FITO: Galenika Fitofarmacija made 1.1 billion dinars net profit in 1H19, down 9.8% y/y
In the first half of this year, "Galenika - Fitofarmacija" a.d. made a net profit of RSD 1.1 billion, according to a report on business published on the Belgrade Stock Exchange on Wednesday. The result of this company is lower by 120 million dinars compared to the same period last year or minus 9.8% y/y. This is due to low drop in sales and lowered profitability. The company blames lower prices of agro-chem. applications in Serbia, due to increasing competition. Sales for the period were down 2.2% y/y, due to worsen performance sat domestic market, while export jumped 19% y/y, which is due to entrance of EU market.
PLNN: Planinka buys Kursumlijska Spa – Grand opening by end of 2020, necessary investments exceed EUR 10 million
Republic Directorate for the Property Commission has adopted a decision on the sale of Kursumlijska Spa yesterday (August 13, 2019). Namely, Kursumlija-based Planinka a.d. has bought Kursumlijska Spa. The Management of Planinka has already gone to see Kursumlijska Spa and are making plans for investments. According to the initial assessment of the management, in order for them to open Kursumlijska Spa, they need to invest more than EUR 10 million, the representatives from Planinka pointed out. Planinka is also currently building a hotel in Lukovska Spa an investment worth around EUR 10 million.
NBS: Inflation remains stable at about 2.0% next two years
Favorable macroeconomic developments have continued in Serbia in 2019, inflation is low and stable, and financial stability has been maintained, National Bank of Serbia Deputy Governor Zeljko Jovic said on Wednesday. In presenting the August inflation report at a press conference at the NBS, Jovic pointed out that the cost of financing remained low, which increased economic and investment activity in the country. "Inflation has been low and stable at around 2.0 percent over the past six years, which we expect for this year and next," the Vice Governor said.
Dow tanks 800 points in worst day of 2019 after bond market sends recession warning; European stocks close sharply lower on weak data, bond market recession warnings
Stocks plunged on Wednesday in the Dow Jones Industrial Average’s worst performance of 2019 after the bond market flashed a troubling signal about the U.S. economy.
The Dow dropped 800.49 points or 3.05% to 2,5479.42, its worst percentage drop of the year and fourth-largest point drop of all time. The S&P 500 fell 85.72 points or 2.93% to 2,840.6, while Nasdaq Composite declined 3.02% to 7,773.94. The Dow gave up the entire rebound from a sell-off earlier in August and fell to a two-month low.
The yield on the benchmark 10-year Treasury note on Wednesday briefly broke below the 2-year rate, an odd bond market phenomenon that has been a reliable indicator of economic recessions.
Shares of Macy’s tanked more than 13% to their lowest level in a decade after the retailer posted second-quarter earnings way below analysts’ expectations as heavy markdowns used in spring to clear unsold merchandise weighed on profits.
European stocks closed sharply lower Wednesday as weak economic data and bond yield curve inversions fueled fears of a global recession. The pan-European Stoxx 600 closed provisionally down 1.8%, with all sectors and major bourses trading firmly in the red.
Economic data released on Wednesday morning showed that Germany’s GDP (gross domestic product) shrank by 0.1% between April and June, fueling fears of a recession for Europe’s largest economy and likely denting investor sentiment.