NIIS: NIS reported RSD 3.2bn in its 1H19 net profit, down 72% y/y
In the first six months of 2019, Naftna industrija Srbije (NIS) posted a net profit of 3.2 bln dinars, the petroleum company announced Monday. This is 72% y/y drop due to poor 1Q period. "In Q2 2019, net profit of NIS reached 3.1 bln dinars, which is 19 times the profit in Q1 this year, but still down 61% y/y, due to lower EBITDA, lower production and lower crude oil price. EBITDA equals 15.9 bln dinars in 1H19. Tax liabilities and other payments to the state budget from the NIS Group in the first half of 2019 amounted to 79.8 bln dinars," it was said in a statement.
World’s largest tire producer, Toyo Tires, to open factory in Indjija – Japanese investment worth EUR 390 million, jobs for 523 workers
Serbian President Aleksandar Vucic told the media that, after three years of negotiations, the world’s largest producer of tires, Toyo Tires, had decided to come to Serbia, more precisely, to Indjija. Vucic said that he had received a letter from the president of the Japanese company that day, confirming that Indjija had been selected for their factory, which should start being built on a 60-ha parcel several months later. This will be the first factory of Toyo Tires in Europe – Vucic said and added that, in the first phase, EUR 390 million would be invested and 523 workers would be employed.
FDI in Serbia reaches 2 bln euros in mid-July
FDI inflow in Serbia since the beginning of the year stood at 2 bln euros in mid-July, National Bank of Serbia (NBS) Governor Jorgovanka Tabakovic said Tuesday. At a session of the parliamentary committee on finance, which analysed the performance of the NBS, Tabakovic said preliminary results indicated the money had already entered the country via bank accounts. "It has been recorded but the date of publication is not official as yet. I want you to be the first to hear it," Tabakovic told the committee members. She noted a trend of FDI growth was expected to continue until the end of the year. She said FDI had totalled 3.5 bln euros in 2018, making up 8.2 pct of GDP.
Stocks fall after Trump attack on China dampens hope of a trade deal, Fed meeting looms; European stocks tumble sharply on US-China trade uncertainty and weak earnings
Stocks fell on Tuesday after President Donald Trump renewed his attacks on China, decreasing hope the two largest world economies will reach a trade deal. Investors also braced for a key announcement on U.S. monetary policy. The Dow Jones Industrial Average closed 23.33 points lower, or 0.1% at 27,198.02 after dropping as much as 151.49 points. The S&P 500 slipped 0.3% to 3,013.18. The Nasdaq Composite dipped 0.2% to 8,273.61.
Merck posted earnings and revenue that exceeded analyst expectations, sending the stock up 1%. The company said sales of its cancer-treating drug Keytruda surged 58% in the previous quarter.
Procter & Gamble climbed more than 3% and hit an all-time high on the back of fiscal fourth-quarter results that beat analyst expectations. GrubHub, however, fell more than 12% after posting a disappointing profit.
The pan-European Stoxx 600 plunged 1.6%. Autos and banks led the losses, both off more than 2%, as all sectors and major bourses traded firmly in the red. Germany’s DAX was among the worst-performing bourses after a series of weak earnings from German corporate giants, trading over 2% lower.
Bayer confirmed its outlook for 2019 but struck a slightly less optimistic tone. The German pharmaceutical giant reported earnings before tax, depreciation and amortization (EBITDA) before special items advancing by 25% to 2.9 billion euros. The company now faces 18,400 lawsuits in connection with its weed killer Roundup. Bayer stock fell nearly 4%.
Lufthansa posted a drop in second-quarter earnings on rising fuel costs and price wars, with adjusted earnings before interest and tax (EBIT) falling to 754 million euros from 1 billion euros a year earlier. The airline’s share price slipped over 6%.