Slovenia to launch IPO of lender NLB in 2018
Slovenia's government said it has adopted a decision to launch an initial public offering (IPO) of state-owned lender Nova Ljubljanska banka (NLB) by the end of 2018. The government aims to sell at least 50% plus one share in the capital of NLB through an IPO by the end of 2018 and to dispose of a further 25% plus one share in 2019, it said in a statement on Friday.
SBI TOP 0.1% lower in mixed trading
Port operator Luka Koper stood out on Ljubljana Stock Exchange on Monday with a 2.87% drop to EUR 30.50 as the SBI TOP index lost 0.1% to 888.71 points. Pharma company Krka accounted for almost half of the day's EUR 1.3m in total turnover.
Financials lead Dow higher after better-than-expected earnings from Bank of America; European stocks close lower as Trump and Putin meet; earnings season in focus
Bank of America shares rose sharply on Monday, leading financial stocks higher, while the broader market struggled for gains as the corporate earnings season kicked into full swing. The banking giant's stock rose 4.31 percent and posted its best day since March 26, when it gained 4.35 percent. Bank of America gained after the company reported better-than-expected earnings and revenue.
The major stock indexes, meanwhile, struggled for gains for most of the session as other large U.S. companies released their quarterly results. The Dow Jones Industrial Average rose just 44.95 points to 25,064.36 with Caterpillar, Johnson & Johnson and Exxon Mobil as the biggest laggards and J.P. Morgan Chase outperforming. The S&P 500 slipped 0.1 percent, while Nasdaq Composite closed 0.3 percent lower at 7,805.72 as Amazon gave back most of its gains.
BlackRock reported second-quarter earnings and revenue before the bell, along with J.B. Hunt Transport Services. BlackRock's earnings were driven in part by a lower corporate tax rate, while J.B. Hunt's results were helped by higher rates and increased volume.
European shares closed lower on Monday as investors focused on earnings and monitored a meeting between the United States and Russia. The pan-European Stoxx 600 traded 0.25 percent lower with most sectors in negative territory. Auto stocks and basic resources were under pressure on trade concerns.
Looking at individual stocks, Micro Focus and Elisa fell following downgrades from brokers. At the other end, Indivior rose almost 17 percent after obtaining a preliminary injunction against Dr Reddy's Laboratories for selling copycat versions of its drugs. Deutsche Bank rose more than 7 percent after posting second-quarter results above consensus.
State considering three options for earnings tax reduction
The Government of Serbia is considering a reduction of contributions paid by employers and employees, but also an increase in the non-taxable salary components, which now amount to RSD 15,000. Finance Minister Sinisa Mali announced that the state would reduce the earnings tax from early 2019, thereby addressing the pleas that business people had been insisting on for over a decade. As Blic writes, the government has already formed a work group which has begun calculating by how much the earnings tax could be reduced and in which particular segments, and three options are being considered.
Investments in IT in Serbia at EUR 62 per capita – European average up to EUR 800
Serbian programmers are among the top programmers in the world when it comes to the development of mobile apps, despite the fact that investments in IT in Serbia amount to only EUR 62 per capita. In Europe, the amount reaches EUR 800, whereas investments in IT in the neighboring Croatia exceed EUR 200 per capita. From 2004, when new members were joining the EU, Slovenia among them, the investments would reach EUR 150, Politika writes.
Serbian-Slovenian business club officially opens in Ljubljana – Trade between two countries exceeds EUR 1 billion
The Serbian-Slovenian business club officially started working in Slovenia on Friday, July 13, 2018. This business association will bring together the biggest regional companies which have already invested or are planning to invest in both countries, such as Fructal, Mercator, Comtrade, Delta, NLB Bank, Gorenje, MK Group and others. The president of the Chamber of Commerce of Serbia (CCIS), Marko Cadez, pointed out that the economic cooperation between Serbia and Slovenia was balanced and at a top level, but that there was still room for growth.