar will rise 0.1 pct against the euro m-o-m, 0.2 pct y-o-y and 0.3 pct compared to the beginning of the year. The indicative exchange rate against the dollar rose 0.1 pct to 105.6588 dinars for one dollar Wednesday. The dinar dropped 2.2 pct against the dollar m-o-m, declining 4.3 pct y-o-y and 2.1 pct since the beginning of the year.
S&P 500 and Nasdaq close at record highs as tech sector shakes off new regulatory threat; European markets close slightly higher amid earnings, weak economic data
The S&P 500 and Nasdaq Composite reached all-time highs on Wednesday, propelled by a rally in chip stocks as investors shook off regulatory concerns facing Big Tech. The broad index rose 0.5% to 3,019.56, a record. The tech-heavy Nasdaq jumped nearly 0.9% to end the day at 8,321.50.
UPS jumped more than 8% after posting earnings and revenue that topped analyst expectations. The company said higher demand for its Next Day Air and Ground services drove its strong results.
Boeing shares dropped 3.1% after the aerospace giant posted a massive loss for the previous quarter. The loss comes as costs pile up while its 737 Max jet remains grounded. The company also warned it could suspend production of its flagship jet if delays worsen.
Caterpillar shares slid 4.5% after the company reported weaker-than-expected earnings and revenue amid rising costs. The company has been under pressure as U.S. tariffs on Chinese goods remain in place while the two countries try to work out a trade deal.
European stocks closed slightly higher Wednesday, as market participants digested a fresh round of corporate earnings and disappointing economic data out of France and Germany. The pan-European Stoxx 600 closed provisionally up almost 0.1%, with autos stocks leading the gains with a near-1.5% rise while the basic resources sector tumbled over 1.2%.
Deutsche Bank reported a weaker-than-expected net loss of 3.15 billion euros ($3.51 billion) for the second quarter of 2019 due to substantial strategic transformation charges of 3.4 billion euros. Deutsche Bank shares were down nearly 2%.
French carmaker Peugeot delivered a sharp increase in first-half profit, as new models and the integration of Opel-Vauxhall more than made up for weaker emerging-market sales. The group’s share price rose by almost 2%.
Daimler said it would intensify cost cuts after legal risks for diesel-related issues and the cost of replacing Takata airbags triggered a 1.56 billion euros ($1.74 billion) loss before interest and taxes in the second quarter. Daimler shares recovered from early losses to trade nearly 3% higher.