Daily news - 10.09.2018
Published: 10. 09. 2018

SLOVENIA

NLB group net profit down over a tenth in January-June

NLB, Slovenia's largest bank, saw group net profit drop by 11% to EUR 104.8m in the first six months of the year. The decline is a result of significantly lower proceeds from the release of impairments and provisions, the bank said on Friday.
Source: STA

Šarec downplays tax hike concerns

Prime Minister Marjan Šarec on Sunday downplayed concerns by business about potential tax hikes as he indicated that the tax chapter of the coalition agreement would be re-examined once the government is in office.
Source: STA

INTERNATIONAL MARKETS

Nasdaq falls for fourth straight day, posts worst start to September since 2008; Europe ends on a mixed note, but on the week slumps 2.2%; as trade concerns weigh

Stocks fell on Friday, capping off a volatile week for investors as rising trade fears and a tech sell-off led to broad weekly losses. The Nasdaq Composite fell 0.3 percent to 7,902.54, led by declines in Apple, Amazon and Alphabet. The S&P 500 pulled back 0.2 percent to close at 2,871.68 as utilities and real estate both dropped more than 1 percent. The Dow Jones Industrial Average declined 79.33 points to 25,916.54 as Intel lagged. Apple dropped 0.8 percent after the company told the U.S. government the proposed tariffs on Chinese goods would impact several Apple products. Apple shares traded 0.6 percent lower. European shares were little changed by Friday's close, as investors remained cautious amid new trade threats. The pan-European STOXX 600 closed relatively flat, up 0.08 percent, while the region's sectors pointed in different directions at the close. On the week, the STOXX 600 however slumped 2.22 percent. Banks were some of the biggest losers however, down 0.93 percent. Shares of Deutsche Bank ended lower following reports that the Chinese group HNA intends to sell its 7.6 percent stake. And Denmark's largest lender Danske Bank dropped 4.2 percent on fears that a money laundering scandal affecting its Estonian branch could be much bigger than previously thought.
Source: CNBC

SERBIA

Government has abolished the Law on Pension Reduction – Pensions in November to be paid out with an increase

The Government of Serbia has adopted a Bill that will abolish the reduction of pensions owing to which pensioners will receive their October pension without decrease. According the statement on the Government's website, they adopted a Bill on amendments to the Law on Pension and Disability Insurance with which the Law on Pension Reduction will be abolished by September 30, 2018.
Source: SeeNews

Serbia and USA sign Memorandum of Understanding on Cooperation in the field of infrastructure.

The Minister of Construction, Transport and Infrastructure Zorana Mihajlovic and US Ambassador to Serbia Kyle Scott signed yesterday, in the presence of President of the Republic of Serbia Aleksandar Vucic and US Secretary of Commerce Wilbur Ross a Memorandum of Understanding on Cooperation in the field of infrastructure. Mihajlovic and Ross agreed that the Memorandum of Understanding on Cooperation in the field of infrastructure between Serbia and USA gave an excellent opportunity to promote participation of American construction and other companies that want to work in Serbia, The Ministry of Construction, Transport and Infrastructure said in an official statement.
Source: Ekapija

Serbian GDP growth overestimated due to low base

GDP growth in Serbia is overestimated in case of 2Q level, mainly due to low base from a year ago but on an annual basis it should grow at least 4%, economists from Economy Institute Belgrade said. Solid GDP growth is a result of good agricultural season and expansion at construction sector, while industrial output and processing industry gave much less contribution, the same statement says.
Source: Beta, Ilirika