ENHL: Energoprojekt contracted new project in Uganda, worth EUR 14.6m
Serbian construction firm Energoprojekt niskogradnja has signed two deals on reconstruction and urgent repairs of Ugandan roads worth over 14.6 mln euros, the company has announced on the Belgrade Stock Exchange. With the Ugandan national agency for roads, Energoprojekt niskogradnja agreed an 11.4 mln euro reconstruction of 20 km of urban traffic routes in the town of Mpigi, as well as urgent repairs on a 9 km stretch of the Kampala-Mukono road and a Spear-Seeta intersection that are worth 3.2 mln euros. The deadline for completing the 11.4 mln euro deal is 20 months, with the other due to be finished by mid-March next year, a statement said.
Serbian GDP in 2018 at 47 bln dollars, 6.6 pct up in nominal terms
Serbia's 2018 GDP stood at 5,068 bln dinars (around 47.04 bln dollars) at current prices and was 6.6 pct up in nominal terms compared to the year before. According to a statement released by the national statistical office RZS, Serbia's GDP grew 4.4 pct in real terms last year. "Observed by activities, in 2018 the major share in the GDP creation was noted for the section of manufacturing - 14.5 pct, the section of wholesale and retail trade and repair of motor vehicles - 11.5 pct, the section of real estate activities - 7.0 pct, the section of agriculture, forestry and fishing - 6.3 pct and the section of information and communication - 4.8 pct.
Budget surplus to go to wage increases, capital investment
Serbian Finance Minister Sinisa Mali on Wednesday noted that a review of the 2019 budget was due to a 46.6 bln dinar surplus, which he said would go to public sector wage increases, a one-off financial assistance to pensioners, assistance to citizens with Swiss franc-denominated debts, as well as to capital investment. He explained public sector wages would be 8-15 pct higher from November 1, rising by an average 9.6 pct.
Dow plunges more than 450 points as Wall Street continues its rough start to the fourth quarter; European markets close sharply lower on global economic fears
Stocks fell sharply on Wednesday, adding to Wall Street’s poor start to the final quarter of 2019 as investors grapple with fears of an economic recession.
The Dow Jones Industrial Average declined by 494.42 points, or 1.9% to close at 26,078.68. The Dow also broke below its 50-day and 100-day moving averages, two technical levels watched by traders. The S&P 500 lost 1.8% to 2,887.61 to fall below its 100-day moving average as the tech sector dropped 2%. All 11 S&P 500 sectors were down, with 10 of them sliding at least 1.2%. The Nasdaq Composite slid 1.6% to 7,785.25 as large-cap tech companies followed the broader market lower. Amazon, Apple and Alphabet all dropped at least 1.3%. Microsoft shares also fell 1.8%.
European stocks moved sharply lower at the end of Wednesday’s session, after unexpectedly weak U.S. manufacturing activity stoked worries over the world’s largest economy. The pan-European Stoxx 600 was down 2.7% at the closing bell, on course for its largest one-day fall for almost a month.
German economic institutes on Wednesday revised down German GDP growth for 2019 from 0.8% to 0.5% and cut 2020 projections from 1.8% to 1.1%, citing a manufacturing slowdown and high downside risks resulting from the trade war and Brexit uncertainty.
Shares of German business bank Grenke climbed 5% after a promising 9-month business update, while Carl Zeiss Meditec shares climbed almost 1% after the German medical technology company upgraded its guidance on stronger-than-expected sales.