Trade unions requesting minimum wage of RSD 32,000 – Employers say RSD 28,600 more realistic
The negotiations between the Government, the trade unions and the employers about the minimum wage are to start in mid-July. The final decision is expected by the end of September, and the decision reached will be implemented on January 1, 2020. The minimum wage amounts to around RSD 27,000 at the moment and the trade unions want it to be raised to RSD 32,000, which is 90% of the basic consumer basket. This is the most realistic option, considering the announcement by officials that the minimum wage should be equalized with the basic consumer basket in 2020.
KMBN: NLB and AIK Banka one of the candidates for the takeover of Komercijalna Banka
The planned sale of the second-biggest bank in Serbia, Komercijalna Banka has attracted interest from Raiffeisen bank, NLB bank and a U.S.-European consortium among others. The Serbian government plans to sell up to 83.23% of Komercijalna Banka’s shares and revealed the criteria for potential bidders in May. The Serbian Finance Ministry said that it had received six valid letters of interest, but gave no details. However, unnamed sources of the Blic daily reveal that the candidates interested in acquiring a stake in Komercijalna Banka include six banks such as Austria’s Raiffeisen, Serbia’s AIK Banka and Slovenia’s NLB, which had all expressed interest. A consortium comprised of U.S.-based Ripplewood Advisors, Serbia’s Direktna Banka and Greece’s Eurobank had also expressed interest. The Serbian branch of Nova Ljubljanska Banka (NLB) did not confirm or deny media reports that NLB will compete for the purchase of Komercijalna Banka, but, according to the Ljubljana-based daily Delo, did say that the Serbian market, as the largest market in the region, was a market that NLB Group was strongly focusing on.
Telekom Srbija acquires cable operator Telemark
Telekom Srbija has acquired Telemark, the largest cable operator in central and western Serbia, which has over 25,000 television and Internet subscribers, Telekom Srbija announced Friday. Telemark operates in Cacak, Kraljevo, Gornji Milanovac, Pozega, Lucani, Guca, Mionica, Ljig, Banja Vrujci, Mataruska banja and Kosjeric. The acquisition broadens Telekom Srbija's customer base and gives its subscribers in those territories an opportunity to use faster, higher-quality Internet service as well as top-quality television, the company said.
Stocks fall from record highs after strong jobs report dampens hope of a Fed rate cut; Europe stocks close lower
Stocks fell from all-time highs on Friday after the release of stronger jobs data dampened hope for easier Federal Reserve monetary policy. The Dow Jones Industrial Average pulled back 43.88 points to 26,922.12, snapping a four-day winning streak. The S&P 500 slipped 0.2% to 2,990.41 and ended a five-day winning streak. The Nasdaq Composite fell for the first time in seven sessions, slipping 0.1% to 8,161.79. Earlier in the session, the Dow dropped as much as 232.67 points, while the S&P 500 and Nasdaq slid nearly 1% each.
The U.S. economy added 224,000 jobs in June. Economists had forecast the U.S. added 165,000 jobs in June, after a stunningly low 75,000 jobs were created in May, according to Dow Jones.
In corporate news, Samsung warned its second-quarter earnings likely fell 56% on a year-over-year basis, citing weak demand for memory chips. The warning pressured semiconductor stocks like Broadcom, which fell 0.8%. Micron Technology also lost 0.4%.
The pan-European Stoxx 600 closed provisionally 0.7% lower in the end of week session, with basic resources shedding 2% while banks and retail stocks were the only sectors trading in positive territory, each up just 0.2%.
In corporate news, Deutsche Bank on Friday announced that investment banking chief Garth Ritchie had agreed to step down. The long-speculated move comes as Deutsche prepares a sweeping multi-billion dollar overhaul that will see substantial cuts to its investment banking division. The German lender’s shares climbed 2.49% Friday as investors reacted to the news.