Cibuk 1 wind farm opens
The largest wind farm in the Western Balkans, Cibuk 1, has officially opened in Mramorak near Kovin. The investment is worth EUR 300 million, and the wind farm will supply 113,000 households with electricity and prevent the emission of more than 370,000 tons of carbon-dioxide a year. The Cibuk 1 wind farm has 57 wind turbines and an installed power of 158 MW. This project contributes to the stability and the supply of electricity and has enabled Serbia to produce 27% of its energy needs from RES by 2020, thereby also helping reduce the use of coal in the production of electricity.
North Macedonia has lowest minimum wage in the region – Slovenia takes top spot with EUR 667
Of the countries of the region, it is North Macedonia that has the lowest minimum wage, at EUR 203. According to the latest data available, the minimum wage in Bosnia and Herzegovina is EUR 208, in Albania it is EUR 211, and in Montenegro it has recently been raised to EUR 222, as reported by the Skopje-based portal Fokus.mk, which cites regional media. It is added that the minimum wage in Serbia is around EUR 230 at the moment, but that an 11% increase is expected from January 1, 2020, putting it at EUR 255.
Tax rates in Serbia are lower than the region’s average
The Fiscal Council considers that progressive income tax cuts will be implemented in 2020 to partially offset the effects of the (too) large increase in the minimum wage on employers who recruit predominantly low-wage workers. The growth of economic activity in Serbia in the next period could be significantly influenced by the reduction of the tax burden on wages. In this way, the Fiscal Council of Serbia would reduce labour costs and make the national economy more competitive compared to the countries of the region. At the same time, a reduction in employment costs would stimulate a further decline in the unemployment rate.
Stocks slip as doubts emerge about the China-US trade agreement; European stocks close lower as US-China deal details remain vague; Brexit in focus
Stocks closed slightly lower on Monday as new worries around a U.S.-China trade agreement emerged.
The Dow Jones Industrial Average was down 29 points, or 0.1%. The S&P 500 dipped 0.1%. The Nasdaq Composite also slipped 0.1%.
NBC learned through a source that China wants to have additional trade talks before signing what President Donald Trump characterized Friday as a “very substantial phase one deal.” It is not clear if the additional talks will take place in Beijing or Washington, however. Bloomberg News first reported the news.
European stocks closed lower Monday as traders tracked developments in a crucial week for Brexit, while details of the partial trade accord between the U.S. and China remained hazy. The pan-European Stoxx 600 closed provisionally down around 0.5%, with basic resources stocks shedding over 2% to lead losses as almost all sectors and major bourses traded in negative territory.