Serbia needs EUR 5 billion to solve waste water problem
An investment of around EUR 5 billion is needed in order for European standards to be implemented in the water management sector in Serbia and the ministry is ready to start an investment cycle for solving the problem of waste water treatment and waste management, Serbian Environment Minister Goran Trivan announced at his meeting with representatives of the Council of Europe Development Bank (CEB). The legal frameworks, Serbia's strategic plans in the field of waste water treatment and the tasks within the EU accession process and the opening of Chapter 27 were also presented at the meeting.
Foreign companies account for over half of Serbia's exports
Three percent of Serbian businesses are majority-owned by foreign companies and generate 20 pct of added value, accounting for over 50 pct of the country's exports and nearly half of the total retail revenues, according to figures released by the Serbian Chamber of Commerce and Industry (PKS). Most of the foreign companies operate in the banking, automotive and auto parts sectors and their presence in the mining sector is increasing, Bojan Stanic, head of the PKS Analytics and Services Department, has told Tanjug.
FAM Krusevac sold to American company Valvoline for EUR 9.5 million – Local brand not to be discontinued
The agreement on the sale of Fabrika Maziva (FAM) in Krusevac to the American company Valvoline for EUR 9.5 million was signed last weekend in the presence of the president of Serbia, Aleksandar Vucic. The agreement was signed by the director of FAM, Jelica Djurovic Petronijevic, and the vice president of Valvoline Europe, Diego Brodoni. The factory has 218 employees. This is the second sale of FAM, which avoided bankruptcy in 2016 thanks to the state's intervention, despite its large debts.
Croatian food group Podravka reports higher 2018 sales, net profit
Croatian food group Podravka said its net profit rose to 216.2 million kuna ($33.07 million) from 165.6 million kuna in 2017, while operating profit (EBITDA) was up 6.8 percent to 464.5 million kuna better results in all markets, notably in southeastern and central Europe where Podravka sells 82 percent of its products.
Stocks rise after Trump pushes back March trade deal deadline, European markets close higher on US-China trade move
Stocks rose on Monday after President Donald Trump said he would delay placing additional tariffs on Chinese goods. Equities also got a boost from dealmaking activity. The Dow Jones Industrial Average jumped as much as 209.61 points before closing 60 points higher, led by gains in Caterpillar and DowDuPont. The S&P 500 gained 0.1 percent, while Nasdaq Composite climbed 0.36 percent. The major indexes fell towards the lows of the day in the final minutes of trading.
Trump said in a series of tweets the U.S. would not add more tariffs on imports from China at the start of March. He cited "substantial progress" in bilateral talks between the world's two largest economies, including intellectual property protection and technology transfer issues. However, he did not state a new deadline.
Sentiment was also lifted after General Electric announced it will sell its biopharmaceutical business to Danaher for $21.4 billion. News of the deal sent GE shares up more than 6 percent. Danaher's stock also jumped 8.5 percent.
Meanwhile, Barrick Gold launched a bid to acquire Newmont Mining for $7 billion in an all-stock deal. If approved, the deal would come after years of stagnant gold prices. The precious metal has been trading between $1,000 and $1,400 per ounce in recent years.
European stocks moved higher Monday as investors monitored the ongoing China-U.S. trade talks. The pan-European Stoxx 600 finished provisionally up 0.29 percent by the mid-afternoon. Autos were the clear top-leading sector, up more than 2.1 percent, as trade talks between the U.S. and China take center stage. The sector is highly influenced by developments in global trade.
Carrefour – Europe's largest food retailer – said it could cut up to 4 percent of its Italian workforce as it adjusts to slowing sales in the country. The retailer's shares fell by more than half a percent during afternoon deals.
Vivendi, Telecom Italia's main shareholder said that it would support a merger with rival Open Fiber, under the right conditions, Reuters reported.